03/07/2024
The latest data analysis of residential home sales, conducted by the Niagara Association of REALTORS® (NAR) via MLS®, unveils impressive growth in February 2024. A total of 519 units were sold, reflecting a substantial increase from the 449 units sold in February 2023.
During this period, the Niagara Association of REALTORS® listed 1,073 residential properties, showcasing a remarkable surge from the 817 listings in February 2023. Notably, the average duration for homes to sell remained steady at 48 days for both years.
Excitingly, the market is on a promising upward trajectory! In comparison to January 2024, key metrics such as New Listings (1,073), Sales (519), and the HPI Benchmark price ($619,600) have all experienced growth. Furthermore, the number of days on the market has decreased to 48 days over the past month, indicating a positive trend in market activity.
It's important to highlight that the MLS® Home Price Index (HPI) offers a more accurate insight into price trends compared to average or median price measures. In February 2024, the overall MLS® HPI composite benchmark price for the Niagara Region stood at $619,600. While there's been a modest decline of 2.6% compared to February 2023, the overall market outlook remains optimistic. 📊💼