September home sales up 57% over last year in Niagara

Niagara Association of Realtors

Niagara Association of REALTORS® press release – Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 911 units in September 2020.

This was an increase of 57.1% from September 2019.

“Historically low-interest rates, higher demand and continued lower supply fuelled a 57% increase in the number of sales in Sept. 2020 over Sept 2019, even though the # of new listings in the same period was only 9.6% higher.” Said Terri McCallum, President of the Niagara Association of REALTORS®.

The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara region was $491,100 in September 2020. This was an increase of 15.7% compared to September 2019.

The characteristics of the HPI composite benchmark is a home between the age of 51 to 99 with three bedrooms and two bathrooms.

REALTORS® listed 1,156 residential properties in Niagara jurisdiction last month, an increase of 9.6% compared to September 2019. The average days it took to sell a home in September was 31 days, compared to 44 days in September 2019.