Niagara Market Stats - May 2024

Author: Tracy Phelan, Broker RE/MAX Garden City Realty Inc. Brokerage | | Categories: #BuyingorSelling , #FirstTimeHomeBuyer , #GreatTimetoSell , #InterestRates , #MayREMarket , #NiagaraMarketStats , #NiagaraRealEstateMarket , #NiagaraRegionRealtor

Blog by Tracy Phelan Broker RE/MAX Garden City Realty Inc. Brokerage

In May, the Niagara Association of REALTORS® listed 1568 residential properties compared to 1318 in May 2023.

The average days it took to sell a home in May 2024 was 37 days, a 23% increase from May 2023.

Consumers who have been waiting on the sidelines should be in the market now with the Bank of Canada announcement reducing the interest rate today. This has given both buyers and sellers the confidence in the market they needed. May was already showing signs of that confidence with May Sales identical to April and the Benchmark Price increase along with the days on market reducing.

The overall MLS® HPI composite benchmark price for the Niagara Region was $653,900 in May 2024. This was a 1.5% decrease from May 2023.

Call me today at 905-321-6165 to get a current valuation on your property or to find your perfect home!