Home sales were up in Niagara this summer compared to same time last year: Report

Home sales in Niagara region this past July saw a notable increase from what they were during July 2022, according to a recent report from the Niagara Association of Realtors (NAR).

The report found that NAR residential home sales activity recorded through the MLS totaled 522 units in July 2023, compared to 369 units in July 2022.

In July, the NAR listed 1280 residential properties compared to 1174 in July 2022. The average days it took to sell a home in July 2023 was 32 days, compared to 31 days in July 2022, the report says.

NAR President Amy Layton believes Niagara’s real estate market is currently in a good place.

“Looking at the sales and listings month over month, there were a few less sales and listings in July 2023 than in June 2023, but not by a high margin. This is typical to see as July is the first full month of summer vacation,” said Layton.

“The Niagara real estate market is in good shape and holding steady.”

The report compares the number of new listings, sales, prices and average number of days on market for properties in different Niagara municipalities.

In all but two municipalities, home sales were either the same or considerably higher in July 2023 than they were in July of last year:

The most homes were sold in St. Catharines at 142, followed by Niagara Falls at 102.

“We can also see that the price gap compared to 2022 is getting smaller, with a 6.6% decrease in price in July 2023 compared to July 2022,” said Layton. “However, we also see that the trend continues for July 2023 of a very slight increase in HPI Composite Bench price, and this with an interest rate increase that month.”