Last month’s house sales in Niagara sharply decline from November 2021
Published December 19, 2022 at 11:55 am
According to the Niagara Association of Realtors, sales of houses in the region tanked in November compared to the same month last year.
Calculating sales through their MLS System, the association said 371 units sold in November, down 49.1 per cent from November 2021.
Not only that, it was down 39.8 below the five year averages of the previous Novembers and 37.1 per cent from the last 10 years of month averages.
The realtors association said the price for single-family homes dropped 9.2 per cent from November 2021 but that townhouses edged up 0.3 per cent over the previous year. Apartment sales saw a hike of 5.2 per cent over the same span.
The number of new listings saw an increase of 18.7 per cent from November 2021. There were 958 new residential listings in November 2022. This was the largest number of new listings added in the month of November in more than 25 years.
The 958 new listings were 17.2 per cent above the five-year average and 24.7 per cent above the 10-year average for the month of November.
Active residential listings numbered 2,063 units on the market at the end of November, more than double the levels from a year earlier, leaping 216.4 per cent from the end of November 2021.
The Niagara Association of Realtors represents more than 1,500 members serving the communities of Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-lake, Port Colborne/Wainfleet, St Catharines, Thorold and Welland.