We’re getting pretty high around here with Thorold real estate prices increasing more than 25 percent in average sale prices reported in November.
Yes, Thorold housing prices are hot and going higher according to the statistics released by Royal LePage, Niagara Real Estate Centre. You can see this November’s Regional Residential Statistics, RLP Market Updates, and Monthly Trend by Market. Year to date, unit sales declined 13.2% across the Niagara Region. However, on average sales price picked up by 20.2%. Apparently it looks like real estate in Thorold / Niagara is returning to a balanced market.
Thorold Real Estate Prices
The real estate report shows Thorold had a 4.9% decrease in unit sales, and a 25.8% increase in average sale price.
- Niagara on the Lake’s average sale price soared to 29.9% YTD, while unit sales fell 19.6%.
- Niagara Falls saw a 22.7% decrease in unit sales, and a 16.4% increase in average sale price.
- Fort Erie’s average sale price rose 27.3%, and unit sales fell 19.2%.
- St Catharines unit sales decreased 9.5%, but overall sales prices increased 22.4%.
- Pelham, and Port Colborne each saw year-to-date decreases in their total unit sales, but 21%+ increase in average sale price.
- Welland’s average sale price went up 25%, and total unit sales fell 14.7%.
- Lincoln saw a slight increase in unit sales at 0.3%, and a 17.3% increase in average sale price.
- West Lincoln’s average sale price increased 26.9%, though unit sales fell 4.6%.
- Grimsby saw a decrease of 17.1% in total unit sales, but an increase of 24.4% in average sale price year-to-date.
- Dunnville’s average sale price increased 28.8% over last year, and unit sales stayed the same.
- The Niagara Association of REALTORS® (NAR) reported 584 property sales processed through the NAR Multiple Listing Service (MLS®) system in November. This represents a 16.93% decrease in sales compared to November of last year.
Regionally, the residential average sale price of $385,360 was 13.92% higher than last November. The average days on market increased from 36 to 40 in the residential freehold market and decreased from 56 to 36 in the condominium market, according to the NAR.
“November saw days on market increase marginally,” said Carolyn Bones-Poley, CEO, Niagara Association of REALTORS®. “At the same time average sale price continues to rise. This is an excellent time to discuss new mortgage guidelines on the horizon with a REALTOR® and how they may impact your real estate purchase,” said Bones-Poley.
MARKET TO MARKET COMPARISON
In a market to market comparison, based on October average sale prices of housing in the Region we find Thorold offers an relatively good value as the trend shows based on October 2016 to October 2017 figures:
- St. Catharines: $327,000 (Oct. 2016 ) increased to $380,000 (Oct. 2017)
- Niagara Falls / Fort Erie: $295,000 (Oct. 2016 ) increased to $320,000 (Oct. 2017)
- Thorold / Welland 255,000 (Oct. 2016 ) increased to $310,000 (Oct. 2017)
As the statistics on November real estate activity in Niagara show interesting shifts for both buyers and sellers. In such a changing real estate market in Thorold, we recommend buyers and sellers contact a licensed real estate agent such as Lisa Punch at Royal LePage for Thorold real estate advice. Get expert advice whether you are buying or selling.
As Lisa says in her slogan, “beat others to the Punch and you will be moved with Lisa Punch at Royal LePage.”
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