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What Happened in Real Estate in 2013?

Can you guess how long it takes to sell a house in Niagara?

A. 19 day

B. 37 Days

C. 70 Days 

If you guessed C you are Correct! In 2013 it took an average of 70 days for homes to sell. and the average sale price was $279,341! 

Did you know the average house in Niagara SOLD for 96% of the List Price?

St. Catharines leads the way with only 46 Days on Market and receiving 97% of the List Price with an average sale price of $224,650. Niagara-On-The-Lake had the highest average sale price with $435,406 However as you can see from the chart below N-O-T-L properties also spent the longest time on the market with 114 Days. Fort Erie came second with 98 Days on Market and 95% of List Price and Port Colborne/Wainfleet third with 83 Days on Market and 94% of List Price. What does this mean? If you want to sell a house in those areas you need to plan ahead and be patient. Also, since most homes will sell for 96% of their list price, be realistic when pricing your home for sale. Overpricing with the plan to negotiate down substantially often backfires. That may have worked years ago, but in today’s world of quick access to data, buyers are more educated than ever before. They will quickly bypass the overpriced home for cheaper comparable properties.

Most Districts showed a respectable increase in Average Sale Price compared to 2012 while Fort Erie, Port Colborne/Wainfleet and Welland were the only Districts that had a decrease in average sale price. The average sale price/list price remains at 96% for Niagara year after year. We do see that sale prices decrease slightly in the Districts that have higher days on market. This shows us that the longer your house is on the market, the lower the actual sale price will likely be.

For a Custom Home Evaluation specific to your neighbourhood or property type please contact me

The Statistical information provided is based on residential listings within the Niagara Board area, (St Catharines, Fort Erie, Fonthill/Pelham, Grimsby, Lincoln, Niagara Falls, Niagara-on-the-Lake, Port Colborne/Wainfleet,Thorold, Welland, West Lincoln,). This information was taken from the Niagara Association of REALTORS® database.