Residential home sales activity recorded through the MLS® for the Niagara Association of REALTORS® (NAR) totaled 488 units in August 2024, compared to 523 in August 2023. In August, the Niagara Association of REALTORS® listed 1192 residential properties compared to 1220 in August 2023. The average days it took to sell a home in August 2024 was 45 days, a 36.4% increase from August 2023. The New Listings dropped 11.4% but with sales holding steady it brings the inventory of listings in Niagara down which is needed to achieve that balanced market, that along with the cumulative days on market reaching 70 days on market, it is so important for sellers to work with a local REALTOR® to gain the knowledge and expertise to set themselves up for success. The Bank of Canada has reduced the policy interest rate to 4.25% another .25% reduction giving buyers even more confidence needed to move ahead with the process and come off the sidelines. Inventory is still holding fairly high, but recent improvement could be a sign of a busier than normal end of year for Niagara. The next scheduled date for announcing the overnight rate target is October 23, 2024.
Here’s what has happened in the last month in real estate.
