It is no surprise that the real estate market is slowing down as the year is nearing its end, and the Holiday Season approaches.
We can see that when looking at the number of sales; in October the Niagara Region total was 515, dropping to 436 in November. This is a decrease of 15.3%.
Quoting Lisa Taylor from the Niagara Board of Realtors:
“Benchmark prices have continued to edge down since May, with only a brief uptick in August. Overall, we’ve seen a significant decline of approximately 33.7% from the market peak in March of 2022 with about 7% of that occurring since May of this year. At $538,000, we’re now approaching price levels not seen since January/February 2021. That may be a signal that the current price correction is nearing its floor.”
The current market is still favourable to Buyers, while it remains important for Sellers to price their house according to the present market values to be competitive.
As always, feel free to call or text me with any questions!
905-321-5050.
T.
