Wednesday

REAL ESTATE MARKET IN MERRITTON




As you must have been reading in the news, the real estate market is on fire. Not only is this true in the Niagara area but also in Merritton!

I was interested in what the real estate market was like in Merritton so I contacted my friend William to give me some details.

Here's what he showed me for St. Catharines and the Secord Woods / surrounding area:

Since January 1st, 2017:

10 properties sold.
Avg Price $301,400 (ranging from 165-471k)
Average days on the market: 29 days 

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16 properties sold but pending.
Avg price $283,744 (ranging 183-411k)
Average days on the market: 14 days 

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St. Catharines Averages: 2016 Average price increased 14.89% compared to 2015 Avg Price

Merritton Averages: 2016 Average price increased 29.83% compared to 2015 Avg Price.

February 2017 price increased 20.77% compared to Feb 2016 Avg Price

In February, houses in Merritton sold for and Average of 4.7% higher than asking/listing price.


Stats about Niagara as a whole:

The Niagara Association of REALTORS® (NAR) reported 700 property sales processed through the NAR Multiple Listing Service (MLS®) system in February. This represents a 15% increase in sales over February of last year.
The residential average sale price of $367,461 was 26.01% higher than last February. The average days on market decreased from 55 to 34 in the residential freehold market and decreased from 87 to 54 in the condominium market.
A significant driver for the increasing demand is the affordability in the Niagara Region.
The average price of $367,461 in Niagara as compared to the average price for Ontario as a whole of $556,631 makes Niagara a very attractive choice for homeownership.

St. Catharines Stats:

Average Sales Price in Feb 2017 is 31.27% higher than the Avg from 2016 (2016=$254894, 2017=334587)

Avg Days on Market decreased in 2017 to 26, 2016 35 (= down 26%)

Pretty impressive right?

So If you are looking to sell/buy, now is a great time don't you think? House prices are only going up.

Give William a call for your free market evaluation. He will take care of you...


WILLIAM SMITH
Sales Representative
Direct: (905) 323-7063  
Office Phone: (905) 641-1110   Ext 3429