It is definitely interesting to see what happened in real estate in the last month of 2021.
So, what did happen in December? How did we do compared to this time last year?
Let’s look at some numbers!!
In the Niagara Region as a whole, we continue to see a slight decrease in the number of sales, meaning that there have been less listings, just as in November. However, the Benchmark sale price continues to show a significant increase compared to the previous year!
For example: St. Catharines shows a slight decrease in the number of sales (a drop of 2%) but a sale price increase of a whopping 33.9% compared to last year!
This has been a consistent trend and basically applies to most Niagara municipalities.
What does this mean? It means that as a buyer you will likely be in competition with other buyers to purchase, while sellers sit back and enjoy another year of bidding wars on their homes. From all indications, the Niagara Region should see a 12-14% increase in house prices for the year 2022.
Attention Sellers!! – If you received a market evaluation from us on your property/properties going back to at least 2016 when the market here in Niagara really started to take off, we strongly suggest you consider getting another one!! Most residential real estate since that time has seen an appreciation of anywhere from 70 to 120%!! Seems unbelievable but true! Call me today to discuss!
PS: Remember The Salisbury Team is always here for you!
How Did YOUR Municipality Perform?? Let’s look at some numbers!!