Does February look anything like the first month of this year??
Let’s look at some numbers!!
We can still see a steady increase in the HPI benchmark prices for the month of February! As a matter of fact, that increase is almost the same percentage as in January! Where January showed a 33.4% price increase, February continues with 33.3%!
Although the demand still is higher than the supply, we do see an increase in the number of sales in several municipalities! For example: where St. Catharines still showed a decrease in the number of sales in January (25.5%), we now see an increase in the number of sales for February: 12%.
What does all of this mean? It means that as a buyer you still will likely be in competition with other buyers to purchase, while sellers sit back and enjoy another year of bidding wars on their homes. However: the market does seem to be shifting a bit.
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!!