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Royal LePage Niagara Unit Sales up for the 3rd Quarter of 2010

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Royal LePage Niagara Real Estate Centre reports a 9.8% increase in company sales units as of the 3rd Quarter of 2010
Royal LePage Niagara Real Estate Centre Brokerage has exceeded 2009 sales activity by 9.8% as of September 2010. The Niagara Association of Realtors reported a 9 month increase of 5.1% however the sales activity for the Month of September fell 15% compared to last year. Other major markets saw steeper declines in September with Toronto reporting a drop of 23%, Vancouver down 37.6% and Montreal down 13%. All areas are reporting a more balanced Market with Average sale prices up between 3 and 6% for the last 12 months. Prices are not expected to fall and should remain stable for the balance of the year.

Residential MLS Reported Sales in Local Markets

Unit Sales 2010 Increase over 2009
Fort Erie 368 1%
Fonthill/ Pelham 166 19%
Lincoln 217 12%
Niagara On The Lake 184 5%
Niagara Falls 845 10%
Port Colborne 238 -7%
St.Catharines 1275 4%
Thorold 226 19%
Welland 565 1%
Grimsby 317 -5%
Smithville 79 49%
Dunnville 108 40%

Niagara Region –
The Average Sale price of a single family home rose to $225,871 from the $212,755 reported for the same period in 2009. This 6.1% rise in sale price is comparable to other markets however a 43% increase in sales of Luxury Homes ($400,000-1 million plus) has affected the average sale price. Most Markets in Niagara are described as balanced however Grimsby, Stoney Creek & Smithville are in a Sellers market as inventory levels are down & Buyer demand is high. The last quarter of 2010 year should see a slow down in inventory levels ( typical for this time of year ) however prices are expected to remain level.