Here is a look at the Niagara County Market Report for 2017. According to Western New York Real Estate Information Services (WNYREIS), 2017 had a climbing average sale price the first half of the year that flattened out after July and remained steady.
A Look at the Housing Stats
In 2017, there were 2210 recorded condo/townhouse and single family home sales closing the year with an average sale price of $137,217.
The average days on market were on a roller coaster ride in Niagara County in 2017. The year began at 62 days, hit a low of 29 in July and crept back up to 49 days on market at the end of 2017. Viewing past data, this up and down trend follows the seasons.
A Look at the Condo Market
There were 79 newly listed condo/townhouses throughout 2017 with an average list price of $156,023. The peak list price was in May 2017 at $190,175.
We saw 59 closed sales in 2017. These properties sold for an average of $120,858 after about 65 days on the market.
2017 had an average list to sale price ratio of 95.8%. This ratio has remained in the nineties for the past 2 years with a dip to 89.5% in May of 2017.
What Does The Data Mean?
December 2017 wrapped up with 427 SFH and condo’s still on the market. While the year began with a balanced market (6 months supply of inventory available), it closed out with just 2 months of supply.
Just over 8% of properties on the market at the end of the year were distressed properties; short sales, bank owned, foreclosures.
What does this mean if you’re buying a house in Niagara County?
There is tough competition out there for home buyers these days. With little inventory and many buyers, you’re bound to be in multiple offer situations and be outbid be those who require less contingencies. On top of that, just over 28% of closings in December 2017 were cash deals! This number seems to be on the rise. The Capozzi Team will be watching this trend.
Low supply, high demand and buyers out there with cash make it crucial for buyers to submit a strong offer. Sit down with your real estate agent today to plan how you can make a strong but financially responsible offer on the home of your dreams.
What does this mean if you’re selling a house in Niagara County?
Niagara County is in a sellers market. Demand outweighs the supply, homes spend a small amount of time on the market and sellers are seeing sale prices at nearly 100% of their asking price.
Single family homes saw an average of 46 days on the market in 2017, down from 2016’s 61 days. Your local real estate agent will help you to competitively price your home for a quick and profitable sale.
Wondering what your home might be worth? Send us a request for your personalized home valuation!
Just Listed Homes in Niagara County
Do you know how current home sales have impacted your home’s worth? Contact The Capozzi Team for your free & personalized home value estimation.
See additional reports on the Niagara County Real Estate Market.
To buy or sell in the Niagara County Real Estate Market, contact The Capozzi Team at Keller Williams Realty Buffalo Northtowns.
View most recent inventory of single family homes that have JUST been added to the database in the average price range for Niagara County in January 2018. All homes here are priced at $137,000 or below.