Niagara Market Update for March 2023 - Increasingly Active Market
As the weather starts to get warmer and the flowers start to bloom, it's easy to get excited about the arrival of spring. This is especially true for the real estate market in Niagara, which has already started to see some positive impacts from this season of growth. While the shift may not be immediately noticeable, industry professionals can already see the signs of an increasingly active market. In this blog post, I'll take a closer look at what's been happening in the Niagara real estate market and what it means for buyers and sellers.
One of the key things to keep in mind when looking at real estate market trends is that comparisons to previous years can be misleading. This is especially true when it comes to comparing sales prices from last year, which was a highly unusual time for the market. In early 2022, the market was heavily skewed in favour of sellers, which created a lopsided and unsustainable situation. Comparing this year's prices to those from last year doesn't provide an accurate view of the market. Instead, it's more useful to compare this year's numbers to previous years to get a sense of how the market is evolving.
With that in mind, let's take a closer look at what's been happening in the Niagara real estate market. In March of 2023, there were 1,125 new listings in the region, which is the highest number of listings for March over the last ten years, aside from 2021 and 2022. The number of sales was also impressive, with 621 sales, the highest for March since May 2022 when the decline started. This increase in activity is a good sign for the market and suggests that it will become even more active in the coming months.
For buyers, this is great news because it means that there are more options available and more competition in the market. With a gradual increase in real estate prices, buyers can expect their potential asset to appreciate in value, making it a solid investment for the future. If you're considering purchasing a property, now is the ideal time as the market is growing increasingly active by the day. However, it's worth noting that with more competition comes the potential for bidding wars and higher prices, so buyers should be prepared to act quickly and make competitive offers.
On the other hand, the increase in property prices is equally good news for sellers. With a higher resale value, sellers can get more for their property, which is always great. So, suppose you've been considering putting your property on the market, now is the perfect time to do so, especially with the market looking to become more active with time. However, sellers should also be aware that with more competition comes the potential for longer listing times if their property isn't priced competitively.
Another advantage of the gradual increase in real estate prices is that it creates a healthy and stable market for both buyers and sellers. For buyers, the stable market ensures that they don't have to worry about investing in an asset that could potentially devalue in the future. For sellers, it ensures that the market remains profitable, and they can get a fair price for their property. In addition, a healthy and stable market benefits the entire community by increasing property values and creating a sense of stability.
At Jen Bedard Real Estate, I'm committed to helping m clients navigate the Niagara real estate market with confidence. As a lifetime Niagara local, I have a deep understanding of the region and a passion for helping clients find their dream homes. Whether you're a first-time homebuyer or an experienced investor, I’m here to guide you every step of the way. With a focus on the details and being transparent, communicative, and reliable, I work hard to create an easy and stress-free experience for my clients.
In conclusion, spring is a time of growth, and this growth extends to the real estate market. With an active market and increasing prices, it's an ideal time for both buyers and sellers to take action and make the most of the current market conditions. If you're considering buying or selling a property in Niagara, now is the time to do so, and I would be happy to guide you through the process. Contact me today to discuss your real estate goals and let's get started on this exciting journey together!