Welcome to the latest update on the Niagara housing market! The beginning of 2023 has brought us some unexpected news, with a substantial decline of 35.1% in the number of homes sold through the MLS® System of the Niagara Association of REALTORS® (NAR) in January 2023 compared to January 2022. The overall MLS® Home Price Index (HPI) composite benchmark price was $629,100, a significant decrease of 17.5% compared to January 2022.
Single-family homes saw a big reduction of 18.2% on a year-over-year basis in January, with the benchmark price at $642,700. Meanwhile, townhouse/row units experienced a decline of 9.9%, and the benchmark apartment price dropped by 6.2% compared to a year earlier. It's essential to remember that the MLS® HPI tracks price trends more accurately than median or average price measures.
The average price of homes sold in January 2023 was $632,241, a substantial decline of 25.2% from January 2022. The dollar value of all home sales also fell by 51.4% from the same month in 2022 to $204.8 million in January 2023.
However, there's good news for those looking to buy as the number of new listings saw a substantial increase of 46.4% from January 2022, with 833 new residential listings in January 2023. The active residential listings numbered 1,547 units at the end of January, which is more than double the levels from a year earlier. This sudden increase in new listings has brought a surge in inventory, leading to a higher number of months of inventory that rose to 4.8 at the end of January 2023.
Despite the dip in sales, there's no doubt that Niagara's housing market remains robust and continues to attract potential buyers. The increase in new listings offers a golden opportunity to invest in real estate and find your perfect home at an affordable price. So, why not take advantage of the favourable market conditions and fulfill your dream of owning a home in Niagara!