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Well it may not officially be Spring, but it sure feels like it! “If it looks like a duck, quacks like a duck and acts like a duck, it’s a duck.” I think we should go with that and hopefully continue to manifest this lovely Spring weather in the present! It is wonderful to hear the birds singing their beautiful Spring songs so early in the year.
We think there is much anticipation in respect to the progression of the Real Estate market throughout the balance of 2023 and some of its associated components, like the Mortgage rates.
Number of new listings for February was 882, just slightly down from February of 2022…a number fairly consistent with the past 10 years. Number of sales is down still quite significantly from last year to this, 681 to 484, but we are definitely seeing some evidence of positivity in the market.
Days on market are still high, 72 for the region. Last February was 15, but an anomaly in general for February. The good news is it allows buyers to take their time. It is faster than it was in January, which was 81, good news for potential sellers.
Average sale price is the highest it has been for the last couple of months, $669,923, which makes us optimistic for the Spring and with a strong surrounding Real Estate market outside of the region this could bring even more prosperity and activity here in Niagara.
It will be an absolutely interesting upcoming year.
You know who to call if you would like any further details….the brokerage that LOVES local, MCGARR REALTY!!
There are a few things for you to know:
Again, we hope you have found this helpful. We will continue to update all of the above as we move through the coming weeks and months.
Your feedback, thoughts or inquiries are always welcome.
You can contact us here.
Most importantly, take good care and be safe.
The McGarr Team.
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