For much of 2021, the biggest discussion point on the Niagara Regions Real Estate Market was our low standing inventory. The issue at hand, has actually been a combination of average (or below average) new listing inventory combined with a historically high number of sales. The result is homes that are well priced are selling in days, which is further leading to a low level of active listings.
Because of these relentlessly competitive market conditions, we have experienced unprecedented upward pressure on prices over the past 18 months.
With the strong demand in the market, we don’t foresee the typical winter slow down when it comes to sales. While we may see overall fewer sales in the next few months, that will be a factor of the low active inventory, rather than a lack of demand. People who have considered selling their home may even take advantage of the demand and low inventory levels to come to market in January, which is a less competitive market in terms of overall inventory.
None of us have a crystal ball, but this is really a market of supply and demand. The low levels of active listings and strong demand will continue to have upward pressure on pricing. It will take either a significant increase in standing active inventory or a sizable drop in demand for us to start to transition into a balanced market.
Stay tuned as well. Our 2021 Market Report will be released in the near future as well which will provide a more in depth look at the Niagara market with city reports, market analysis and trends to watch.
Looking for help? Reach out to us and we'll connect you with one of our Realtor team.
There are a few things for you to know: