We’re seeing some phenomenal sales activity in the more rural communities, and Niagara North is no exception. The July 2019 market stats for Niagara North, which includes territories such as Grimsby, West Lincoln, and Smithville, showed sales up by 23%. That’s a higher percentage than we saw in Hamilton and Burlington. Last year, 64 sales took place in July. This year, 79.
New listings are up by 16%, with July 2018 bringing in 97 listings and July 2019 bringing in 113 listings. Listings are down quite significantly in neighbouring communities, such as Hamilton and Burlington,
Last year, 196 homes were active on the market in July. This year, there were only 166. So even with 16% more listings moving into the market, listing inventory is actually going down. This would obviously be attributed to that increase in sales, with almost 25% more sales taking place. The new listings hitting the market aren’t enough to service the demand from buyers moving into the area.
Months of inventory is down by an entire month, a massive jump and (again) greater than the surrounding markets. Last year in July, there were an average of 3.1 months of inventory on the market. This year in July, there are only 2.1 months of inventory on the market.
In North Niagara, average sales prices have risen by 9%. That’s higher than Hamilton’s price increases. It’s a lot higher than more expensive markets such as Burlington. These are fantastic numbers for smaller communities like Grimsby, West Lincoln, and Smithville. We’re at almost double-digit price growth here.
We’re seeing many buyers come from the Hamilton market. These buyers are looking for a small-town feel and more bang for their buck. With Hamilton’s market increasing, some buyers are being pushed out of the area. We’re seeing a lot of retirees heading out to more rural communities, as well as first-time homebuyers looking for a property that is more affordable.
Average days on market within the community is up by 3.2. Most communities are seeing average days down. Last year, homes sold in an average of 33.8 days. This year, it’s closer to 37 days. So homes are taking a little longer to sell on average.
Regardless, sales are way up, and these are interesting numbers overall. Keep in mind, there’s a drastic difference in numbers between communities, slower areas like Smithville or West Lincoln could be dragging the averages out a little higher. You need to read between the lines when it comes to rural communities like Niagara North, and communities that encompass very different neighbourhoods and population centres. Market conditions can vary wildly between these different markets, with Grimsby being the most robust.
Overall, very positive news for these communities and for the rural areas around Hamilton in general. All signs are again pointing to a very busy summer.