2nd Quarter MLS Stats for NOTL

The MLS figures for Niagara on the Lake for the period ending June 2008 are in. Please note that YTD reflects Jan to the end of June 2008, 12 month is from July 2007 to June 2008 and Area 01 is Niagara on the Lake.

In general the residential real estate market for Niagara on the Lake has been stable and exhibits signs of a balanced market. Unit sales figures are not ahead of 2007 but one interesting fact is that sales for 2nd quarter 2008 are EQUAL to those figures for the same period in 2006. We may not be besting our top year but we are having our second best year.

The number of listings available in Niagara on the Lake are down 6% from 2007. This despite a Regional statistic that shows listing inventories in the Niagara Region up 5% year to date. Niagara on the Lake continues to perform well versus the rest of the Region. Our communities' position as a desirable place to live along with a rich connection to the natural beauty and our geography continues to benefit the Real Estate market.

Currently home buyers are attracted to properties that require minimal change. They prefer homes that are nicely updated, and do not require extensive remodeling. Buyers neither have the time or the expertise to take on a project of updating a home. Instead they would prefer to have the home in move in condition. Sellers who have prudently kept up with updates and provide this feature for buyers will be rewarded in the market place with quicker sales and higher prices then other property sellers.

For a full copy of the figures and Niagara on the Lake's 1st quarter report, visit my blog at http://www.century21.ca/gary.zalepajr/Blog

Gary Zalepa Jr. Broker/Owner
CENTURY 21 City Realty Inc. www.GaryZalepa.com