The value of homes in The Hamilton-Burlington real estate market continues to increase. According to The REALTORS® Association of Hamilton-Burlington (RAHB), the market is showing a decline in the number of sales which has resulted in an increase in property values with a decrease in the average days houses stay on the market. August and early September have typically been softer markets than what we are seeing at the moment. The Spring and Summer markets were extremely HOT with several buyer unable to secure homes and losing out in multiple offer situations. Many of those buyers who couldn’t find a home to buy in the Spring/Summer were still on the market in August/September when there were even fewer homes available for sale. The low inventory coupled with a high demand for purchasing has kept prices high.
The Government has put some measures in place to curb the rising sale prices, so if you want to know how it will affect home buyers, please give us a call and I can help walk you through the changes to the mortgage regulations.
“The sales numbers are lower than last September’s, but the hot real estate market in the Greater Hamilton-Burlington area continues,” said RAHB CEO George O’Neill. “Sales are 16 per cent higher than the 10-year average, while the end of month inventory is 39.5 per cent lower than a year ago. The Hamilton-Burlington area continues to attract many people looking for a great place to live and work.”
- Freehold units in Burlington average price has increased 26% from this time last year.
- Condominiums in Burlington average price has increased over 24.1% compared to last year.
- Freehold units in Hamilton avg. price has increased over 19.5% compared to last year.
- Condominium in Hamilton Average has increased 13.5% compared to last year.
Days on the Market, compared to last year.
- The average number of days on market decreased from 33 to 23 days in the freehold market
- The average number of days on market decreased from 35 to 25 days in the condominium market, compared to September of last year.
“A home in the Hamilton-Burlington area is selling, on average, 10 days quicker than a year ago,” noted RAHB President Kim Alvarez. “This follows the summer trend of quick turnover, and is a result of the limited number of listings compared to market demand.”
Here at Sean and Real Estate Group, we provide you with up-to-date market information and experience to assist you in the purchase, sale or lease of your home.
Call us directly or by text anytime!
Sean Kavanagh – 905.220.9198 / Sean@905RealEstateGuys.com
Leo Manchisi – 905.334.9650 / Leo@905RealEstateGuys.com