According to publications from the REALTORS® Association of Hamilton-Burlington (RAHB) last month saw 1,748 new listings processed, up 5.4% from the same time last year and 4.2% higher than the 10-year average. We are noticing an upward trend of homes staying on the market longer and a decrease in list to sale price ratio.
In Burlington, we saw a minimal decrease (less than .5%) in the average sale price, but looking back to August of 2016 the average is higher by 3.1%. Although the numbers are still looking up, the amount of deals are actually decreasing with a 13.4% decrease in sales volume compared to August of last year. Comparing with the stats over the last few months (May to August) we have seen a significant decline in the amount of properties listed on Multiple Listing Service®.
Hamilton is showing signs of a market increase with the average sales price rising 4.5% since July of this year. Looking back to August of last year, a whopping 12% increase of the average sales price will have some Hamilton residents smiling!
What will September bring? As the Fall market is now upon us, usually we see Buyers and Sellers returning to the hunt now that kids are back to school and summer vacations have ended. Will we see a rise in pricing again or, will the increase of inventory continue to stave off competitive bidding across Halton region?