Friday, January 5, 2018

Market Update: Market Conditions and Spring Forecast

A market returning to some sense of normalcy is welcome news to many of us realtors who were bearing the storm of the tumultuous 2016 spring market.  

Turned ugly by multiple bidding wars, it became exceedingly difficult to counsel buyers on what to do.  So, we simply advised our buyers to stop bidding.  Batten down the hatches, ride the storm out and surface when things returned to some sense of reason. That time appears to be now.  

We all heard and read about the big ‘shift’.  Easter Weekend was the turn of the tide.  Akin to a light switch, the market shifted.  Those sellers who got caught in the cross-fire fought for the bidding war and in some cases, still achieved the goal.  Others, sadly, languished on the market and suffered price reduction after price reduction. 

Many a seller listed in the summer, reasoning the market conditions really did not apply to their own home.  Sad, but, true, it changed that fast!  And, we also saw quite a few homes re-listed as the buyers could not or refused to close on the date set out for completion.  

Let us look to January to a more normalized spring market this year.  One, where realtors can negotiate for their clients.   

Thursday, January 4, 2018

DECEMBER Stats... an end to the year!

Although it's hard to close out the year and not reflect back on the market this past year, most would agree that learning and focusing on what's ahead is really the aim. Let's take a look at what December brought us in the last month of a tumultuous 2017!

Starting in Burlington, A not so small dip in the average sale price shouldn’t be a surprise given the significant increase of days on the market (up from 34 days to 41).  Coincidently, the average sale price from this time last year is not far off… at $676,015 nor are properties listed (with 120 in December of 2016). Basically, we’re right back where we started! So, what can we learn from this? Sellers are patiently waiting while they try their pricing… unfortunately, the market may be telling them differently. Pricing right is key in such a dramatic shift in the market. We know not to expect the fury we saw brewing this time last year so, listen to your Realtor and listen to the numbers as we head into Spring.

Want some other interesting stats? The average price of a freehold property last month was $827,078… now keep in mind this will encompass both towns, semis and fully detached homes while an average priced Condominium would set you back approximately $474,402 which will include both apartments, semis, towns and the occasional detached.


In Hamilton, we saw a continued increase in the average sale price. This shouldn’t come as too much of a shock for those of you watching trend since the $500 - $600k pricing bracket seemed to be the biggest mover in Hamilton with the highest volume of sales this past month… head and shoulders above most other pricing brackets. 

Why? With Crown Point, Gibson/Stipley, Homeside, St. Clair, Stinson, Beasley very much alive this last month we may be seeing the clear allure of reasonable pricing in evolving neighbourhoods.  The impending LRT may be the added bonus here as well.   It’s a similar story over the Skyway where those seeking more bang for their buck are driving the market.  Over half of all new listings in Stoney Creek were in the $400 - $600k price range with an average sale price of $519,244 last month.