Sales activity in Hamilton-Burlington was down slightly this month by a modest 5% over last year. New listings were down 9% over last month and 15% over last year, which is not unexpected for the summer months. Seasonal trends aside, low inventory levels continued to contribute to higher prices and increased competition, however, we should expect to see the inventory increase for the busy fall market this month.
Here’s a closer look at what happened in August:
Hamilton Market Activity
| Variable | 2021 | 2020 | Difference |
|---|---|---|---|
| Sales Activity | 766 | 981 | -22% |
| Dollar Volume | $597,086,370 | $649,779,773 | -8% |
| New Listings | 856 | 1,219 | -30% |
| Active Listings | 524 | 1,004 | -48% |
| Months of Inventory | 0.7 | 1.0 | -0.3 |
| Average Price | $779,486 | $662,365 | 18% |
| Median Price | $730,000 | $603,200 | 21% |
| Median Days on Market | 9.0 | 12.0 | -3.0 |
| Average Days on Market | 17.4 | 22.9 | -5.5 |
Burlington Market Activity
| Variable | 2021 | 2020 | Difference |
|---|---|---|---|
| Sales Activity | 233 | 344 | -32% |
| Dollar Volume | $243,869,881 | $298,420,280 | -18% |
| New Listings | 254 | 417 | -39% |
| Active Listings | 151 | 351 | -57% |
| Months of Inventory | 0.6 | 1.0 | -0.4 |
| Average Price | $1,046,652 | $867,501 | 21% |
| Median Price | $935,000 | $793,500 | 18% |
| Median Days on Market | 8.0 | 11.0 | -3.0 |
| Average Days on Market | 15.6 | 18.2 | -2.7 |
Sales Activity
In August 2021, there were a reported 1,201 residential property sales reported for the Hamilton-Burlington area. Sales were down 5% over last month and 5% down year-over-year.
New Listings
New listings in the area were down 9% over July 2021 and down 15% year-over-year. This is not surprising, as the summer months typically lend themselves to a slight lull in real estate, as many sellers take vacations or go away to spend time at cottages.
Active Listings
Active listings in the area are down by 48% over last year in Hamilton and 57% over last year in Burlington.
Months of Inventory
August 2021 saw a slight decrease in the average months of inventory over last month, with Burlington seeing 0.6 and Hamilton seeing 0.7. This is also a decrease over August of 2020, where Burlington and Hamilton both had 1.0.
Average Days on Market
In Hamilton, homes spent, on average, 17.4 days on the market. This is stable compared to last month’s 17.3 average days on market, but a decrease over August 2020 when homes spent an average of 22.9 days on the market. Average days on market increased this month in Burlington with 15.6 days, however, this is decreased from the 18.2 days from August 2020.
Average Prices
The average home price for Hamilton-Burlington is $839,881 for August 2021, which is just 1% higher than July and an increase of 21% from August 2020.
In Hamilton, the average price increased year-over-year by 18% from $662,365 in August 2020 to $779,486 in 2021.
The average home price in Burlington increased 21% over last year from $867,501 in 2020 to $1,046,652 in August 2021.
A Look at What’s to Come
As expected, we saw a lull in the market for the summer, however, all signs are pointing to a busy fall market ahead. Although inventory reached record-lows this summer, we should see an increase this month as sellers return from summer vacation and begin listing their properties for sale. Right now is an advantageous time to sell, while demand is high and supply is still quite low. For buyers, we are still seeing high competition, however, the “bidding wars” from several months ago are happening less frequently, which should instill some more confidence in buyers in the future.
With the upcoming federal election happening on September 20th, many Canadians are focusing on one of the big-ticket topics–the housing market. It will interesting to see if the parties can come through on their promises, and make meaningful improvements to help improve conditions for buyers.
In this market, expert advice makes all the difference. If you have a question about buying or selling your home, call us at 1-844-484-SOLD or email us here.
