Sales activity in Hamilton-Burlington is starting to stabilize this month with a moderate increase of 12% year-over-year. Active listings are decreasing month-over-month, which means competition–and prices–remain high. With improving vaccine rates, the economy will continue to recover and trends should stabilize for the remainder of the year leading into 2022.
Here’s a closer look at what happened in June:
Hamilton Market Activity
| Variable | 2021 | 2020 | Difference |
|---|---|---|---|
| Sales Activity | 966 | 865 | 12% |
| Dollar Volume | $760,974,153 | $533,725,507 | 43% |
| New Listings | 1,194 | 1,177 | 1% |
| Active Listings | 745 | 1,078 | -31% |
| Months of Inventory | 0.8 | 1.2 | -0.5 |
| Average Price | $787,758 | $617,024 | 28% |
| Median Price | $713,000 | $573,000 | 24% |
| Median Days on Market | 9.0 | 12.0 | -3.0 |
| Average Days on Market | 13.7 | 23.1 | -9.4 |
Burlington Market Activity
| Variable | 2021 | 2020 | Difference |
|---|---|---|---|
| Sales Activity | 326 | 339 | -4% |
| Dollar Volume | $367,325,534 | $296,054,819 | 24% |
| New Listings | 422 | 465 | -9% |
| Active Listings | 207 | 371 | -44% |
| Months of Inventory | 0.6 | 1.1 | -0.5 |
| Average Price | $1,126,765 | $873,318 | 29% |
| Median Price | $974,000 | $805,000 | 21% |
| Median Days on Market | 7.0 | 11.0 | -4.0 |
| Average Days on Market | 14.1 | 20 | -6.0 |
Sales Activity
In June 2021, there were 1,607 property sales reported for the Hamilton-Burlington area. This is about 12% lower than the month before, and a modest 10% higher than June 2020.
New Listings
The number of new listings in June 2021 over 2020 is only up by 1% and has actually decreased since last month.
Contributing factors to this could be the economy reopening and sellers focusing their attention on summer holidays rather than planning to sell. The number of new listings is projected to continue to stabilize, meaning low inventory will remain the norm for months to come.
Active Listings
Active listings in the area are down by a significant 33% over June 2020, which is a 30-year record low for the month of June.
Months of Inventory
June 2021 saw a slight increase in the average months of inventory over last month, with Burlington seeing 0.7 and Hamilton seeing 0.8. This is still a decrease over June of 2020, where Burlington had 1.1 months of inventory and Hamilton had 1.2.
Average Days on Market
Homes in Hamilton spent, on average, 13.7 days on the market in June 2021 compared to 23.1 in 2020. In Burlington, homes spent, on average, 14.1 days on the market in June 2021 compared to 20 in 2020.
Average Prices
The average home price for Hamilton-Burlington is $865,339 for June 2021, which is roughly 2.5% higher than May and up 27% from June 2020.
In Hamilton, the average price increased year-over-year by 28% from $617,024 in June 2020 to $787,758 in June 2021.
The average home price in Burlington increased 29% over last year from $873,318 in 2020 to $1,126,765 in June 2021.
A Look at What’s to Come
As first-dose vaccination rates reach 75% and second doses follow close behind, the economy will continue to reopen and rebound. Trends indicate that we will enter the summer in a more balanced state compared to the record fall season in 2020.
Although the market appears to be stabilizing, inventory should remain low and competition will remain high over the summer. This means that prices are projected to rise for the remainder of 2021 and into 2022. However, despite the slowing market, this is still an advantageous time for both buyers and sellers to enter the market.
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.
