The spring market is well underway. It is still very much a seller’s market but we are seeing positive signs for buyers as well. This past week we saw nearly twice as many new listings as the week before.
On the other hand, sellers can still expect a favourable climate, as we are seeing properties attracting multiple offers in the high demand areas and we suspect that this will continue for the foreseeable future.
In Burlington, a property was listed in the Tyandaga community last week on a gorgeous court. It attracted eight offers and sold for a considerable amount over asking. Another property in the city was listed in Headon Forest last week and had more than 20 showings its first day on the market. The Tyandaga and Headon Forest communities are hot spots right now in Burlington.
Burlington had over 250 sales in the month of April and of those properties listed after March 1, the average days on market were under 15 and most achieved 99 per cent or more of the asking price.
Oakville appears to be similar. Interestingly, Oakville also saw just over 250 new listings (under $1.5 million) in the month of April and just over 140 of those listings sold. The average days on market was approximately 15 for properties under $1.5 million and the median price was $722,000. What we are seeing in Oakville, as is the case in most of Halton and Hamilton is that if you price your property right, it will sell quickly and often for more than the asking price.
Hamilton overall is extremely hot, with average days on the market being 16 days for properties listed and sold after March 1 and those properties achieved 99 per cent of the asking price. There were over 600 sales in Hamilton during the month of April. The exciting news in Hamilton is that property values have increased as much as 14 per cent year-over-year for the first quarter. There doesn’t seem to be any particular hot spots in Hamilton – but what there is in the area is well priced homes which are selling quickly and for the asking price or higher.