MARKET INSIGHTS
FEBRUARY 2024 MARKET INSIGHT REPORT: RESIDENTIAL
Just a reminder of the parameters we use when assembling these stats:
Freehold properties only, meaning both the land and the structure on it is owned outright with no space co-owned or co-managed with owners of adjacent homes. We do review Burlington condo apartments in a separate section. Price ranges – in order to avoid outlier sales that skew the numbers too significantly, we restrict our price ranges, shown in parentheses after the city name.
Below you will find the Market Insight Report for residential properties for Burlington, Oakville, Hamilton, and Greater Hamilton. The market has continued to change this month as you will see in this report.
The market is changing, let’s talk! Contact us at any time.
If you are thinking about selling, we offer a helpful FREE Seller’s Guide to help you get the most out of your biggest investment – your home.
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Burlington
The average price for a freehold property during the month of February was $1,294,262, up over $130,000 from January ($1,161,040) and nearly identical to February 2023, when the average price was $1,296,309. Units sold were up 30% as compared to February 2023. Days on market were at 25 (down from 39 in January) and properties sold for 99% of the listed price, on average. There were 156 active listings at the end of February, up 4% from the 150 listings at the end of January.
Click here to view the Burlington sales and inventory spreadsheet
Oakville
The average price for a freehold property during the month of February was $1,844,049, up over $150,000 from January ($1,681,674) and up 8.4% from February 2023, when the average price was $1.7 million. Units sold were up 7.5% as compared to February 2023. Days on market were at 22 (down from 41 in January) and properties sold for 100% of the listed price, on average. There were 278 active listings at the end of February, up 45% from the 192 listings at the end of January.
Click here to view the Oakville sales and inventory spreadsheet
Hamilton
The average price for a freehold property during the month of February was $695,129, up just under $10,000 from January ($687,005) and down 3% when compared to February 2023, when the average price was $716,373. Sales were up 6.1% as compared to February 2023. Days on market were down 17% at 31 (compared to 47 in January) and properties sold for 98% of the listed price, on average. There were 384 active listings at the end of February, up 7% from the 359 listings at the end of January.
Click here to view the Hamilton sales and inventory spreadsheet
Greater Hamilton
The average price for a freehold property during the month of February was $984,596, down approximately $40,000 from January ($1,026,136) and up 1.1% when compared to February 2023, when the average price was $973,811. Sales were down 5% as compared to February 2023. Days on market were at 32 (compared to 48 in January), and properties sold for 96% of the listed price, on average. Inventory levels from January to February were as such: Dundas up 25% (from 20 to 25), Ancaster up 15% (from 65 to 75), Waterdown down 5% (from 20 to 19), Flamborough up 23% (from 57 to 70), Stoney Creek up 7% (from 121 to 129), and Glanbrook up 24% (from 49 to 61).
Click here to view the Greater Hamilton sales and inventory spreadsheet
Burlington Condos
The average price of a condo in Burlington during the month of February was $660,000, up $9,000 from January ($651,000) and down 7.8% from February 2023 ($716,000). The price per square foot was $690, up 6.4% as compared to February 2023. Sales were up 20.5% compared to February 2023. Days on market were 38 (up 72.7% from February 2023, but lower than January at 48) and condos sold for 97% of the listing price on average. There were 118 active listings at the end of February, up 17% from the 101 listings at the end of January.
Click here to view the Burlington Condo sales and inventory spreadsheet
What This All Means
With the exception of Greater Hamilton and Burlington Condos, the average price is up in all of our market areas compared to January, which was expected as the Spring market arrives. Inventory continues to be at record lows. The consensus seems to be that sellers are holding out for good news on interest rates, and buyers are doing the same. For buyers, the thing to keep in mind is that everyone else is doing the same! As we move closer to that first rate decrease, there will be more competition and prices will start to rise. The best time to buy is right now - find the right house for you, push for a longer closing date, and reap the benefits. As always, please reach out if you’d like to discuss strategy or would like an update to your evaluation. It’s going to be an interesting year, and all signs point towards a hot summer in the real estate industry.
If you would like a call with us to understand this changing market and where it’s going and what to expect please don’t hesitate to request a call here, otherwise reach out and we would be happy to chat with you anytime.