March 2019 Market Insight Report: Residential
Below you will find the Market Insight Report for residential properties for March 2019 for Burlington, Oakville, Hamilton, and Greater Hamilton. If you have any questions about any of the information below please feel free to contact us at any time.
Heading into our spring market we are seeing tightening inventory levels and sales picking up in most communities. Prices are stabilizing but still appear to be soft. As sales numbers increase, the expectation is that sale prices will rise. Our senior bank source has indicated that interest rates will remain very competitive with financial institutions offering lower and lower rates and all kinds of incentives to attract business. We expect the spring to be a very strong market and one that will be good for both buyers and sellers. If 2019 is your year to move, we recommend that you give us a shout sooner than later – the next 4 months could prove to be a golden opportunity for both buyers and sellers!
At the end of March, inventory levels were down just over 7% as compared to the end of March 2019. Sales were up YTD by 5.4% and sale prices were up just over 1.2%, YTD. With 2 months of inventory on the market coupled with these results, it would be safe to say that Burlington is experiencing a seller’s market. Average days on market in March reduced slightly, year over year to 28 and properties sold for on average, 98.53% of the asking price. The month of March saw a slight reduction in prices paid, down 1.8% with sales increasing by 10.8% when compared to March 2018. One standout sale – a property on Lakeshore was listed at $3,249,000 for a total of 142 days and it sold over asking at $3,250,000. Sometimes patience pays off!!
Inventory levels were down ever so slightly at the end of March as compared to 2018. Sales were down over 12% and sale price down just 1% YTD as compared to the same period in 2018. With just over 3 months of inventory, Oakville can be described as a fairly balanced market. Average days on market YTD was 33 but in the month of March that number dropped to 28. Properties sold on average for 97.35% of the asking price. March 2019 saw a 2.5% increase in sale prices and 10.2% fewer sales as compared to March 2018. Interestingly, the month of March saw about the same number of sales under a million as sales over a million. We also saw one freehold townhouse sell on Glenashton for under $600,000 – something we don’t see too often in Oakville with only one other property under $600,000 in 2019 and a total of 5 in 2018.
Inventory levels were down just under 8% at the end of March 2019, as compared to the end of March 2018. Sales were up 6.5% and sale prices were up 6.1% as compared to 2018 YTD. These results coupled with only 1.5 months of inventory at the end of March puts Hamilton firmly in a seller’s market. Interesting fact: In 2014 the average sale price was $269,000 as compared to $465,000 in 2019 – an increase of over 70% – in 5 years! Average days on market are up slightly to 32. Properties sold for on average 99.55% of the listing price. The month of March saw an 8% increase in sale prices and a 3.9% increase in sales as compared to the month of March 2018. More than a third of the properties that sold in March sold for over asking – 10 properties, predominantly in Hamilton Centre communities, sold for more than 20% of the asking price.
Based on inventory levels, Dundas, Waterdown, Stoney Creek and Glanbrook could be described as seller’s markets each with approximately 2 months of inventory at the end of March. Ancaster with 3 months of inventory and Flamborough with 4 were best described as balanced, leaning towards the buyer. YTD, Glanbrook and Waterdown outperformed all of these communities with increases in sale prices of 10.3% and 8.9% respectively. Where these two communities differed was in the number of sales. YTD, Waterdown sales were down 15% and Glanbrook sales were up 10% as compared to the same period last year. Stoney Creek saw a significant increase in sales, particularly on the Mountain where sales were up 46% YTD as compared to 2018 and sale prices were up 2.9%. YTD sale prices in Ancaster were down .5%, Dundas down 2.3% and Flamborough down 4.3% as compared to the same period in 2018. The month of March delivered fairly good results for all of these communities with an average increase in sale prices of 1.8% and an increase in sales of 11.4% as compared to March 2018. During the month of March properties in Greater Hamilton sold on average for 98.08% of the listing price.
To view our Market Insight Report: Condominiums (Burlington), please click here