August 2019 Market Insight Report: Residential
Below you will find the Market Insight Report for residential properties for July 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.
Before reviewing our robust summer, we’d like to take the opportunity to congratulate our hometown, Burlington, for being ranked the #1 community in Canada by Maclean’s Magazine!
July proved to be a very strong month in Burlington. Sales were up 19% and sale prices were up 4.4% as compared to July 2018. During the month of July, properties sold for 98.25% of the asking price and in 30 days, on average. Year to date, Burlington performed pretty much the way we predicted with sale prices up approximately 2.6% and sales up 5.3%. Inventory levels were down significantly, to a 6 year low with the exception of 2016 (when we saw inventory levels down by 50% in most of our trading areas). With under 2 months of inventory available at the end of July, Burlington feels very much like a seller’s market.
Very positive July results in Oakville with sales up 6.3% and sales prices up 10.2% as compared to July 2018. During the month of July, properties sold for 97.01% of the asking price and in 35 days, on average. Year to date, Oakville outperformed the predictions with sale prices increasing by just over 4% but sales remained somewhat flat, down 1.3% as compared to the same period last year. Inventory levels have finally stabilized and are more in line with the last 6 years. Overall, with 2.5 months of available inventory, Oakville feels like a balanced market that could easily tip towards a seller’s market.
Very strong July in Hamilton with sales up just over 14% and sale prices up 6.8% as compared to July 2018. During the month of July, properties sold for 99.36% of the asking price and in 25 days, on average. Year to date, Hamilton sales were up just over 10% and sale prices were up 6.2% as compared to the same period in 2018. Inventory levels are fairly low as compared to the last 6 years and represent well under 2 months of sales which suggests that the Hamilton real estate market is a seller’s market.
Ancaster with a 12.3% increase in sale prices and a 23.9% increase in sales and Stoney Creek below the mountain with a 14.1% increase in sale prices and a 10.9% increase in sales as compared to July 2018, were the outstanding communities in the Greater Hamilton area. Waterdown, Binbrook and Dundas were fairly flat in terms of sale prices but had huge increases in sales – 25.9 %, 38.7% and 22.2% respectively, as compared to July 2018. Stoney Creek Mountain and Flamborough both saw sale prices increase by over 6% and with sales down in Stoney Creek by 13.6% and up in Flamborough by 8.7% as compared to July 2018. Year to date, the Greater Hamilton area saw a 3.6% increase in sale prices and a 17.7% increase in sales as compared to the same period in 2018. Inventory levels are low as compared to the last 6 years but the area remains nicely balanced in terms of market conditions.
The annual ranking compiled by Maclean’s Magazine gathered data on 415 communities across the country. The cities were ranked after receiving points based on the following 10 categories: wealth and economy, affordability, health, weather, crime, commute, taxes, demographics, culture and community, and amenities. You can view the entire list, as well as the details of each entry here.
At the Rocca Sisters Team, we are incredibly proud of the communities we serve, so it came as no surprise to us that Maclean’s Magazine ranked three of these communities in the top five of cities to live in the country. Read more on our blog here.
To view our Market Insight Report: Condominiums (Burlington), please click here