October 2019 Market Insight Report: Residential
Below you will find the Market Insight Report for residential properties for September 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.
The month of September turned in the best results so far this year in terms of sale price increases, which were 11.1% higher compared to September 2018. Sales were also up, but only slightly, by 1.9%. All of this makes perfect sense as inventory levels were way down – by 18% as compared to the end of September 2018. Year-to-date, the average price of a freehold property in Burlington was $881,062, which is 4% higher than the same period in 2018. Sales are also up 4.8% year-to-date as compared to the same period in 2018. During the month of September freehold properties sold for 98.40 of the listing price and in an average of 27 days.
The market was a little soft in Oakville during the month of September with sale prices down 4.6% and sales down 3.4% as compared to September 2018. Again, an expected result given that inventory levels are high in Oakville – up by about 3% compared to the end of September 2018. Year-to-date, the average price of a freehold property in Oakville at the end of September was 3.3% higher at $1,212,562 and sales were down 2.7%. During the month of September freehold properties sold for 97.26% of the listing price and in an average of 34 days.
Another big gain for Hamilton in terms of sale prices, which were up 9.3% in the month of September as compared to September 2018. Sales were also up significantly in September, by 14.7%. Once again, the law of supply and demand is playing out just as it should in Hamilton – with inventory levels down more than 10% at the end of September as compared to September 2018, it stands to reason that prices are going to rise with increased sales. Year-to-date, the Hamilton market has seen a 6.8% increase in sale prices and a 9% increase in sales as compared to the same period last year, with the average price of a freehold property in Hamilton at $476,050. During the month of September freehold properties sold for 99.40% of the listing price and in an average of 24 days.
September produced a fairly flat result in most of the Greater Hamilton region in terms of price with the exception of Stoney Creek Mountain, which saw a dramatic jump in sale prices of over 20% and an increase in sales of over 30%. Sales were up in Glanbrook by 19%, Stoney Creek below the Mountain by 28.6% and Dundas by 56% with small price increases/decreases and Waterdown/Flamborough saw significant decreases in sales with Waterdown prices up by 1.7% and Flamborough down by 4.1%. Ancaster saw a 2.8% increase in sale prices and sales were down 5.3% – all of this as compared to September 2018. Year-to-date, the Greater Hamilton area has seen sale prices rise by 3.4% and sales up by 16.1% as compared to the same period in 2018. During the month of September, freehold properties sold for 97.72% of the listing price and in an average of 36 days.
What Does All Of This Mean?
With Burlington and Hamilton firmly in sellers’ market territory, we would encourage anyone thinking about selling to make the move now in those communities. The Oakville market has a glut of $2-3million dollar homes, so if you have been dreaming about a beautiful home in Oakville, now just may be the time to start looking. We expect Hamilton to continue its sale price trajectory and still predict that the average price of a freehold property will be over $500,000 by the end of the year. Much of the Greater Hamilton area should benefit from the low inventory levels in Burlington and Waterdown so we expect to see both sale prices and sales increase in October in our communities to the west.
To view our Market Insight Report: Condominiums (Burlington), please click here