January 2019 Market Insight Report: Residential
Below you will find the Market Insight Report for residential properties for January 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.
We may be in the throes of the winter blues but we can see all of the signs of a terrific spring market ahead of us! With those inventory levels finally starting to show signs of life, sales picking up each and every day and prices stabilizing and in some cases rising, we think the spring real estate market will be strong and healthy! Our advice to our sellers today – get your property on the market while inventory levels are low. Sell with a long close and buy when inventory levels start to peak. Enjoy the benefits of selling when supply is low and buying when supply is high. We would love to sit down with you and develop a winning strategy that works for you.
Inventory levels began their upward climb in January, ending at 223 properties for sale which represents about 2.6 months worth of inventory – more or less a balanced market, leaning in favour of sellers. Sale prices were up an astonishing 8.5% citywide which may be setting the tone for the spring market and there were exactly the same number of sales in January 2018 as there were in 2019. Days on market were down 16% year over year and properties sold for just over 97% of the asking price.
Inventory levels were at a 5 year high at the end of January with approximately 3.72 months of inventory on hand which suggests that Oakville is experiencing balanced market conditions. Sale prices were fairly flat which is remarkable given the greater than normal supply. Sales increased by just over 8% which is terrific news and bodes well for the spring market. Days on market were up just over 12% year over year and properties sold for just under 97% of the asking price.
Inventory levels were at a 10 year high at the end of January however, sales kept pace and then some so, the Hamilton market can still be described as a Seller’s market with just over 2 months of inventory available. Sale prices increased 3% when compared to January 2018. Sales were down by exactly 1 and days on market remained the same at 39. Properties sold for just over 99% of the asking price.
Overall the Greater Hamilton area saw an uptick in sales of 13.7%, an increase in sale prices of just over 2% and a reduction in days on market of over 8% when compared to January 2018. Inventory levels are climbing in Ancaster, Waterdown and Dundas and shrinking in Stoney Creek and Glanbrook. Flamborough’s inventory was exactly the same as in 2018 at the end of January. Properties sold for just under 98% of the asking price.
To view our Market Insight Report: Condominiums (Burlington), please click here