The Hamilton-Burlington real estate market has seemingly evened out from its non-stop activity in July and settled into the average activity levels for August.
While 2020’s real estate trends have been anything but typical, we are expecting another uptick in sales and prices as we enter into the fall market.
Here’s a closer look at what happened in August:
Hamilton Market Activity
|Months of Inventory||1.1||1.6||-0.5|
|Median Days on Market||10.0||19.0||-9.0|
|Average Days on Market||21.9||29.6||-7.7|
Burlington Market Activity
|Months of Inventory||1.3||1.4||-0.1|
|Median Days on Market||9.0||16.0||-7.0|
|Average Days on Market||17.9||29.1||-11.1|
While August’s sales activity wasn’t as dramatic as July’s, we still experienced an increase year-over-year.
The RAHB reported 1,272 residential property sales for the month, down 21.14% from July but up 12.7% from August 2019.
Hamilton’s new listings were up 12% compared to August 2019, whereas Burlington saw no movement year-over-year with 319 new listings for both August 2019 and August 2020.
The number of active listings fell in both cities in August: Hamilton saw an 18% decline year-over-year and Burlington’s active listings fell 9%.
The lack of inventory throughout the Hamilton-Burlington market fueled the demand for real estate, increasing prices and keeping us in a seller’s market.
Months of Inventory
Hamilton and Burlington both experienced a drop in months of inventory. Hamilton now sits at 1.1 months of inventory (down 0.5% year-over-year) and Burlington has 1.3 months of inventory (down 0.1% year-over-year).
Average Days on Market
Homes in both Hamilton and Burlington saw a slight increase in days on market in August.
In Hamilton, listings spent an average of 21.9 days on the market, up from 20.1 in July. Burlington also saw a month-over-month increase from 17 to 17.9 days.
From July to August, the average price for a residential property in the Hamilton-Burlington region rose 0.24% to $694,690.
That’s a 16.3% increase in price from August 2019.
In Hamilton, this amounted to the average home price increasing 21%, year-over-year, to $662,257.
Home prices in Burlington also increased year-over-year, rising 13% and bringing the average to $856,056.
A Look at What’s to Come
Between the low market activity we saw in the early spring and the record-breaking action that followed in the summer, Hamilton-Burlington’s real estate market seems to be balancing out — at least for the time being.
Overall, home prices are on a rise year-over-year; that’s something that is not likely to change.
Those considering listing their home or purchasing in the coming months can expect to experience the typical action of the fall market, as demand ramps up and the seller’s market continues.