Although sales activity in Hamilton-Burlington was down by 26% this month over last year, July was still busy for real estate. June’s period of stability is seemingly over and buyers are coming back to the market. Record-low inventory–down 38% over last year–continues to decline month-over-month, resulting in high competition and steadily rising prices. With the fall market quickly approaching, we may expect to see inventory improve over the next few months.
Here’s a closer look at what happened in July:
Hamilton Market Activity
|Months of Inventory||0.8||1.0||-0.2|
|Median Days on Market||9.0||12.0||-3.0|
|Average Days on Market||17.3||20.9||-3.7|
Burlington Market Activity
|Months of Inventory||0.7||0.8||-0.2|
|Median Days on Market||8.0||11.0||-3.0|
|Average Days on Market||14.4||19.2||-4.8|
There were 1,275 residential home sales reported in the Hamilton-Burlington area for July 2021. By coincidence, this is a 20% decrease over last month and a 20% decrease over July 2020. New Listings
As we hit record-low inventory this month, we saw a 24% decrease in new listings over last month and a 20% decrease over July 2020.
The pandemic has yielded some unpredictable market results over the past year. However, for the most part, real estate is seasonal, and the latest numbers align with what is expected in terms of seasonal trends. With the busy fall market approaching, we may expect to see the inventory slightly increase in the next few months.
The number of active listings in the area fell 38% over July 2020,
Months of Inventory
The average months of inventory remained stable over last month. Hamilton was unchanged with 0.8 and Burlington slightly increased to 0.7. This is still a slight decrease over July 2020, where Hamilton and Burlington saw 1.0 and 0.8 average months of inventory respectively.
Average Days on Market
In Hamilton, homes spent, on average, 17.3 days on the market. This is an increase over last month, but a decrease over 2020 when homes spent an average of 20.9 days on the market. Average days on market remained stable this month in Burlington with 14.4 days, which was a decrease from the 19.2 days from July 2020.
The average home price for Hamilton-Burlington is $847,104 for July 2021. This is a slight 2% decrease over last month and a 22% increase over July 2020.
In Hamilton, the average price increased year-over-year by 24% from $626,759 in July 2020 to $779,783 in July 2021.
The average home price in Burlington also increased over last year, jumping 18% from $885,048 in July 2020 to $1,042,741 in July 2021.
A Look at What’s to Come
With the new mortgage rules taking effect in June, we saw the exponential growth of the market start to stabilize. As the initial impact of the new rules starts to wear off, buyers are returning to the market. However, low inventory means they will face stiffer competition and more multiple offer situations.
It would appear that the short period of stabilization that we saw in June is now over and we expect to see the market continue to pick up again for what we’re predicting will be a very busy fall. Buyers would be wise to take advantage of what little stability is leftover from June while sellers should capitalize on the high demand before listings start to increase in the fall.