October was another record month for our team as we saw robust activity in our local market. Sales were up over 20% compared to last year, and the low number of listings drove average homes prices even higher.
Here’s a closer look at what happened in October:
Hamilton Market Activity
|Months of Inventory||0.8||1.9||-1.0|
|Median Days on Market||11.0||20.0||-9.0|
|Average Days on Market||18.8||31.8||-13.0|
Burlington Market Activity
|Months of Inventory||0.9||1.5||-0.6|
|Median Days on Market||11.0||17.0||-6.0|
|Average Days on Market||17.1||28.1||-11.0|
The RAHB reported 1,615 residential property sales for the month, down 7.6% over September and up 23.7% over October 2019.
Burlington’s new listings rose 19% compared to October 2019, while Hamilton’s new listings saw a 1% increase year-over-year.
Active listings took a hit in both cities in October: Hamilton experienced a steep 45% decline year-over-year and Burlington’s active listings fell 23%.
Active listing levels were some of the lowest the area had ever seen in October, and it drove prices sky-high. Competition for available homes is tight, and buyers are willing to pay far more than the list price to secure the deal.
Months of Inventory
With that drop in active listings came a drop in months of inventory. Hamilton’s inventory fell 1% to 0.8 months and Burlington saw a 0.6% drop to 0.9 months of inventory.
Average Days on Market
In Hamilton, listings spent an average of 18.8 days on the market and Burlington homes typically sold in 17.1 days.
When we look back at October 2019, homes in the area were taking about a month to sell. That time has now been cut down by 11% in Burlington and 13% in Hamilton. In fact, we’re seeing a lot of our listings sell in less than a week.
From September to October, the average price for a residential property in the Hamilton-Burlington region rose 0.02% to $721,523.
That’s a 19.8% increase in price from October 2019.
In Hamilton, the average home price increased 21% year-over-year to $662,511.
Home prices in Burlington also increased year-over-year, rising 14% to $891,844.
A Look at What’s to Come
Winter is closing in, and although it’s typically a slower season in the real estate market, our team is still experiencing record-breaking sales numbers.
If you’ve been following our home sales in Hamilton-Burlington and the surrounding area, you’ll notice that time and time again our listings have sold for over and above the asking price — sometimes hundreds of thousands of dollars over.
Buyers are eager to get into the market and are willing to pay a premium for it; many are still making their way from the city in search of more space and a lower cost of living, and our market has what they’re looking for.