I wanted to give you a quick update for July 2019 in Haldimand County. Haldimand’s real estate stats includes communities such as Dunnville, Caledonia, Cayuga, Hagersville, Oneida, Seneca, Rainham, and Canborough/Dunn/Moulton/Sherbrooke. We’re seeing some substantial sales activity throughout Haldimand, a rural community south of the Hamilton region.
Sales up 19% in Rural Haldimand County
Sales are up 19%, so quite significant growth in sales. We’re seeing sales up across the board in all the surrounding markets, including Hamilton, Burlington, Niagara North, Branford, etc. Last year, 57 homes traded hands in Haldimand County. This year, 68 homes traded hands. Those are year-over-year numbers between July 2018 and July 2019.
Keep in mind, this is a smaller region. So while we’re seeing an uptick in sales, the numbers can be skewed up and down a bit. In a more rural, less active sales market, with homes trading hands in lower numbers, the trends aren’t always precise on a month-to-month basis. It’s better to look at markets like this over a more long-term trend. Nevertheless, sales are up significantly.
New Listings Up 22% in Haldimand
Last year in July 91 homes hit the market. This year in July, 111 homes were introduced into the market in Haldimand. In the bigger markets, like Hamilton-Burlington, listings are down. But in more rural areas, such as Niagara North, Grimsby, Smithville, West Lincoln, and Haldimand, new listings are up.
Even with this large number of new listings hitting the market, active listings are still down by 2%.
Last year in July, 197 total homes were on the market; this year, 193 homes. Things are selling at such a pace that active listing inventory has decreased despite the fact that 22% more listings hit the market in July.
Inventory Is Tightening in Rural Areas
In Haldimand County, months of inventory is down 0.6 months. Last year, there was an average of 3.5 months; this year, it’s 2.8. Of course, these are higher numbers than what we’re seeing in Hamilton, but it’s not abnormal because these are smaller, more rural communities. Months of inventory on the market should be higher than the busier areas. Regardless, trends show that inventory is tightening. Tightening inventory usually leads to price increases.
Prices Up by 16% in Haldimand County
Last July, the average home in Haldimand County cost $390,125. As of this July, the average home costs $454,251. This is a large uptick in price, again similar to other rural communities surrounding the Hamilton market. We are seeing these increases as buyers seek affordability by heading out into rural areas.
We’re also seeing many in the city selling out, taking their equity and gains that they’ve made in recent years and looking to retire, settle down, get a little more peace and quiet, and get that small-town feel. Haldimand is a great place for people to retire. It’s still accessible to the city through the highway system, but you’re getting the kind of lifestyle you can no longer get in the Hamilton area.
So, price points are up fairly high, but keep in mind again that rural communities can skew pretty widely based on a few sales. All it takes is a couple of very large farm sales to take place and the numbers can be skewed up. We have quite a few sales for this month, so I’m not too concerned about that, but it is something to keep in mind.
Days on Market Down to 39.2
Homes are also selling faster in Haldimand County. Last July, a home took on average 45.1 days to sell. This year, a home takes an average of 39.2 days: It’s down by 6. Haldimand is creeping closer to the 30-day mark, which is very healthy, especially for a rural area. These numbers are going to be higher than the Hamilton-Burlington area, but that’s typical.
All in all, the market is moving very well in Haldimand County. We expect August to continue on this trend.
As the Hamilton market continues to explode, we expect increased spillover into Haldimand County. Buyers will continue to push outward in search of affordability and baby boomers will look for a little more peace and quiet.