MARCH 2018 MARKET REPORT
Slightly different yet similar to Oakville, Burlington’s inventory levels rose by 38% in March but only by 15% in February (Oakville saw a 36% increase in inventory in February and 23% in March). When you average them out, they are very similar. Prices are down just over 11% from the increase of 29% we saw last year same period which, again, is still a very respectable return on investment. Properties are selling for, on average, 97.91% of the listing price and they are selling in 30 days on average. Tyandaga and Aldershot are experiencing the most significant drops in prices paid, both down over 20%. Not at all surprising as the trend tends to be that when there is more choice in the market, homes that require updating or have space challenges become less desirable, notwithstanding the attraction to older more mature neighborhoods. Tyandaga did see a couple of properties sell in competition - both with park like backyards with houses that required a complete overhaul and priced to sell. Another property that was parklike in Headon Forest sold for well over the asking price - these types of properties are few and far between and we have to assume there will always be a strong market for them. A beautiful but dated bungalow in Elizabeth Gardens sold for 5% over the asking price - it was a perfect size and a terrific location - again, a seller’s market when you have a unique and desirable property but otherwise a fairly balanced market.
Inventory levels are up 23% year over year and that comes as no surprise, given that sales are down 40%. Likely the most remarkable outcome this year thus far is the fact that on average, prices are only down 15%, year over year. When you consider they were up 30% at the end of March 2017, as compared to 2016, well, that’s pretty remarkable. Essentially, what that means is, during the last two years, prices have increased by 15% or 7.5% per year which is a perfectly acceptable increase in value. Some very interesting strategies emerged during March. We saw a property listed in River Oaks in February for $890,000.00, cancelled 15 days later and re-listed at $799,900 and then sold for $875,000! The Seller offered a bonus to the cooperating Brokerage - it clearly wasn’t necessary!! Interestingly, many properties saw price adjustments, often a few and then sold for asking or slightly more once the right price was reached. We saw a few properties that sold very close to the asking price after only a very small price adjustment. A few notable areas include Bronte Creek where in March we saw sales double as compared to last year but along with that a 25% decrease in prices paid. Clearview has seen a 22% decrease in prices paid, year over year but it’s not possible to conclude that prices are down by that much as there were only a total of 3 sales in March. Finally, Glen Abbey saw a significant decrease in prices paid in March, coupled with a decline of 44% in sales. Interestingly, those properties that did sell sold in less time (13 days) then Oakville’s average (27 days). What does all of this mean - we are still in a balanced market but the buyers are very fussbudgety!
Inventory levels surged a little in both Dundas and Ancaster but apart from those two communities, increases have been fairly average for the time of year. With the exception of Ancaster, sale prices have not changed much from the same time last year - up or down by under 5%. Sales overall are down just over 30% and DOM are up by over 60%. Looking at the month of March in isolation, it looked like Dundas was on fire with a 15.8% increase in prices paid over the same period last year with sales down about 45% which is more or less the kind of result you would expect. Having said that, Dundas saw only one property sell for over the asking price in March whereas communities that have seen drops in prices paid such as Ancaster, where 13 properties sold for asking or more, Glancaster where we saw 7 sell for asking or more, Stoney Creek with 24 and finally Waterdown with 8 saw an abundance. There seems to be no real rhyme or reason, just those fussbudgety buyers at work.
Prices have remained very stable in Hamilton. Year to date, we have seen little if any fluctuation which means the massive increase that was experienced last spring is the new normal in Hamilton. Inventory levels are at a normal level and based on the number of sales last month, suggest a balanced market slightly in favour of the seller. Properties sold for 99.61% of the asking price and sold in on average 22 days. 124 properties sold for the asking price or more, with one property in the Beasley neighborhood selling 50% more than the asking price after having been on the market for several months last year at $399,900, re-listing at $199,900 and selling in one day for $300,000. The average price in Hamilton still remains lower than any other municipality in the GGTA. Of the 300+ properties that sold in March, 80 were under $350,000!
Traditionally, with the onset of the early spring market, inventory levels are beginning to rise more. However, DOM are stabilizing and list to sell price ratios are positive, considering most have experienced a price adjustment. What does all this mean? Inventory will continue to build in the coming weeks and months , which means this is the time to sell - properties will sell for more money with less competition! NOW is the time to sell-don’t wait and miss out on the opportunities of the early months of the Spring market! Call us today for an evaluation!