MARKET INSIGHTS

AUGUST 2024 MARKET INSIGHT REPORT: RESIDENTIAL

Just a reminder of the parameters we use when assembling these stats:

Freehold properties only, meaning both the land and the structure on it is owned outright with no space co-owned or co-managed with owners of adjacent homes. We do review Burlington condo apartments in a separate section. Price ranges – in order to avoid outlier sales that skew the numbers too significantly, we restrict our price ranges, shown in parentheses after the city name.

Below you will find the Market Insight Report for residential properties for Burlington, Oakville, Hamilton, and Greater Hamilton. The market has continued to change this month as you will see in this report.

The market is changing, let’s talk! Contact us at any time.

If you are thinking about selling, we offer a helpful FREE Seller’s Guide to help you get the most out of your biggest investment – your home.

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Burlington

The average price for a freehold property during the month of August was $1,440,631, up over $75,000 from July ($1,364,277) and over $160,000 from August 2023, when the average price was $1,279,679. Units sold were down 22.9% as compared to August 2023. Days on market were at 24 (up from 20 in July) and properties sold for 97% of the listed price, on average. There were 266 active listings at the end of August, down 5% from the 281 listings at the end of July.

Click here to view the Burlington sales and inventory spreadsheet

Oakville

The average price for a freehold property during the month of August was $1,668,614, down approximately $73,000 from July ($1,741,466) and down $70,000 from August 2023, when the average price was $1,738,500. Units sold (114) were down 6.6% from August 2023 (122). Days on market were at 33 (up from 28 in July) and properties sold for 97% of the listed price, on average. There were 583 active listings at the end of August, down 5% from the 613 listings at the end of July.

Click here to view the Oakville sales and inventory spreadsheet

Hamilton

The average price for a freehold property during the month of August was $703,694, up approximately $24,000 from July ($679,338) and down 3.2% from August 2023, when the average price was $726,990. Sales were down 14.4% as compared to August 2023. Days on market were at 31 (compared to 23 in July) and properties sold for 97% of the listed price, on average. There were 635 active listings at the end of August, down 7% from the 685 listings at the end of July.

Click here to view the Hamilton sales and inventory spreadsheet

Greater Hamilton

The average price for a freehold property during the month of August was $1,011,085, down approximately $10,000 from July ($1,021,585) and up approximately $44,000 from August 2023, when the average price was $967,034. Sales were down 19.8% as compared to August 2023. Days on market were at 32 (up from 28 in July), and properties sold for 97% of the listed price, on average. Inventory levels from July to August were as such: Dundas up 29% (from 28 to 36), Ancaster up 2% (from 117 to 119), Waterdown down 30% (from 89 to 62), Flamborough down 11% (from 91 to 81), Stoney Creek down 7% (from 222 to 206), and Glanbrook up 2% (from 90 to 92).

Click here to view the Greater Hamilton sales and inventory spreadsheet

Burlington Condos

The average price of a condo in Burlington during the month of August was $725,000, up $75,000 from July ($650,000) and on par with August 2023 ($724,000). The price per square foot was $677, down from August 2023 at $694. Sales were down 12.2% from August 2023. Days on market were 44 (up 100% from August 2023 at 22, and no change from July 2024) and condos sold for 96% of the listing price on average. There were 176 active listings at the end of August, up 12% from the 199 listings at the end of July.

Click here to view the Burlington Condo sales and inventory spreadsheet

What This All Means

August capped off a very sleepy summer. Sales were slow, showings were slow, and inventory began to drop off in most cases. This is fairly common at the end of the summer, as sellers get kids ready for school and need a break. Often these listings come back at the beginning of September. All of that said, we saw a flurry of activity in the last week of August and the first week of September. Far more showings, inquiries, and general activity than we had seen in weeks (or months). The interest rates were cut an additional quarter point on September 4th, and while the last 2 cuts came with little fanfare on the market, the combination of this cut and the traditional busy season of Fall may make for a very busy end of the year. This remains to be seen - check back in with us in October to find out!

If you would like a call with us to understand this changing market and where it’s going and what to expect please don’t hesitate to request a call here, otherwise reach out and we would be happy to chat with you anytime.