AUGUST 2023 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.Essentially, all of the gains we saw in mid 2021 to mid 2022 have evaporated. Prices have fallen back to 2021 levels which is a very good place to start in 2023. We are seeing a much more stable market and prices seem to be holding steady at these levels. We believe we are in a fairly well balanced market right now and we see a renewed buyer appetite. The feds have indicated that rate hikes are over for now and there is even talk of rate reductions should the recession dig in deeper than expected. Either way, values are reflecting the new interest rate reality and buyers are adapting. Sellers remain in an exceptionally good position and low inventory levels should keep it that way. We think 2023 is going to be a good year for buying and selling and look forward to working with our clients to achieve the best possible outcomes.
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 April 2023 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.
The average price for a freehold property during the month of August was $1,279,679, down nearly $100,000 from July and up 5.6% when compared to August 2022, when the average price was $1.21 million. Units sold were down 18% as compared to August 2022. Days on market were at 19 (up from 15 in July) and properties sold for 100% of the listed price, on average. There were 240 active listings at the end of August, up 18% from the 203 listings at the end of July.
The average price for a freehold property during the month of August was $1,738,500, up nearly $50,000 from July and up 3.8% when compared to August 2022, when the average price was $1.68 million. Units sold were up 1.7% as compared to August 2022. Days on market were at 18 (no change from July) and properties sold for 98% of the listed price, on average. There were 376 active listings at the end of August, up 8% from the 349 listings at the end of July.
The average price for a freehold property during the month of August was $726,990, almost no change from July ($722,292) and up 7.3% when compared to August 2022, when the average price was $677,307. Sales were down 17.2% as compared to August 2022. Days on market were at 21 (compared to 17 in July) and properties sold for 99% of the listed price, on average. There were 488 active listings at the end of August, up 6% from the 462 listings at the end of July.
The average price for a freehold property during the month of August was $967,034, down just over $62,000 from July ($1,029,474) and down 2.5% when compared to August 2022, when the average price was $992,307. Sales were up 0.6% as compared to August 2022. Days on market were at 25 (compared to 19 in July), and properties sold for 97% of the listed price, on average. Inventory levels from July to August were as such: Dundas up 8% (from 25 to 27), Ancaster up 4% (from 119 to 124), Waterdown up 3% (from 34 to 35), Flamborough down 16% (from 57 to 48), Stoney Creek up 7% (from 166 to 177), and Glanbrook down 3% (from 63 to 61).
The average price of a condo in Burlington during the month of August was $724,000, up almost $30,000 from July ($696,000) and up 8.4% from August 2022 ($668,000). The price per square foot was $694, up 10.7% as compared to August 2022. Sales were down 2.4% compared to August 2022. Days on market were 34 and condos sold for 98% of the listing price on average. There were 94 active listings at the end of August, up 6% from the 89 listings at the end of July.
What This All Means
With the exception of Greater Hamilton, all market areas are up in average sale price from August 2022. However, we are seeing some plateauing, and in some cases, backsliding month to month. Inventory is beginning to creep up, which is what we need. Properties are still selling for between 98-100% of asking price. This is all good news - balance is good for everyone. We are back to a market where one can take their time in looking at a house, and even have an inspection before making one of the biggest decisions of their lives. Imagine that! We were all waiting with baited breath on the interest rate decision, and it has held. This also bodes somewhat well for the market - another hike would likely have further eroded the public’s desire to trade in real estate. The hope is that this will enable a more traditional fall market. There are still a ton of buyers out there, so don’t hesitate to get in touch if you’re thinking of a move!
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.