MARKET INSIGHTS

burlington market report

JANUARY 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 January was $1,161,040, down approximately $80,000 from December ($1,221,418) and down 7.5% when compared to January 2022, when the average price was $1.26 million. Units sold were up 47.1% as compared to January 2022. Days on market were at 39 (up from 37 in December) and properties sold for 97% of the listed price, on average. There were 150 active listings at the end of January, down 1% from the 152 listings at the end of December.

Click here to view the Burlington sales and inventory spreadsheet

Oakville

The average price for a freehold property during the month of January was $1,681,674, down approximately $100,000 from December ($1,700,011) and up 9.9% from January 2022, when the average price was $1.53 million. Units sold were up 19% as compared to January 2022. Days on market were at 41 (up from 40 in December) and properties sold for 98% of the listed price, on average. There were 192 active listings at the end of January, down 18% from the 233 listings at the end of December.

Click here to view the Oakville sales and inventory spreadsheet

Hamilton

The average price for a freehold property during the month of January was $687,005, up approximately $22,000 from December ($664,094) and down 1% when compared to January 2022, when the average price was $693,741. Sales were up 13.3% as compared to January 2022. Days on market were up significantly at 47 (compared to 39 in December) and properties sold for 95% of the listed price, on average. There were 359 active listings at the end of January, down 15% from the 420 listings at the end of December.

Click here to view the Hamilton sales and inventory spreadsheet

Greater Hamilton

The average price for a freehold property during the month of January was $1,026,136, up over $130,000 from December ($894,731) and up 12.2% when compared to January 2022, when the average price was $914,765. Sales were up 15.7% as compared to January 2022. Days on market were at 48 (compared to 36 in December), and properties sold for 96% of the listed price, on average. Inventory levels from December to January were as such: Dundas up 43% (from 14 to 20), Ancaster down 22% (from 83 to 65), Waterdown down 41% (from 34 to 20), Flamborough down 15% (from 67 to 57), Stoney Creek down 12% (from 138 to 121), and Glanbrook up 29% (from 38 to 49).

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 January was $651,000, up $55,000 from December ($596,000) and up 17.9% from January 2022 ($552,000). The price per square foot was $687, up 9.8% as compared to January 2022. Sales were down 28.6% compared to January 2022. Days on market were 48 (up 71% from January 2022) and condos sold for 97% of the listing price on average. There were 101 active listings at the end of January, up 16% from the 87 listings at the end of December.

Click here to view the Burlington Condo sales and inventory spreadsheet


What This All Means

That is a great question! These numbers appear to be all over the place. November and December were really tough months. The media had a field day with all of the “lowballing” going on, and while that is fairly typical, they weren’t wrong. Every agent I’ve talked to has had their fair share of those calls on their listings. The Winter market is always challenging, but it seems the year we’ve had really culminated in a bitter one.

All of that said, and despite the chaotic numbers, we are seeing the light on the other side. Showings are up exponentially, and we’re even seeing some competition on offers. By all accounts, the interest rates are going to be reduced in June, and we expect this to cause a slow and steady increase in activity. Sellers continue to be very cautious (evidenced by the stagnation in inventory), but they will start to get comfortable as houses sell faster and for more money. We’re not quite there yet, but every agent and mortgage advisor I’ve talked to agrees that February, March and the rest of Spring are going to be a very different situation.

 

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.