Though the official end of summer isn’t until late September, typically August is that ‘unofficial’ end of summer. With the last days of vacation, and families in their back-to-school prep, it signifies an end to the Summer Real Estate Market.
The summer market this year felt a little busier, with turnaround time seen through Days on the Market, staying quicker than in years past it felt almost as if our Spring market flipped right into summer without much of a drop in activity. In August we certainly saw an indication of those busy days of summer where everyone was packing in last minute trips and making the best of the month!
In terms of new inventory and sales, numbers are lower than last year and closed out at the slowest month since February this year! Average days on the market drew out a little longer than we’ve been seeing, meaning that the buyers who were out, were taking a little longer to go to paper.
While the same stood true for most all stats for Burlington and Hamilton… average sale price differs! In Burlington we saw a 2% decrease from July, whereas Hamilton reports a 3% increase! The rise in sale price has been gradual, yet steady, since the start of this year and August is the banner month so far for the year. The buzz from our real estate board is that if this rise continues (with inventory remaining low) there is hope for a strong fall market ahead!
Speaking of that Fall Market, we’re already gaining momentum with new listings hitting the MLS and more on the horizon! With the first week back to school behind us, we’ll start to see activity pick up as everyone has settled back into their new routines. Happy September!
Don’t forget! We’re always posting monthly stats to our website if you want to keep an eye on them.