If you watch trend most sources are projecting a steady and balanced market through the Spring rather than a return to what was brewing this same time last year. The truth is in the numbers as we watch the Fall market near it’s completion November brought us some tell tale signs that speak to that balanced market.
First up, in Burlington we saw a rise in not only the number of listings on the market and a 12% increase in the average sale price over last month. The trend of homes remaining on the market for 30+ days seems to continue through this fall market with an average of 34 days across the City. Although we don’t have the statistics to show the number or extent of price reductions you may have noted, we can calculate the average sale to price ratio for both original list price and for price at time of sale… 98.1% average for list price at time of sale but 96.9% price ratio as compared to the original list price. This should give you an indication there is still a bit of price confusion from Sellers and Buyers are continuing to be selective of how and where they spend their dollars.
In Hamilton, a similar story is playing out. An increase in new listings from 311 in October to 642 in November maintain a steady Hamilton housing market with 435 sales in the last month and a 2% average price increase from October. Again, longer days on market (at 35 on average) point to a balanced market ahead as this same time last year saw early signs of what was to come with 22 days on the market on average in November 2016. Sales data will show the price to list ratio at 97.8% and original list price at 96.5%.