October came and went in a flash… who can believe it’s already November?! An interesting month in both regions with a few surprising statistics to reflect upon. Let’s start in Burlington where October brought us a small decrease in the average sale price. This may or may not surprise some of you watching the market with more reductions and lowering sale ratios (which are back to a very normal 98%). The interesting statistic this month seems to be the amount of properties listed and sold… comparatively to September we’ve seen the numbers drop from 465 listed to just 164 in those 31 days. With 102 sales, down from 169 previously, we can note a significant change from the same time last year where we saw 274 sales in the same timeframe. What can we take from this? Putting into perspective what the previous Fall Market lead into (a more than nutty Spring Market) I think it’s safe to say we have come to our senses and Buyers and Sellers are becoming more savvy, informed and cautious.
Now taking a look to Hamilton, there’s been a positive upswing in the average sale price and Seller’s are likely happy to note the average days on the market has decreased to a reasonable 26 day average. A similar story unfolded across the region with a significant decrease in the properties listed with 401 less listings than September brought. Again, it begs the question, are we setting up for another problem with supply and demand? The numbers seem to be saying a different story with fewer sales.. only 189 sales in the last month, again, down from 339 in September and 509 from the same time in 2016. Recent legislation surrounding lending rules and focus on Real Estate Regulation have all been fallout from Spring which have clearly contributed to the changing real estate landscape.