Open Houses are now allowed in Hamilton and the surrounding areas under the COVID-19 Pandemic Guidelines, however, many sellers are choosing to NOT hold them especially with the Delta Variant spiking the numbers until more people are vaccinated. Showing property practices are continuing to be in place to keep everyone safe during these times and that includes Buyers and their agents signing a COVID questionnaire before having access granted to come into a Sellers home. There is a maximum of 3 people allowed in the house (The Buyer’s Agent and up to 2 Buyers – No Children). There are usually 30-minute time slots available for showings, however, in some areas, there are only 15-minute time slots and overlapping appts are not allowed. Keep this in mind if you are wanting to see some properties as it is now more challenging to find a time slot available, especially if you have a few homes to see and would like to go to them in some sort of logistical order. Digital signatures are now the norm for all and are very simple to use. Our main concern is still and always will be, the health and well-being of you and your family.
The August 2021 Real Estate Market is seeing more typical numbers for this time of year in and around Hamilton Ontario, compared to last year at this time. Last year’s numbers were looked more like Spring numbers. Many listings that would have come out earlier in the year waited till August and September to go on the market when the Covid-19 numbers were decreasing. This August the sales were similar to last year, however, the listings were much lower in comparison. Selling strategies remain the same as last month. Some Sellers are putting their homes on the market at a listing price well below Market Value and “holding” offers for up to a week. This is why it looks like homes are selling so quickly in your neighbourhood. This doesn’t always work though, and we are seeing the Sellers RAISE their price after not seeing the price they wanted on Offer Day. Some Sellers are listing their property closer to Market Value and sometimes higher than Market Value and either not selling as quickly or not at all. This is why you see some houses drastically LOWER their price, and then go back to holding offers. This can be extremely confusing for Buyers so please make sure you are getting insightful timely advice from your LOCAL REALTOR®.
August 2021 had only 1279 Total Residential Listings come through the Hamilton Real Estate Board, which is down from August 2020 with 1818 as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 864 of those (down from 1219 in 2020) and Burlington’s share was 254, down from 417 in August 2020. Overall New Listings were down 9% since last month and down 15% over August 2020.
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 1201 Properties are down 5% from August 2020, and down 5% over last month, July 2021. The overall average price for residential properties decreased by nearly 1% from last month to $839,881, which is still up by nearly 21% from August 2020. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 766, down 22% from 981 in August 2020, with an average price of $779,486 up 18% from the same month last year. Burlington had 233 Sales which is down 32% from 344 last year, with an average price of $1,046,652 which is up 21% from August 2020.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced has gone down from last month and sits at 524 Active Residential Listings giving Hamilton 0.7 months (less than a month) of inventory, down 30% from August 2020. Burlington has 254 Active Residential Listings which gives it a little over half a month, with 0.6 months of inventory, which is down 39% from the same time last year. Overall, the number of Active Listings Available at the end of the month remains at 0.8% (less than a month of inventory). The average days on the market are still low and have dropped again from 22.9 to 17.4 in Hamilton (higher than last month which shows the market may be still shifting a bit) and also went down in Burlington year over year from 18.2 to 15.6. This is still largely due to the List Below Market Value Strategy being used by many Sellers and their Real Estate Agents, so don’t be fooled by a price that looks too good to be true! Sellers are listing less than market value, and holding off taking offers for up to a week, therefore creating a bidding war atmosphere and hopefully getting many offers and selling for much higher than the asking price. This can be hundreds of thousands over the List Price, so make sure you talk to your REALTOR ® and try to get a better idea of what the Actual Market Value currently is.
Right now the Hamilton-Burlington Area is still experiencing a VERY STRONG Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 93.9%, up even further from 91.9% last month. In other words, 9.4 homes are sold for every 10 new listings.