Hamilton Area Statistics for February 2022
Here’s What Happened This Month!
As of the end of January, 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 Omicron variant being extremely contagious. Showing property practices are continuing to be in place to keep everyone safe during these times and that agents sign a COVID questionnaire on behalf of themselves and their clients before having access granted to come into a Sellers home. There is still 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 much 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 February 2022 Real Estate Market Selling strategies remain the same as the last few months month in most part, however, with more and more inventory coming on the market this may change. Most Sellers are still putting their homes on the market at a listing price well below Market Value and “holding” offers for up to a week in order to get multiple offers and sell for much higher than their List Price. If they find they are not getting the price they want, they are re-listing at a price point much higher, and closer to what they are hoping to sell for. This is why it looks like homes are selling so quickly in your neighbourhood. This can be extremely confusing for Buyers so please make sure you are getting insightful timely advice from your LOCAL REALTOR®. Ask your REALTOR® for a chart of very recent sales comparing the List Price to the Selling Price!
February 2022 had 1561 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1041 of those (up from 982 in 2021) and Burlington’s share was 350, down from 376 in February last year. Overall New Listings increased by 84.2% since last month and were up just 1.2% over February 2021.
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 1228 Properties are down 4.5% from February 2021 and up 71% over last month, January 2021. The overall average price for residential properties is currently over a million dollars. It increased by 4.2% from last month to $1,104,756, and up 30.3% from February 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 755, up only 0.5% from 751 in February 2021, with an average price of $1,013,485 up 31% from the same month last year. Burlington had 254 Sales which is down 17.5% from 308 last year, with an average price of $1,413,836 which is up 32.7% from February 2021.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and sits at 427 Active Residential Listings giving Hamilton still a limited 0.6 months (half a month) of inventory, down 22.2% from February 2021. Burlington also went up from last month and now has 135 Active Residential Listings which still gives it only half a month, with 0.5 months of inventory, which is down 20.6% from the same time last year. Overall, the number of Active Listings Available at the end of the month is still very low at 0.6% (only half a month of inventory). The average days on the market continue to drop and went from 13.5 to 9.1 in Hamilton and also went down in Burlington year over year from 13.9 to 8.6. 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 Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 79%. In other words, 7.9 homes are sold for every 10 new listings.
Buyers Market Below 40%
Balanced Market Between 40% and 60%
Sellers Market Above 60%
(Ratio of homes sold to homes listed)
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MLS® Property Listings in February 2022
|RAHB Market Activity||Number Of Sales Feb 2022||Number of Sales Feb 2021||Average Sale Price Feb 2022||Average Sale Price Feb 2021|
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS®) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.