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 July 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. We are still seeing the strategy of Sellers putting their homes on the market at a listing price well below Market Value and then hold off on looking at any 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®.
July 2021 had 1388 Total Residential Listings come through the Hamilton Real Estate Board, which is down significantly from July 2020, with 1939 as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Year over year this makes sense as July was making up for a very slow Spring Market. Hamilton had 918 of those (down from 1242 in 2020) and Burlington’s share was 303, down from 499 in July 2020. Overall New Listings were down 24% since last month and down 20% over May 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 1275 Properties are down 20% from July 2020, and down 20% over last month, June 2021. The overall average price for residential properties decreased by 2% from last month to $847,104, which is still up by 22% from July 2020. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 782, down 26% from 1058 in July 2020, with an average price of $779,783 up 24% from the same month last year. Burlington had 258 Sales which is down 38% from 415 last year, with an average price of $1,042,741 which is up 18% from July 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 634 Active Residential Listings giving Hamilton 0.8 months (less than a month) of inventory, down 38% from July 2020. Burlington has only 180 Active Residential Listings which gives it a little over half a month, with 0.7 months of inventory, which is down 49% 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 20.9 to 17.3 in Hamilton (higher than last month which shows the market may be shifting a bit) and also went down in Burlington year over year from 19.2 to 14.4. This is still largely due to the List Below Market Value Strategy still 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 STRONG Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 91.9%, up from 87.4% last month. In other words, 9.2 homes are sold for every 10 new listings.