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 October 2021 Real Estate Market Selling strategies remain the same as the last few months 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 in order to get multiple offers and sell for much higher than their List Price. 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. Other 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 “hold” offers for 4-7 days and sell much higher. This can be extremely confusing for Buyers so please make sure you are getting insightful timely advice from your LOCAL REALTOR®.
October 2021 had 1310 Total Residential Listings come through the Hamilton Real Estate Board, which is down from October 2020 with 1724 as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 879 of those (down from 1127 in 2020) and Burlington’s share was 265, down from 422 in October 2020. Overall New Listings decreased by 9% since last month and were down 23% over October 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 1329 Properties are down 18% from October 2020, and increased 8% over last month, September 2021. The overall average price for residential properties increased by nearly 5% from last month to $922,297, and up 27% from October 2020. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 807, down 18% from 990 in October 2020, with an average price of $864,474 up 30% from the same month last year. Burlington had 246 Sales which is down 33% from 369 last year, with an average price of $1,148,587 which is up 28% from October 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 457 Active Residential Listings giving Hamilton only 0.5 months (half a month) of inventory, down 47% from October 2020. Burlington has only 120 Active Residential Listings which gives it only half a month, with 0.5 months of inventory, which is down 64% from the same time last year. Overall, the number of Active Listings Available at the end of the month dropped to 0.6% (a little more than half a month of inventory). The average days on the market are still low and have dropped again from 19.1 to 13.5 in Hamilton and also went down in Burlington year over year from 16.5 to 11.5. 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. Ask your Local REALTOR ® for a chart showing recent sales alongside the listing prices so you can get an idea of what the price differential is. For instance, a recent West Mountain Townhome was listed for sale for $499,900 and sold for $615,000. A detached home in Ancaster was listed for $999,900 and sold for $1,305,000. It may also be good to watch for homes that are listed ABOVE their Market Value in the price range you looking for. An example would be a detached home in Burlington that was listed for $1,199,900 and sold after 2 weeks for $1,128,000.
Right now the Hamilton-Burlington Area is still experiencing an Extremely STRONG Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 101.5%, a big jump up from 83.9% last month. In other words, 10.1 homes are sold for every 10 new listings.