It’s hard to believe we’re heading into fall – we hope you’ve been having a great summer!
Real estate pricing and what’s been happening with the market is always a hot topic. As always, we are staying on top of the data to provide you with local insights you won’t find anywhere else. We’ve crunched the numbers on thousands of transactions in every neighbourhood across Burlington, Oakville, and Hamilton to stay up-to-date with the market trends. Want to find out how things in your neighbourhood have changed? We’ve broken down all the data for you, comparing prices this year to date (Jan-July) vs last year, and highlighted the fastest appreciating, most expensive and fastest homes to sell in each city.
It is important to note that homes were selling very quickly and above asking earlier this year, and the market has cooled down in more recent months as buyers adjusted to interest rate increases.
- Fastest Appreciating: Shoreacres had the highest price increase, up 30% from Jan-July 2021.
- Most Expensive: North Burlington Rural is the most expensive neighbourhood so far in 2022, with an average sale price of $2,582,239.
- Fastest Homes to Sell: Homes in the Corporate neighbourhood are selling the fastest, in an average of 7 days.
Fastest Appreciating: Glenorchy had the highest price increase from last Jan-July 2021, up 32%.
Most Expensive: Morrison is the most expensive neighbourhood so far in 2022, with an average sale price of $4,592,416.
Fastest Homes to Sell: Homes in the Glenorchy & Bronte Creek neighbourhoods are selling the fastest, in an average of 9 days.
Fastest Appreciating: Greensville (Flamborough) had the highest price increase, up 47% from Jan-July 2021.
Most Expensive: Greensville (Flamborough) is the most expensive neighbourhood so far in 2022, with an average sale price of $1,993,048.
Fastest Homes to Sell: Homes in the Rymal/Hannon neighbourhood sold the fastest, in an average of 5 days.
Average sale prices are up compared to Jan-July 2021 in Burlington (+18%), Oakville (+15%), and Hamilton (+18%). Homes in these areas are selling for an average of $250,000 more than they were last year. While these numbers are higher, they reflect the record high sales prices we were seeing earlier in the year.
Homes are taking slightly longer to sell than they did last year, but they are still selling fast historically. On average, homes in Burlington sold in 11 days, homes in Oakville in 14, and homes in Hamilton sold in 13. As of the end of August, the market has become more balanced with approximately 2 months of inventory in our local.
It is becoming more of a balanced market. Early this year, we experienced a very strong seller’s market with homes going very quickly and above the asking price in most situations—with less than 1 month’s supply of inventory. Inventory is still fairly low, and we currently have approximately 2 months of inventory, so it’s still a seller’s market. A truly balanced market would be approximately 4 months of inventory.
Of course, these are neighbourhood averages and if you have specific questions about your home we’d be more than happy to make a more detailed assessment. Whether your move is time-sensitive or you’re planning for the future, talk to a professional early in the process so that you can be best advised and avoid potentially stressful situations.
At Urban Group Realty we believe that every move matters and we work hard to ensure our clients are well informed so they can make the best decisions possible.
SOURCE: RAHB Matrix Stats
The original article was published on urbangroup.com website, on July 29, 2022