The numbers are in, and they are not positive for the Hamilton Burlington area, but I’ll try to highlight a few anyway!
New listings for the month of February posted a 15 year low, and sales were the second lowest reported over the past 15years.
Seems bad! Let’s look a little closer at the numbers
New listings were 12.6% lower than February 2017 numbers, which really isn’t that large of a drop considering we have been suffering from low inventory numbers for several consecutive years.
The Positive? This is not a ground shaking statistic, it is a low percentage change from last year, and is a reversal from the inventory building numbers we have been experiencing over the past several months. This is market statistic to watch through March and April which lead us into our spring market. If they continue, then inventory will begin to decline again.. (cue internal alarm sounds)
The larger immediate concern is a 38.9% drop in sales compared to February 2017. When you narrow down the field and concentrate specifically on Hamilton and/or Burlington, that number increases into the 50% range.
The Positive? There were more sales in February than in January, which is an expected statistic and is usually a trend that continues, and spikes, through the end of March into April. Even though the numbers are lower, the annual market trend is following its usual path, its just a little lower on the graph.
… and the prices?…
Overall condominium average and median prices both experienced increases compared to February 2017.
Overall detached residential average price slightly decreased, while the median price slightly increased compared to February 2017.
For the most part, over the past several months we have watched the average sale price bounce like an old tennis ball… only a little… and this past month the dog bit a hole in it.
Expect low movement in prices throughout March, and muted sales compared to last year, but they will rebound from February’s dreary performance, in part due to the government holding its key lending rate on Wednesday, and in part due to the fact that I just want them to.
Positive Thoughts = Positive Results… Right?