August 2017 Market Update
Here’s some positive news from the August Market Statistics in the Realtors Association of Hamilton/Burlington. This may conflict with the click-bait headlines you see about the regional market.. but I’m not selling ad space, so I’ll just present the truths… beware, it’s mostly positive and a little boring…
Reported sales are down year over year for the month of August, but are only slightly below the 10yr average. (the past 10 years repeatedly experienced record increases year over year)
Average sale prices are up year over year for the month of August, and increases are in double digits for both the freehold and condominium markets.
List to Sale ratio is around 65% which is at the bottom end of a Seller’s Market, which indicates that inventory is increasing, but is still offering less than the market demands. This is a good place for a market to be in as long as the downward trend settles over the next few months.
Average days on market has increased from 27 days to 33 days for freeholds, and from 27 to 29 days for condominium properties. This is an excellent number in any market… 45-50 days is actually an excellent number.. so this is super excellent (I borrowed the “super” from my daughter.. everything is super right now)
Is there a shift happening? Yes.
Is the Market stabilizing? Yes
Is real estate armageddon happening? No
Be responsible, buy within your limits, and work with an experienced Realtor who will help you make educated decisions about the largest investment of your life. – This is when you contact me 🙂
Here’s some additional insight… the reported decrease of 20% in home values, as reported through the media, is actually represented by the loss in multiple offers pushing sales 10-15% beyond true market value. Some of the “loss” is also represented by a Buyer’s ability to actually negotiate a sale price less than the listing price, at a 5%+/- board average. This has resulted in sale prices “dropping” 15-20% overall.
Actual value really hasn’t changed… only the craziness, or lack thereof, has changed, not the value of your home.
See, you feel better now don’t you!