Thursday 30 July 2015

Hamilton home-buyers, take heart

I was looking at sales numbers for the Hamilton real estate market the other day, and while it still not a buyers' market in any way, we seem to have returned to more normal numbers at least for July.  This could be good news to home buyers if it continues, as the heated spring market made it a bit difficult to buy, with many properties selling over list price in competition.

After two record-breaking months in a row for May and June, I will be watching with interest for July's stats from the REALTORS® Association of Hamilton-Burlington.  But one has to remember that their jurisdiction also stretches from Burlington down to Dunnville - quite an area.  Looking specifically at just districts within the City of Hamilton for the month up to the 25th, sales have actually dropped slightly from the same time period last year coming in 4.7% lower, while new listings are marginally higher with a 2.8% increase.

As seen in the chart above, sales activity has also dropped a fair bit from the peak in the spring market, with the week July  19-25 coming in about 32% lower than the high seen in the week of June 7-13.  I suspect this more normal level of activity will continue through the summer.

While this is a good sign for buyers, there is still a significant listing inventory shortage to overcome before things would turn truly in their favour.  Sellers will likely continue to enjoy a strong position in the market, but if the relief on sales and improvement on listing activity continues buyers might at least find it easier to purchase without bidding wars.

Keep your fingers crossed, but for now stay diligent in your home search..

If you've been thinking about moving or buying your first home but put it off because of the hot market, give me a call and let's talk.

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