record number of new listings in May].
Looking at listings commencing June 1-10 in the Hamilton* districts of the local MLS® system, there have been 587 new listings entered.. That's a 29% increase over the same ten day period last year. Not as dramatic as the spike in May, but still considerable. Meanwhile, sales in the same time frame are down about 18%, from 388 in 2016 to 316 in 2017. Increased supply and reduced demand means more listings on the market - at least in the short term.
This is pretty preliminary of course, and there's no guarantee that this will hold up long enough to be called a trend. But it is interesting to see that the listing inventory growth is at least extending past the end of May. As always, I will be watching for the official stats at the end of the month to see if things are still heading in this direction.
For now, I'd say buyers can be cautiously optimistic that the market is starting to head toward some balance. But even if it does, it's likely to remain a sellers' market in the near future as we recover from a long term listing shortage.
* Ancaster, Dundas, Flamborough, Glanbrook, Hamilton, Stoney Creek, Waterdown