February 6, 2023 | Market Reports

Local Market Stats For January 2023

Right now buyer activity has picked up from January as expected. There are a relatively low number of high-quality homes on the market, so those that are well-priced are getting action from buyers. We are seeing some homes sell in multiple offers which we haven’t seen in some time. This is typical in February, as a lot of sellers don’t come on the market until later in the spring.

Buyers who were on the sidelines in recent months seem to be moving forward with their plans, as prices have settled and likely interest rates have as well. Listing inventory will likely increase in the coming months. Pricing in January was relatively flat vs. December, and down vs. the peak pricing we saw in early 2022 before the rate hikes. We suspect pricing this month will be up over last month on average.
Wondering how things in your area have changed? We have the updated market trends that you need.

Burlington

Burlington’s housing market saw a 34.1% decrease compared to January 2022 and a 6.6% decrease from December 2022, with an average sale price of $909,198. These homes are staying on the market for about 30 days.

Oakville

In January, Oakville saw a decrease of 22.7% from January 2022 and a 0.1% increase compared to December 2022, with an average sale price of $1.4 million. Homes in Oakville are staying on the market for an average of 36 days.

Hamilton

The average sale price of homes in Hamilton for January 2023 was $753,109 which is a 22% price decrease from January 2022 and a 0.2% increase from December 2022. These properties in Hamilton are staying on the market for an average of 38 days before selling.

Here’s a breakdown of the freehold and condo statistics for Burlington, Oakville and Hamilton in January 2023: