October 6, 2023 | Uncategorized
Local Market Update for September 2023
The housing market in the Burlington region of the Halton and Hamilton area has seen some significant shifts in September, mirroring broader national trends and reflecting the unique dynamics of this area. Here’s a snapshot of the latest housing statistics:
1. Sales and Listing: Burlington reported a total of 135 sales, which when juxtaposed with the 393 new listings introduced to the market, led to a sales-to-new listings ratio dropping to 34 percent. This indicates a slowdown in sales relative to the number of homes entering the market.
2. Inventory: A consequential rise in inventories was observed over the past month. However, it’s crucial to note that despite this increase, inventory levels in the region are still on the lower end, signifying a seller’s market.
3. Months of Supply: A critical metric, the months of supply, rose sharply to almost four months, marking the highest point since the 2008 housing slowdown. This potentially signals a shift toward a more balanced market.
4. Pricing Dynamics: The unadjusted benchmark price for homes showed a decline from August, settling at $1,045,600. But even with this monthly downturn, when looked at from a yearly perspective, we find prices have appreciated nearly five percent since last September.
5. Specific Property Insights:
Detached, Semi-Detached, and Row-style: A decline in both sales and new listings was observed across these property types on a year-to-date basis. Notably, while apartment-style home sales seem resilient with a year-over-year increase, they’re still not up to the long-term average.
Detached Homes: Inventory for this segment improved notably, with supply months jumping from 2.7 in August to 4.8 in September. This increase in supply without a proportional increase in demand put a dampening pressure on prices, with the benchmark price for detached homes easing by almost two percent month-on-month. Yet, annual figures reveal that these prices are still about seven percent higher than last year.
Row-style Homes: Bucking the trend, row-style properties were the standout performers in terms of pricing, witnessing a rise both over the previous month and compared to last year’s levels.
In conclusion, while the Halton and Hamilton housing market is experiencing a cooling in certain segments, especially in the detached homes sector, there are still pockets of growth and resilience, especially among row-style properties.
If you’re considering making a move in this market or just need expert advice tailored to your unique situation, don’t hesitate to reach out! Your dream home or the ideal buyer might just be a conversation away. Let’s shape your real estate story together!
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