October 6, 2023 | Uncategorized
Local Market Update: September 2023 Supply Trends
The housing market in the Burlington region of Halton and Hamilton saw some significant shifts in September, mirroring broader national trends while reflecting this area’s unique dynamics. Here’s a snapshot of the latest housing statistics, with a close look at how supply is shaping the market.
1. Sales and Listings
Burlington reported a total of 135 sales. Compared to the 393 new listings introduced to the market, this pushed the sales-to-new-listings ratio down to 34%. In other words, sales are slowing relative to the volume of new supply entering the market.
2. Inventory
Inventory rose notably over the past month. However, it’s worth noting that overall supply in the region remains on the lower end, which still signals a seller’s market despite the recent uptick.
3. Months of Supply
One of the most telling metrics this month is months of supply, which climbed sharply to nearly four months. This marks the highest level since the 2008 housing slowdown, and it may point to a shift toward a more balanced market as supply continues to build.
4. Pricing Dynamics
The unadjusted benchmark price for homes dipped from August, settling at $1,045,600. Even so, from a yearly perspective, prices have still appreciated nearly 5% since last September.
5. Specific Property Insights
Detached, Semi-Detached, and Row-Style Homes: Sales and new listings both declined across these property types on a year-to-date basis. Meanwhile, apartment-style home sales look more resilient, posting a year-over-year increase, though they remain below the long-term average.
Detached Homes: Supply improved notably in this segment, with months of supply jumping from 2.7 in August to 4.8 in September. This growing supply, without a matching rise in demand, put downward pressure on pricing. As a result, the benchmark price for detached homes eased almost 2% month-over-month. Still, annual figures show prices remain about 7% higher than last year.
Row-Style Homes: Bucking the broader trend, row-style properties stood out as the strongest performers on pricing, posting gains both month-over-month and year-over-year.
What This Means for Buyers and Sellers
In conclusion, while the Halton and Hamilton housing market is cooling in certain segments, especially detached homes, there are still pockets of growth and resilience, particularly among row-style properties. As supply continues to shift, staying informed on these trends can help you time your next move with more confidence.
If you’re considering making a move in this market or just need expert advice tailored to your 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.
Frequently Asked Questions
Months of supply rose to nearly four months in September, the highest level since the 2008 housing slowdown, signalling a potential shift toward a more balanced market.
Prices dipped slightly from August, with the benchmark price settling at $1,045,600, though prices remain up almost 5% compared to last September.
Detached homes saw the largest jump, with months of supply rising from 2.7 in August to 4.8 in September, which put downward pressure on pricing for that segment.
Row-style homes are the standout performer, posting price gains both month-over-month and year-over-year, bucking the broader cooling trend.
Despite rising supply, inventory levels remain on the lower end overall, which still favours sellers, though the market is showing early signs of becoming more balanced.
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