May 2, 2024 | Uncategorized

Spring 2024 Real Estate Snapshot: Unveiling the Market Dynamics

In our April 2024 market analysis, we explore the dynamic real estate environments of Burlington, Oakville, and Hamilton—each offering unique insights and opportunities for buyers and sellers. We will delve into the current conditions and trends that are shaping these markets, providing detailed comparisons of condo and freehold home sales across these diverse regions. Whether you are a potential homebuyer, a current homeowner considering selling, or an investor, these insights are crafted to help you make informed decisions in an ever-evolving real estate landscape.

Burlington
In Burlington, the real estate landscape shows robust activity across both condo and freehold home sectors. The average sales price for condos stands at $779,020 with a 5.06% year-over-year increase, while freehold homes average at $1.43 million, experiencing a smaller increase of 2.57%. The combined listings amount to 464 (216 condos, 248 freeholds), and a total of 276 properties were sold (120 condos, 156 freeholds) in April. This area boasts a quick market turnover with condos staying on the market for an average of 25 days and freehold homes even less at 17 days. The inventory periods are equally low, with 1.8 months for condos and 1.5 months for freehold homes, indicating a strong seller’s market with high demand and swift sales.

Oakville
Oakville’s market features the highest pricing tiers in the region, with condos priced at an average of $812,414 and a notable 5.61% price increase year-over-year, and freehold homes dramatically higher at $1.85 million with a 2% increase. The total listings in this area reached 411 (118 condos, 293 freeholds), with 195 homes sold (46 condos, 149 freeholds) over the month. Despite the higher prices, the market dynamics differ between the two housing types; condos are slower to sell, averaging 27 days on the market with 3.0 months of inventory, whereas freehold homes move more quickly, taking an average of 18 days to sell with 1.9 months of inventory. This suggests a premium market where freehold properties are in high demand.

Hamilton
Hamilton presents a more affordable option, particularly in the condo market, with an average price of $574,493 and a 3.12% price growth, whereas freehold homes are priced higher at $876,676 with a modest growth of 1.03%. The market is vibrant with a total of 1,262 new listings (272 condos, 990 freeholds) and 624 homes sold (118 condos, 506 freeholds). Condos in Hamilton take longer to sell with an average of 34 days on the market and a higher inventory of 3.5 months. In contrast, freehold homes tend to sell quicker at an average of 25 days on the market with a 2.4 months inventory. This indicates a mixed market where freehold homes are more rapidly turning over, likely appealing to a broader range of buyers and investors.

Please contact us if you and anyone you know is looking to buy or sell so that we can provide you with expertise.