Happy Wednesday!! I know summer isn't officially over until the 22nd of September and we've still got lots of great weather ahead, but with the kids heading back to school (for the first time in a long time) it does signify the change over.
Is it just me or does it feel like the summer had only just begun?
August was, in all intents and purposes, lacklustre. But not surprisingly. The overall sale prices were down from July and some properties sat. Quite a few sold significantly under their asking price. Why was this? It doesn't mean they all did this, or that nothing sold in multiple offers or way over asking. But, it did show a trend. August was typical, it was slower.
What made this happen? As it was in the beginning of the year when prices took off, it was supply and demand. The supply although lower than July, didn't keep pace on the downward trend of buyers. The buyers, much like many of us were, were away. It could be holidays, it could be fatigue from the previous months, it could have been both.
However, I'm sure you'll see a vastly different trend and data with our October and November reports.
So these numbers are, as I always say, accurate but of course they can often also be a little confusing as to what they mean to you????. If you have any questions about how these directly affect you, your home or your neighbourhood.....or if you have questions about the market trends we're seeing, or anything at all honestly.... please reach out. I'm here to help in any way that I can.
The Hamilton-Burlington Market Area had 1201 sales of residential properties for this August which in typical fashion was down from July. This means sales were down compared to last month by 5%, and they were downcompared to August 2020 by 5%. The average sale price was also down however. An overall decrease at just shy of 1% for the entire market area from July, putting it at $839,881, but prices were up by 21% compared to August 2020. September is poised to have another jump in values though. New listings were on the decrease from July by 15%. Even though the market slowed once again from previous months, the average days on market and the median days on market across all areas were still a little lower compared to August 2020. The inventory available at the end of the month remained at 0.8.