Hamilton-Burlington real estate market ‘more balanced’

Realtors say it appears that the housing market has shifted to a more balanced state in Hamilton-Burlington.

The Realtors Association of Hamilton-Burlington says there were 2,013 new listings in July, which represents an increase of almost 18 per cent when compared with the same period in 2016.

Sales, meantime, dropped by 20.4 per cent and association CEO George O’Neill says having more homes on the market and fewer purchasers, “combine to give more balance.”

“The trend that started developing back in April and May seems to be continuing, at least in the short term,” noted O’Neill. “Where earlier in the year we were seeing list-to-sell ratios as high as 91 per cent – which indicates a deep seller’s market – on the residential side, we are now seeing a more moderate market, with a 60 per cent list-to-sell ratio. This is much closer to a balanced market.”

The average sale price increased by 12 per cent from July 2016 to $558,000.

“Home prices, while higher than last year, have actually dropped from the early highs from March through May,” noted O’Neill.

“The average sale price for residential properties has come down 3.3 per cent from last month and 12.2 per cent from the high in May, while the median price has decreased 11.2 per cent from the high in April. These are certainly not the price drops experienced in other areas of the Greater Toronto-Hamilton area, but may still be an indication that the hot market is cooling – at least for now.”

LISTEN: Lou Piriano, president of the Realtors Association of Hamilton-Burlington, joins the Bill Kelly Show