Hamilton home sales dip but listings on rise, making for ‘rebalanced’ market, Realtors association says
Fewer homes selling in Hamilton, and at a lower price
What you see depends on where you stand, wrote C.S. Lewis.
While the lay theologian and novelist probably wasn’t referencing the local real estate market, the axiom still applies: whether it is trending good or bad depends on your situation.
Figures released Thursday show the protracted sizzling sellers’ market in Hamilton-Burlington cooled in July compared to the same month last year: sales were down 20 per cent, while listings were up nearly 18 per cent.
(Taken separately, Hamilton’s numbers showed a 26 per cent drop in sales, and a 15 per cent increase in listings.)
But it’s a positive pattern for buyers, according to George O’Neill, CEO of the Realtors Association of Hamilton-Burlington.
In fact, he says the market is reaching a healthier “rebalancing” in terms of the ratio of sales to listings, that had been too heavily weighted in favour of sales when the market was red-hot.
“When we see the number of listings go up and sales go down, it just means people have more choices.
“It’s better, in the long term for everyone, to have a more balanced market.”
A news release from the realtors association employed a weather metaphor to couch the shifting optics: “July 2017 Market Brings Home Buyers Relief from the Heat,” read the headline.
While a strong sellers’ market has its upside, it can make it tough for purchasers to afford to buy, O’Neill said.
In keeping with the trend, home sale prices have dropped from the highs seen in the spring — down 12 per cent from May.
The average home listed in Hamilton in July sold for $474,179 and in Burlington for $699,830.
The average length of time the homes were listed was similar for each market — 24 and 25 days, respectively.