In spite of the on-going Covid-19 pandemic real estate market in Hamilton and Burlington has been red hot. But can this HOT “Sellers Market” Continue?
Whether you are actively paying attention or just watching from the sidelines it can be confusing to understand what effect these last few months have had on the real estate market here in the Hamilton/Burlington area.
A good place to start is to review the statists from July (the latest data available).
Some of the takeaways:
- Sales are up 23.7 per cent over last month and up 27.8 per cent over July of 2019.
- The average price for residential properties was $692.999 which is up 16.3% from July of last year.
- The slow down for 5-6 weeks from Mid March to the End of April is a distant memory – we are in a strong sellers market
- Stronger than average summer. The spring market seems to have been pushed forward and continued through the end of summer
Following public health guidelines and best practices active Realtors such as myself are able to safely list, market and show homes during these unprecedented times. And these listings are selling – selling quickly and for top dollar!
But can this hot Sellers Market continue?
To answer this question, or attempt to answer it as best we can, we need to first understand why the market is so hot.
There are still many unique circumstances and each have to be treated their own way – I am here to help.
The market is being pushed forward by the age old relationship of supply and demand. This combination of very low listing inventory and ever increasing demand is resulting in higher sales and higher average sale prices.
You have to remember 2019 was not a strong year, we were still recovering for the most part from the correction of 2017. While 2019 was still technically a sellers market, sales were much lower than what we have being experiencing over these past 3 months in 2020.
With buyers looking to “cash out” and leave congested big cities and first-time home buyers tired of renting or living at home the market is being carried along at all price points.
This low supply and high demand is pushing prices up! I see this continuing for the next few months at least.
As always, In terms of future forecasting there is not a one size fits all answer. Keep in mind even in a more traditional, non-pandemic market, we as Realtors have never had the ability to guarantee any of our market predictions. They are educated best guesses.
Be informed and be cautious when buying and selling in this market – Use a professional and experienced Realtor.
One thing that remains constant is that I will always give you the best advice for your specific situation. And it will be fluid, it will be dynamic and it will be tailored to your criteria and timeline and will be educated and informed with the latest data we have available. This will be updated as we move forward along through the process. Just like it always should be.
Any questions, call anytime