Steve  Devisser

Steve Devisser

Sales Representative

City Brokerage

Mobile:
905-537-4357
Office:
289-389-2323 ext. 221
Email Me
Steve  Devisser

Steve Devisser

Sales Representative

City Brokerage

Mobile:
905-537-4357
Office:
289-389-2323 ext. 221
Email Me

Seller's Market or Buyer's Market?

We have a lot of info today but its well worth the read (well, I think it is).

Here is our weekly update and, as promised, a look at our Monthly Inventory.

 

The Real Estate Association of Hamilton and Burlington (RAHB) weekly average sales info is

interesting to see each week but its not accurate enough for us to base decisions on.

Thats because these stats include condos, freeholds,1 bedroom homes,8 bedroom homes, etc; quite a variety of different homes. 

 

We have many ways to assess Real Estate Markets

A few are Average sales prices, Days On Market ( DOM ), Months of Inventory and...Experience. 

 

This week a house had 42 viewings and 7 offers. Another house sold for $30,000 over asking price.

I just showed a commercial rental , on the market for over 100 days...even after 100 DOM it

received interest from 2 different people. My Client wisely agreed that we will wait for another one.

Conclusion = We are still seeing fast sales, high prices and multiple offers. 

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Let's look at our Stats 

 

Week of March 1-7   average sale price - $647,262.00

Week of April 19-25  average sale price - $542,658.00 

For a little perspective. - on Dec 18, 2019 our average sales price was $520,254. 

                                     - on Nov 20, 2019 our average sales price was $528,187.00

 

Want your home evaluated? Click here to message me..its free.

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Let's look at DOM and List Price compared to Sale Price 

Last week our DOM was 28.

This past week our average DOM was 22 days. 

And in the middle of a pandemic!

 

Houses that sold this past week sold for 98.03% of their original list price. 

Id say thats pretty solid.

If you are like me you might want to verify this calculation. 

552,721 / 562,934 = 98.19% not 98.03%.

This is because the average list price will reflect the most current list prices not the Original List Prices (OLP).

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Let's Look at MONTHS OF INVENTORY 

This calculation relates directly to DOM. As DOM goes up Inventory goes up and market will adjust.

The calculation - number of Active listings for a month divided by the number of houses sold and pending sale that month. 

980 (Houses listed in April) / 433 (Houses sold or pending sale in April) = 2.26 Months of Inventory.

We are still in a Sellers market.

Sellers market occurs when there are 4 months Inventory or less.

Balanced market occurs when we have 4-6 months inventory.

Buyers market occurs when we have 6 months inventory or more. 

 

I really enjoy writing these updates.

I also love helping my clients buy and sell their homes.

Thinking of downsizing?  Want to stop renting and start owning?

Check this place out.

 

 

 

Have an Awesome Day!

Steve

Free Virtual Reality Tour for every listing!

Sample VR Tour - Click here!

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Date range:  Apr 26 2020 12:00AM to May  2 2020 11:59PM

Hamilton RES New Listings:  123

Hamilton RES Sold Listings:  103

Hamilton RES Average sale price:  $565,097.00

Hamilton Commercial New Listings 26

Hamilton Commercial Sold Listings 3

 

Burlington RES New Listings:  32

Burlington RES Sold Listings:  27

Burlington RES Average sale price:  $782,988.00

Burlington Commercial New Listings 1

Burlington Commercial Sold Listings 2

 

Haldimand RES New Listings:  8

Haldimand RES Sold Listings:  7

Haldimand RES Average sale price:  $444,642.00

Haldimand Commercial New Listings 0

Haldimand Commercial Sold Listings 0

 

Niagara North RES New Listings:  22

Niagara North RES Sold Listings:  10

Niagara North RES Average sale price:  $829,231.00

Niagara North Commercial New Listings 0

Niagara North Commercial Sold Listings 0

 

Remarks:

1) All data are from RAHB Matrix including non member inter-board listings.

2) Hamilton area:  Region = Hamilton

3) Burlington area:  Municipality = Burlington

4) Haldimand area:  Region = Haldimand County (including Canborough/Dunn/Moulton/Sherbrooke)

5) Niagara North area:  Municipality = Grimsby and West Lincoln (including Smithville)

6) Sale price >= CAD $40,000

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