October 4, 2024 | Uncategorized

September Brings Positive Sales Growth to the Real Estate Market

As we wrap up September, I wanted to share some encouraging news from the real estate market.

After easing sales in August, we saw a noticeable uptick in activity last month, with sales surpassing last year’s levels across all reporting areas in our region. Gains in detached and row homes primarily drove this resurgence.

According to Nicolas von Bredow, spokesperson for Cornerstone in the Hamilton-Burlington market, “Further rate cuts, recent price declines, and an improved selection of available homes have reignited buyer interest. While this shift isn’t dramatic, it suggests potential positive trends ahead. As interest rates continue to decline, we anticipate growing buyer optimism.”

The rise in sales coincided with an increase in new listings and inventory, keeping the months of supply steady at four months. Despite these improvements, the buyer market conditions we’ve experienced over the last few months continue to impact home prices.

In Burlington, the average residential price in September reached $1,140,226, marking a 7.4% increase compared to 2023. Additionally, sales volume rose by 14.4%, and new listings increased by 15%.

In Oakville, the average residential price in September reached $1,724,822, marking an 11.7% increase compared to 2023. Sales volume declined by 19%, while new listings rose 6.7%.

In Hamilton, the average residential price in September reached $805,872, marking a 3.3% increase compared to 2023. Sales volume increased by 12%, while new listings increased by 3.6%.

Here you will find complete reports:

Burlington Stats September

Hamilton-Burlington Area Stats September

Feel free to reach out if you have any questions about the current market trends or are considering buying or selling. We are here to help!