The area real estate market continued its struggle with February sales down 35 percent from the previous year marking the lowest February sales since 2009. However, new listings also dropped nine per cent, which aligns with the month’s long-term averages. While sales slowed across all regions, Burlington experienced the most significant change with only 100 homes being sold. Hamilton recorded 388 home sales. According to the Cornerstone Association of Realtors.
“Although the market looks different than what we have experienced the past few years, inventory and benchmark prices reflect a more stable market that is in alignment with long-term trends,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area. “Buyers and sellers are able to make more thoughtful decisions, which presents a real opportunity to find a great property.”
It is something of a buyer’s market as inventory levels increased by 28 per cent. Inventory levels reached 2,599 units—the highest February inventory total since 2013. Increased options and the sharp decline in sales put downward pressure on pricing. The regional benchmark price dropped by 3 per cent to $812,600.
Hamilton February Real estate
Burlington February Real Estate
