Hamilton, Halton, Brantford and Niagara Real Estate Stats
Comprehension of the market shift is crucial to sell homes successfully.
Market in adjustment phase – don’t fixate on past numbers.
While Niagara Falls and St. Catharines is still showing life and are still going strong, Hamilton and Brantford are beginning to display signs that the market is starting to flatten. Although there were fewer sales in Burlington, the average sale price increased significantly in June 2021 with 50% of sales over $1 million. The result of this caused a considerable jump in the average sale price in comparison to May, where 37% of sales prices were over $1 million.
With the high demand of homes and a shortage of properties, frantic bidding wars on low valued homes have become out of control. In March 2021, during the peak of the pandemic market, a majority of the homes sold at asking price or higher. The pandemic era housing market has sellers becoming caught up in the selling prices from previous months like March and April, whereas in June 2021 sales were down 11%. Unfortunately, sellers are hung up on these prices or hear about a neighbour who sold their house for X amount of money a few months ago, and believe their house is worth the same or more. Many agents in the area are having trouble educating and supporting both buyers and sellers. Although the market is not retreating to a stable level, it is also not continuing to rise to the previous caliber of March and April. Many are realizing weeks later that they botched a great offer and regret becoming overly confident and unsatisfied with the offers they declined. It is difficult for sellers to understand that we are now in an adjustment phase of the market, and they need to discard their pandemic tunnel vision in order to sell their home.
All things considered, the market earlier this year is a great memory for those who sold, and for buyers it will catch up in 12 months and you will see your equity begin to flourish. However, in this moment it is crucial for sellers to comprehend the shift the market is taking to successfully sell their home, and refrain from being fixated on numbers that are no longer applicable.
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