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Lack of Inventory in Market Creates Seller’s Market

Thursday April 12, 2018

Buying a Home

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That the Hamilton-Burlington real estate market is off to a slower start than 2017 isn’t a surprise to many in the area. However, what is news is the lack of inventory available for buyers that are looking to purchase west of Toronto.

“We have seen a slower start to the year compared to 2017, which was hot from the beginning,” says Drew Woolcott, broker of record, Re/Max Escarpment Woolcott Realty Inc.

“As we’ve moved through 2018, we’re really starting to see sales pick up, but there’s a big lack of inventory in Burlington, Waterdown and Hamilton, resulting in multiple offer situations and homes selling over asking.”

Woolcott explains that in a balanced market, there is typically about three to six months of inventory available. According to the latest statistics released by the REALTORS Association of Hamilton-Burlington, the area has an available inventory of approximately one and a half months.

“What this means is if you have a home to sell, this is a great time to list it, as the buyers are coming out for the spring market and there’s not much to purchase.”

With a decline in available inventory, homes are also selling much faster than over the past few months. The average days on market for a home sold in January and February was 37 and 36, respectively, but that dropped to 27 in the month of March, according to market statistics.

If you are thinking about selling and want to know more about the changing market, call The Woolcott Team at 905-332-9223 for advice you can trust. Or, just click here to speak to one of our amazing listing agents now!