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State of the Real Estate Market: February

Wednesday March 6, 2019

Buying a Home

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As we head into the spring market, it’s time to take a look at how the real estate market fared in the deep freeze of February.

In February 2019, there were 735 reported residential sales by the REALTORS® Association of Hamilton-Burlington, a slight drop of four per cent year-over-year.

“What’s really interesting, however, is the 29 per cent increase of sales in February 2019 versus January 2019,” says Drew Woolcott, broker of record, Re/Max Escarpment Woolcott Realty Inc.

“When we see such a significant jump month-to-month, it points to signs that the real estate market is trending upwards, which is great news for both buyers and sellers.”

Another positive indicator Woolcott notes is that the average sale price increased to $557,135, a 1.9 per cent increase from February 2018.

“A big number to look at is remaining months of inventory,” says Woolcott. “In the Hamilton-Burlington area, we’re sitting at 2.74 months of inventory.”

Woolcott says with under three months of inventory available for buyers, it is a seller’s market. “There is a major lack of inventory available for buyers. For sellers, it’s a great time to sell as the spring market is starting now, not in April.”

If you’re thinking of selling and want to know what your home is worth in today’s market, please call The Woolcott Team at 905 332 9223 today. One of their experts will come to your home for a no-obligation, pinpoint price analysis to help you determine the value of your home.