Hamilton Market Update for February 2023
With the first week of February behind us Buyers are more active than at any other time in 2023. And with a conditional pause from the Bank of Canada on rate hikes. This could begin a new cycle for buyers.
With historically low inventory across all properties we have yet to see an influx of new listings to the market.
There are really 3 different markets happening at once. These are:
-The $400k to 800k range which is technically in shallow sellers market
-The $800k to 1.2M range which is in balanced market
-The 1.2M to 1.6M range which is in full on buyers market
Why should I care?
For buyers who can qualify for financing and want to make a dream home purchase in the 1.2M-1.6M range this is an opportune time to strike! Competition is very low, great pricing can be found, with terms and conditions that you want.
For sellers, we’ve seen 31% of sales in the first week of February go for full asking price or over asking.
For properties that are prepped, staged and priced right you are able to get the best buyer, the best price with the best terms that fit everything you want.
Average Sales Price
Average Days on Market
Months of Supply