The Rocca Sisters Blog

With the holidays upon us, we wanted to take a moment to thank every one of our clients for your continued support and referrals throughout the year. When our clients entrust us to their family and friends, it is a testament to our success and assurance of a job well done. At The Rocca Sisters & Associates, keeping our clients as well as the public up to date on the current market conditions is so important to us. Here is a brief recap of the current market in Burlington, Oakville and Hamilton before we head into the new year!

In Burlington, Average days on market for the month of November were 34 and properties were selling for, on average, 95% of the original listing price – very similar to Oakville results. In both Burlington and Oakville, 58% of the Active listings at the end of November had been on the market for over 30 days. Year to date for the City of Burlington, sales are down just over 9% and prices are up 14.7% as compared to the same period last year.

Year to date, Oakville has held onto a very healthy 13.6% increase in prices. Likely more telling however, is that at the end of November, there were approximately 450 properties on the market and more than half of those had been on the market for over 30 days, and half of those have been on the market for over 60 days. We don’t feel that the full impact of this market softening has yet been felt. If all of those properties were to sell for very close to their asking price (which is very unlikely given the amount of time they have been on the market), or if the majority of them don’t sell and the listing expires, the numbers will remain the same and the market will stabilize (and in fact could return to a sellers market).

November proved to be fairly flat in most of the Greater Hamilton communities, with the exception of Waterdown with an over 11% increase in sale prices as compared to November 2016. Otherwise, each of these areas, Ancaster, Stoney Creek, Glanbrook and Flamborough appear to be back to Buyer’s markets with at least 3 months of active inventory of which at least 50% have been on the market for over 30 days. The only other exception was Dundas which seems to intuitively control the number of listings at any given time. It’s one of those communities that seems to increase inventories when demand is strong and decrease when demand drops off. Incredibly, these communities all continue to show very high increases in values when you look at the year to date numbers.

If you have any questions about the market in your neighbourhood or want to learn more about if it’s the right time for you to sell, give the experts at The Rocca Sisters & Associates a call at 905-335-3042 or email at info@roccasisters.ca.  Wherever you decide to celebrate the holidays, from our family to yours, The Rocca Sisters & Associates team wishes you all the very best the season has to offer!