The red hot real estate market that was in place earlier this year has shifted in recent months. There are more homes on the market for sale, which tends to translate into fewer purchasers, giving more balance to the market. Earlier this year, it was not uncommon to see sales registered $100,000 or more over list price. Lately, however, sales tend to be closer to list price. New construction is still strong in the Burlington and Waterdown areas, while redevelopment is strong in some core areas of Hamilton.
There were 2,013 new listings processed in July 2017, which is 17.8% higher than the same month last year, and 9.2% higher than the 10-year average. The media sales price also increased from $416,000 to $475,000, with 972 sales for the month and a slight increase in the average number of days on market.