Have you seen the snowdrops and other perennials sprouting from the earth yet? Even though we’re officially into Spring now, we all know that Spring doesn’t actually arrive until at least the end of April. That’s not true for the real estate market though! Spring has sprung, and the market is looking healthy, compared to the lows we saw in November and December of last year.
For a full, visual snapshot of each market, scroll below 👇
February was a healthy month, and we saw strong gains in unit sales as well as the median price. In March, unit sales continued to climb rapidly, but the median price across the regions pulled back ever so slightly. This is what the market looks like now, in comparison to last month:
- Sales activity is:
- ⬆️ 29.9% in Hamilton
- ⬆️ 25.5 in Niagara
- ⬆️ 29.9% in Oxford
- The median home price is:
- ⬇️ 0.9% in Hamilton
- ⬇️ 0.8% in Niagara
- ⬇️ 2.1% in Oxford
However, the market is still well below the levels we saw last year, both in terms of unit sales and median prices.
Compared to March of last year (2022):
- Sales activity is:
- ⬇️ 34.8% in Hamilton
- ⬇️ 33.1% in Niagara
- ⬇️ 32.1% in Oxford
- The median home price is:
- ⬇️ 19.3% in Hamilton
- ⬇️ 20.5% in Niagara
- ⬇️ 17.1% in Oxford
In Hamilton, inventory has dropped to 1.65 months (50 days), which indicates that Hamilton is experiencing a “seller’s market” again. As a result, we’ve seen many properties go into competition with multiple offers and selling prices go well over asking price.
In Niagara, inventory has pulled back significantly from 3.4 months to 2.7 months, and properties have started to sell more quickly. The market is still balanced, but it’s beginning to favour the sellers again as well.
In Oxford, inventory has dropped from 4.2 months to 3.5 months as the number of active listings dropped since February, and the amount of unit sales rose from 117 sales to 152 for the month of March.
To learn more about the market in Oxford, send Catherine an email – catherine@aheadabove.ca
For information on the Hamilton and Niagara markets, contact either Emese – emese@aheadabove.ca or Henk – henk@aheadabove.ca
