TALL Real Estate Blog – April, 2024

After nearly two years of declining house prices, sellers want some good news.

Typically, April Fool’s Day is loaded with practical jokes. This time though, we have good news, and we’re not kidding when we say that now is a great time to sell.

(Insert eye roll here. 🙄 Don’t realtors always say that? Maybe, but read on.)

In our experience, most sellers are consequently buyers as well, and most of our sellers are buying a home in the same, or at least a similar market. When the market is hot, it’s easy to sell the home, but it becomes much more difficult to find a home. Finding that sweet spot between a hot seller’s market and a cool buyer’s market is tough, if not nearly impossible. Wouldn’t it be nice to sell your home quickly for a great price, AND still be able to find your next dream home and place an offer on it with conditions to do your due diligence?

🥁Drum roll please: we’re in the sweet spot! 🎯

The market is heating up, so when we sell, we’re able to get you top dollar in a shorter period of time than we’ve seen since February of 2022. Yet, there is a substantial amount of inventory available, so finding your dream home is possible, and you can offer on it with your usual conditions (home inspection, financing, etc.). But no sweet spot lasts forever. Some homes are selling in competition and they are selling more quickly than we’ve seen in a while (in two weeks or less!), so it won’t be long before finding your next home will become substantially more difficult.

Here are the numbers for March, 2024 in Hamilton and Niagara.

The median home price in March was:

  • ⬆️ Up 3.23% from February in Hamilton
  • ⬆️ Up 6.56% from February in Niagara

Inventory has held steady. More homes have been listed (new listings up 18% in Hamilton and 10% in Niagara), and more buyers are absorbing these new listings at the same rate.

  • 🗓️ Hamilton’s inventory sits at 2.34 months or 71 days, down from 73 days in February
  • 🗓️ Niagara’s inventory sits at 3.65 months or 111 days, up from 110 days in February

As always, if you or your family, friends, coworkers or neighbours are thinking about making a move in real estate, we would love to go “a head above” for them. We are never too busy for any of your referrals!