Took me a minute to figure out what was happening with these two, seemingly contradictory, charts for the single family home market in Hamilton…
Logically, if median price per square foot is rising, while median price is falling, then the smaller homes are the ones that are selling.
Aha, well look…when broken down by price quartiles, the upper half of the market has lost value, while the lowest quartile is gaining in price. So, the smaller homes in the lowest quartile are selling at slightly higher prices, hence the increase in price per square foot.
Meanwhile, inventory has started to increase slightly, giving a little more selection for purchasers that haven’t had a whole lot to pick from!