Houses and Condo Values, Statistics & MLS Properties For Sale
OCTOBER 2016 Market Report
Bottom Line:Low inventory Is Affecting Prices!
October 2016 reported slightly higher sales than the same month last year, an increase of 0.3% for a total of 1418 sales. This broke the monthly record, which was set just last year for October! The REALTORS® Association of Hamilton - Burlington (RAHB) also reported that of the total sales, 1342 were Residential properties sold through the RAHB Multiple Listing Service® (MLS) system in October, which is 1.0% lower than October 2015. Sales are still 22% higher than the 10 year average and the end of month inventory is still low, with only about one third of the number of properties as there was a year ago at this time.
There was a 3.2%decrease from last year for the number of properties listed for sale with the number coming in at 1771 for October 2016. Average days on the market decreased from 35 to 22 for freehold, and from 35 to 24 in the condo market compared to September 2015.
"Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value." What that means is not every house or condo has increased in price. It is really important to talk to an experienced local REALTOR® to see EXACTLY what is happening in your particular neighbourhood. It is also important to find out what you can do to your house to get the highest amount possible when you are ready to sell!
Have questions? Want to know what houses are selling for around you? Thinking of selling sometime in the future and want to know what changes to make so you can get Top Dollar?
At the beginning of November 2016, there were only 348 ACTIVE resale detached properties for sale in the City of Hamilton (Picture on the left below).
The price range is from a low of $119,000 (one of only 14 with an asking price of under $200,000 in all of Hamilton) to $3,995,000 on the high end. About one-third, (115) of them are located on the Hamilton Mountain and they have an average price of just over $500,000. There are only 45 for sale in West Hamilton, with an average asking price of $750,000. 78 are listed for sale in East Hamilton, with an average of $$450,000. That leaves Central Hamilton, with just over one-third, (110) active listings for sale at an average listing price of $350,000. What this means is there is very little for sale priced under $350,000 and that they are probably listed in Central Hamilton.
The picture on the right shows that there were just under 400 detached resale homes sold in October 2016. The lowest sale price was $119,000 and the highest was $2,125,000. There were only 14 sales for under $200,000 for the month. The average sales price was almost $400,000. More than half, sold for at, or over the asking price in what was probably Multiple Offers.
With only 348 active listings at the beginning of November and 400 sales in October, you can see the great shortage in inventory, and part of the reason for so many multiple offers. High Demand (from people already living in Hamilton as well as many people moving to Hamilton from other cities) plus Low Supply (not as many people putting their homes up for sale) equals a strong Sellers Market, which usually means higher prices and more competition.
This is why it is so important that you know about the houses getting listed As Soon As They Hit The Market! Unless you are connected to a Real Estate Agent that has you set up on a search, you will only know about listings once they are reported to the public sites. If you wait till you see it on Realtor.ca or other sites, it's just too late.
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.
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