Houses and Condo Values, Statistics & MLS For Sale
September 2016 Market Report
Bottom Line:Low inventory continues...
September 2016 reported lower sales than the same month last year, a decrease of 4.7% for a total of 1317 sales. The REALTORS® Association of Hamilton - Burlington (RAHB) also reported that of the total sales, 1259 were Residential properties sold through the RAHB Multiple Listing Service® (MLS) system in September, which is 4.3% lower than September 2015. Sales are still 16% higher than the 10 year average and the end of month inventory is very low, 39.5 % lower than a year ago.
There was a 9.51%decrease from last year for the number of properties listed for sale with the number coming in at 1940 for September 2016. Average days on the market decreased from 33 to 23 for freehold, and from 35 to 25 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 October 2016 there were only 38 resale detached 1 floor (bungalows and raised ranch style) properties for sale on the Hamilton Mountain (picture on the left below). Of those, 7 have been reported as conditionally sold.
The price range is from a low of $249,000 (now rare to find anything listed for sale under $300,000, only 4 listed right now under $300,000) to $1,190,000 on the high end. The majority, 19 homes, are listed between $300,000 and $400,000. Remember, even though they have an asking price below $400,000, many of them are "Holding Offers" and will end up selling in Multiple Offers (Bidding Wars as some people call them), for well over their initial asking price.
The picture on the right shows that there were only 57 1 Floor Properties sold in the same area in September 2016. The lowest sale price was $245,000 and the highest was $550,000. The average sales price was approx $385,000. 33, more than half, sold for at, or over the asking price in what was probably Multiple Offers.
The Selling to Listing Price Ratio for these solds was 103%, meaning on average these homes got 103% of their asking price, and on average took 15 days from the date of their listing to the day the offer on their house firmed up and was reported sold.
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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