It is no surprise that August set a record for number of sales in the month of August (1409 Sales), and came in 9.2% higher than the same month last year. The REALTORS® Association of Hamilton - Burlington (RAHB) reported1334 residential property sales through the RAHB Multiple Listing Service® (MLS) system in August, which is 7.4% higher than August 2015.
There was a 10.8%decrease from last year for the number of properties listed for sale with the number coming in at 1645 for August 2016. Average days on the market decreased from 35 to 27 for freehold, and from 38 to 27 in the condo market compared to August 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?
Spotlight Area - Dundas Ontario Known for everything from
Luxury Homes and Condo's to small Century Cottages,
Townhomes and Houses.
At the beginning of September 2016 there were only 36 resale properties for sale (picture on the left below). Of those, 4 have been reported as conditionally sold, 29 are detached, 5 are Condo Apartment, 1 is a Semi Detached and 1 is a Townhouse.
The price range is from a low of $370,000 (now rare to find anything listed for sale under $400,000) to $2,100,000 on the high end. Only 9 of these are listed for sale under $500,000 and even though they have an asking price below $500,000, 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 23 sold in Dundas in August 2016 (203 Year To Date), showing the very low inventory for people to choose from. 16 of these were detached. The lowest sale price was $360,000 and the high was $1,325,000. The average sales price was approx $610,000 (Average Year To Date is $590,000). 7 of them sold for over the asking price in what was probably Multiple Offers.
The Selling to Listing Price Ratio for these solds was 100%, meaning on average these homes got 100% of their asking price, and on average took 11 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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