For May 2016 - House & Condo Values,Statistics, MLS for Sale!
May 2016 Market Report
Bottom Line: Another Record Set In Sales = LOW INVENTORY OF HOMES TO BUY!
The REALTORS® Association of Hamilton - Burlington (RAHB) reported 1777 residential property sales through the RAHB Multiple Listing Service® (MLS) system in May, setting another record, which is 1.5% higher than May 2015.
There was a 13.4%decrease from last year for the number of properties listed for sale with the number coming in at 2265 for May 2016, which is 4.1% lower than the 10 year average.
Average days on the market decreased from 32 to 22 for freehold, and from 31 to 25 in the condo market compared to May 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 June 2016, there were 131 detached resale houses for sale (picture on the left below). Of those, 23 have been reported as conditionally sold.
The price range is from a low of $224,900 to $3,199,444 on the high end. Only 52 of these are listed for sale under $400,000. Even though they have an asking price below $400,000, many of them will end up selling in Multiple Offers (Bidding Wars as some people call them), for well over their initial price.
The picture on the right shows the 117 Detached Homes that sold in the same area in May 2016. These homes were all listed for sale at an asking price below $400,000. 87 sold at or over the asking price, (which usually indicates Multiple Offers). 22 of them sold for over $400,000. Most of them sold fairly close to the asking price or a reasonable amount over the listing price, however, 3 of them sold for an unusual amount over asking. One was listed for $324,900 and sold for $402,000 ($77,100 over asking), another listed for $399,900 and sold for $475,000 ($75,100 over asking) and the third listed for $359,000 and sold for $102,000 over the asking price, for $461,000!
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 8 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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