Including Houses, Homes, Townhouses, & Condo Values, Current MLS® Listings, & Average Selling Home Prices
For West, Central, East Hamilton, Mountain, Dundas, Ancaster, Glanbrook & Stoney Creek
Here's What Happened For August 2018
August 2018 showed 1882 New Listings come on the Hamilton Real Estate Market from ALL Property Types (1603 From Residential Only). This is only 0.5% LOWER than August 2017 (3.0% lower for Residential and 4.5% LOWER than the 10-year average), as reported by The REALTORS® Association of Hamilton-Burlington (RAHB).
All Residential Only Sales of 1089 Properties were only down by 0.6% from the same month last year. RAHB CEO George O'Neil stated "August was the first month this year that sales were closer to the 10-year average...In fact, if you remove the two record-setting months of August in 2015 and 2016, sales were in line with the 10-year average." The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS®) system in August 2018 was $540,891compared to $554,173 the same month last year, a slight decrease of 2.4%. That is broken down between Residential Freehold Average Price of $565,039 (down 3.8% from $587,545 in August 2017) and the Condominium Average Price at $440,997 (up quite a bit from $412,101 in August 2017). The end of month listing inventory shows 2475 Freehold Residential Properties left for sale, up 3.6% compared to 2389 Properties still available for sale at the end of August last year. Average days on the market increased from 33 to 37 for Freehold in August this year, and from 29 to 38 for Condominiums.
The Hamilton - Burlington Areas shows a shifting towards a Seller Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 68% for Residential, (in other words 6.8 homes are sold for every 10 new listings). Homes Sold to Homes Listed Ratio: Buyers Market is below 40%, Balanced Marketis between 40-60%, and Sellers Market is above 60%. Here is a comparison looking back over the last 3 years at what the market looked like in August which is usually one of the slowest months for Residential Freehold Homes.
Sales to New
Type of Market
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The map below shows the current Year to Date Average Residential Prices. Some of the areas not included in the map below are:
When looking at the Average Prices in and around Hamilton, it is important to note how they have changed significantly over the last year and even now from month to month. If you are thinking of selling your house or condominium, get the most up to date, LOCAL information. A Market Evaluation and/or a Mortgage Pre-Approval done even a couple of months ago MUST be updated!
Always remember that "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 by the same percentage. 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!
In this Market, it is important that you know about the houses getting listed Immediately!Click Hereto get set up on the Instant Notification Search, otherwise, 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 too late, and is probably already SOLD!
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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.
Laura Doucette, at Sutton Group Innovative Realty Inc., Brokerage (in Real Estate since 1990) can give you the LOCAL market knowledge and experience needed to help you buy your first home, next home, retirement home, or investment property. Laura is also ASA Certified (Accredited Senior Agent) if you are helping an elderly parent with the sale of their home.
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purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 8/17/2019 11:09:41 AM