Including Houses, Homes, Townhouses, & Condo Values, Current MLS Listings, & Average Selling Home Prices
For West, Central, East Hamilton, Mountain, Dundas, Ancaster, Glanbrook & Stoney Creek
Hamilton Real EstateFebruary 2018Market Report
February 2018 had slightly more listings than the first month of this year (1217 in January 2018) with 1274 New Listings from ALL Property Types (1180 From Residential Only). This is 15.0%LOWER than February 2017 (14.1% lower for Residential Only), and 21.4% lower than the 10-year average, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB)
All Residential Only Sales of 752Properties were down by 40.0% from the same month last year. The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in February2018 was $534,738 compared to $556,996 the same month last year, a decreaseof 4.0%. That is broken down between Residential Freehold Average Price of $576,935 (down from $598,232 in Feb 2017) and the Condominium Average Price at $392,448 (up from $382,046 in Feb 2017). The end of month listing inventory shows 1435Freehold Residential Properties left for sale, up 58.0% compared to 908 still available for sale at the end of February last year. Also significant is that the Average days on the market increased from 22 to 37 for Freehold this past month, and from 21 to 34 for Condominiums.
Which is better?
Freehold Townhouse VS Condominium Townhome
There are Pros and Cons to both Freehold and Condominium Townhomes. Freehold Townhomes usually have no monthly maintenance fees (except for some complexes that have a small charge per month for upkeep and maintenance of the roads). There are also no rules for Freeholds. This means that if your neighbour that you are attached to wants to not ever cut their grass, or never replace their roof, there is nothing you can do about it and YOUR Property Value goes down, You also have to take care of cutting your own grass, replacing fences, driveways, windows, etc. You have to take care of everything as if you are living in a detached home (except you are attached). Condominium Townhouses have a monthly Condo Fee which usually includes Exterior Insurance, Exterior Maintenance, and sometimes includes Cable and Water. Some Condominiums will take care of replacing your driveway, roof, windows, doors, grass. The rules and regulations put in place will help you maintain and strengthen YOUR Property Value.
Facts from 2017: Average price of a Freehold Townhome $417,034. The average price of a Condominium Townhouse $339,835.
The map below shows the current Year to Date Average Prices.
Some of the areas not included in the map below are Burlington $679,774, Flamborough $753,935, Waterdown $615,263,Grimsby $539,113, Caledonia $500,820, and Cayuga $526,500andDunnville $338,067. 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 Here to 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!
Sign Up Now so you don't miss out on NEW Listings!
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.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.
The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other
reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, "screen scraping",
"database scraping", and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.
The information contained on this site is based in whole or in part on information provided by members of The Canadian Real Estate Association, who are responsible for
its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
This website is operated by a brokerage or sales person who is a member of The Canadian Real Estate Association.
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real
Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules and the
REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are
members of CREA.
The trademarks MLS®, Multiple Listing Service®, and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the
purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 4/18/2019 02:22:06 AM