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 July 2018
July 2018 showed 1882 New Listings come on the Hamilton Real Estate Market from ALL Property Types (1736 From Residential Only). This is 7.7.0% LOWER than July 2017 (8.4% lower for Residential Only but 1.5% HIGHER than the 10-year average), as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB).
All Residential Only Sales of 1072 Properties were only down by 4.7% from the same month last year. The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in July 2018 was $550,090compared to $543,032 the same month last year, a slight increase of 1.3%. That is broken down between Residential Freehold Average Price of $571,718 (up very slightly from $571,025 in July 2017) and the Condominium Average Price at $440,728 (up from $413,565 in July 2017). The end of month listing inventory shows 2636 Freehold Residential Properties left for sale, up only 2.8% compared to 2564 Properties still available for sale at the end of July last year. Average days on the market increased from 25 to 31 for Freehold in July this year, and from 25 to 33 for Condominiums.
The Hamilton - Burlington Areas seem to be leaning very slightly towards a Seller Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 61.8% for Residential, (in other words 6 homes are sold for every 10 new listings). Homes Sold to Homes Listed Ratio: Buyers Market is below 40%, Balanced Market is 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 July which is usually a slower time for the 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.