Bottom Line: Average Sales Prices have risen 14% since the beginning of 2016!
The REALTORS® Association of Hamilton - Burlington (RAHB) reported 1563 residential property sales through the RAHB Multiple Listing Service® (MLS) system in April which was 4.5% lower compared to April 2015.
There was a 14.5%decrease from last year for the number of properties listed for sale with the number coming in at 2053 for April 2016, which is 9.4% lower than the 10 year average.
Average days on the market decreased from 27 to 25 for freehold, and from 33 to 25 in the condo market compared to April 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 by 14% since the beginning of 2016. It is really important to talk to an experienced local REALTOR® to see EXACTLY what is happening in your particular neighbourhood.
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?
As of the beginning of May there were 115 detached houses for sale (picture on the left). Of those, 21 have been reported as conditionally sold. The price range is from a low of $249,900 to $3,199,444 on the high end. 87 of these are listed for sale under $500,000.
The picture on the right shows the 167 Detached Homes that sold in the same area in April 2016. Of those, 105 sold at or over the asking price, (which usually indicates Multiple Offers). This is extremely important! This is why you need the guidance of an experienced local REALTOR®. How else would you know if you are offering too much or too little? Just to give you an example, there were 14 homes listed for sale at prices between $279,900 and $299,900. All of them sold for more than their listing price, only 4 of them sold for under $300,000, and one of them went as high as $365,000.
The Selling to Listing Price Ratio was 102%, meaning on average these homes got 102% of their asking price, and on average took 14 days from the date of their listing to the day the offer on their house firmed up and was reported sold. It is imperative 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 set up a search for you, this is not possible. If you wait till you see it on Realtor.ca or other sites, it's too late. Want to sign up now? Go to DailyRealEstateListings.com
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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