The REALTORS® Association of Hamilton-Burlington (RAHB) reported 779 property sales through the RAHB Multiple Listing Service®(MLS) system in January which is a 9.3% increase compared to January 2015, and 4% higher than the 10 year average. There was a decrease from last year of 14.9% for the amount of properties listed with the number coming in at 1248 for January 2016. This is pretty significant as this is the lowest number of listings taken in a January for the last 10 years! With higher than average sales and much lower than average listings for January, all signs are pointing to an extended Sellers Market in and around Hamilton this year.
Average days on the market increased from 46 days last January to 49 this year in the freehold market and for condo's it decreased from 51 days to 50 days.
If you are thinking of selling your home in 2016, now is an excellent time to sit down with a Local Real Estate Agent and create a plan to help you get the Most Money for your house or condo.
This will include having a full Market Evaluation on your house which includes a Room By Room Review (with over 100 tips on how to increase your home's "saleability"-First Impressions Count!), a Neighbourhood Sales Analysis showing you all the recent sales around where you live to help you determine Market Value and the best Listing Price to attact the most buyers, and a comprehensive Marketing Strategy, to expose your home to the most buyers using a wide variety of innovative tools, Cost Analysis (which includes discussing your current Mortgage Penalties, which can be very high in some circumstances and better to find out before listing!), and an overview of the entire selling process.
If you are interested in just keeping an eye on the market, for now, sign up for theHamilton Weekly Marketwatch Newsletter, and get a weekly list of current Hamilton MLS listings that have come on the market over the past 7 days.
The chart below shows the average Sales Price as well as the number of sales in a sample of Hamilton Ontario's neighbourhoods, and can be used as a great guideline to see which areas might best suit you in the price range you are considering. When figuring out how much house you can afford to buy remember that Mortgage Interest Rates are very low right now, so you may be approved for an even higher amount than you considered, however, take into consideration that if interest rates go up, you still want to be able to afford your new property!
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.
If you're going to be moving to Hamilton in the next few months, or you just want to keep an eye on what properties are coming on the Market, get your FREE MarketWATCH Subscription and receive weekly updates of all the new listings of homes, houses and condos, in every price range and Hamilton Neighborhood.