Looking for House & Home Values, House Prices & Current MLS Listings For Sale
May 2015 – Another Record Set For Sales....“The REALTORS® Association of Hamilton-Burlington (RAHB) reported a record 1,810 property sales processed through the RAHB Multiple Listing Service® (MLS®) system in May.”
This is a 9.4% increase over May 2014, and also surpasses the record just set for last month, April 2015, for 1699 property sales. Even though there was an increase in properties listed (4.5% over last year), with the increased sales there was an 8.9% lower listing inventory from last May.
Average Sales Prices are UP…so what does that MEAN?
The REALTORS® Association of Hamilton-Burlington (RAHB) notes “the average sale price is based on the total dollar volume of all properties sold in the RAHB market area. Average sale price information 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”.
This is a very meaningful statement in this type of market. There are varying percentage increases from area to area across Hamilton. For May it went from a 10.6% increase in West Hamilton to 15.1% increase on Hamilton Mountain. Burlington went up by 14% and Ancaster Properties Average rose by only 8.5%. This would lead you to believe that Hamilton Mountain and Burlington prices have all gone up about 15% and that the Market Values in Ancaster are only going up 8.5%
What it actually means is that the AVERAGE PRICES of ALL the houses homes and condo’s that sold in May 2015, compared to the AVERAGE PRICES of ALL the properties sold in May 2104, have risen by that percentage. Overall, the Average Sales Price in combined Property Types went up 7.5%.in the greater Hamilton Area.
You can see how confusing this can be if you just want to know what percentage prices are rising in a specific neighbourhood. Best advice? TALK TO A LOCAL EXPERIENCED Real Estate Agent to really learn about what is happening in each area. Let us share our real life experiences with you to help educate and guide you in making your Real Estate Dreams come true.
Let me help walk you through the process. Give me a call, or send me an e-mail so we can set up a time to talk.
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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