Here's What Happened For February 2020
February 2020 had 1355 Total Residential Listings come through the Hamilton Real Estate Board, which is down from the 1264 Listings in February 2019, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 894 of those (up from 804 in 2019) and Burlington’s share was 323 (up a little from 321 in February 2019).
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 998 Properties are up 25.5% from February 2019 and up 30% from last month, January 2020. The overall average price for residential properties increased by 15.5% from February 2019 to $646,667. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 664, up 27% from 523, with an average price of $588,817 up 14% from February 2019. Burlington had 223 Sales which is up 18% from 198, with an average price of $839,446 which is up 23% from February 2019.
The end of month listing inventory which is a good indication of the type of market currently being experienced shows 859 Active Residential Listings giving Hamilton 1.3 months of inventory, down 9% from February 2019. Burlington has 277 Active Residential Listings giving it 1.2 months of inventory, down 18%. Average days on the market dropped from 34.1 to 24.2 in Hamilton and also decreased in Burlington from 27.1 to 16.9. Right now the Hamilton-Burlington Area is sitting firmly in a Strong Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 73.7%. In other words, 7.3 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%.
Hamilton's Average Year To Date Prices
The map below shows the current Year to Date Average Residential Prices. Some of the areas not included in the map are to the right:
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!
Take note 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 Listings 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!
MLS® Properties SOLD in February 2020
|RAHB Market Activity||Number Of Sales 2020||Number of Sales 2019||Average Sale Price 2020||Average Sale Price 2019|
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.