2019 Year in Review Analysis & Property Values Report!

2019 started off very slow, mostly due to the hard cold snowy extended winter throughout the Hamilton-Burlington Real Estate Market Areas. The last half of the year seemed to make up for it though, and was extremely busy! January 2019 had a List-To-Sell Ratio of 46.7% (Balanced Market). By July the ratio increased to 69% (Sellers Market) and with the exception of September which dropped to 56% (Balanced Market) continually increased for the rest of the year and ended in a strong Sellers Market! Overall, year over year, 2019 had a List-To-Sell Ratio of 67.3% (Sellers Market), 2018 was 59.4% (top end of a Balanced Market), 2017 was 65.6% (Sellers Market) and 2016 was 83.3%, showing a very strong Sellers Market. What does these numbers mean to you? If you are thinking of Selling, it is a very good sign, and if you are thinking of buying, do it it soon, as it looks as though the trend is for a strong Sellers Market for 2020!

Average Residential Selling Prices over the last few years have gone from $530,454 in 2016, peaked at $608,915 in 2017, dropped to $575,509 in 2018 and rose to almost the exact number from 2017 to $608,618 in 2019! Condominium Average Selling Price was $439,771 in 2019, up from $420,426 in 2018, and up from $403,522 in 2017 and well up from $346,832 in 2016. More and more people are looking to the lower priced condominiums which is raising the average sale much quicker than the detached homes average selling prices.

As always, averages can be deceiving so remember to look at individual areas, styles of homes, and price ranges very carefully. Each district and neighbourhood tells a different story, which is why it is always best to use a Local Realtor®. Overall average prices in every Area of Hamilton-Burlingto went up over 2018, and within that area only 3 districts in Burlington went down, otherwise all districts went up. When comparing styles of homes, prices went up as well. 1044 1.5 storey homes sold for an average of $468,578 (up from 949 units at $427,673), 4530 2 storey homes sold for an average price in 2019 of $683,279 (up from 4007 houses at $660,878) 2560 Bungalows at $544,987 (up from 2368 in 2018 sold for an average of $504,795). 1 storey condominiums sold for an average of $412,128 in 2019 (1370 units), up from $395,030 in 2018 (1122 units).

As always, remember that an evaluation on your property changes, so get an updated market analysis done right before you consider listing your property, and make sure it is a truly localized look at your particular neighbourhood!

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Average Selling Prices 5 and 10 Years Ago VS. 2019

Here is an overview of the average selling prices for some of the Hamilton Districts and Suburbs of Hamilton Ontario Canada compared to 5 years ago (2014) and 10 Years ago (2009).

Here's What Happened In 2019

December 2019 had only 461 Total Residential Listings come through the Hamilton Real Estate Board which was a huge drop from the 1056 New Listings in November and slightly lower than December 2018 (507) as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 334 of those (down from 340 in 2018) and Burlington had 74 (down from 105 in 2018).

Residential Sales located throughout the RAHB market area (including Burlington and all outlying areas covered by RAHB) of 585 Properties were down from November, October and September, however are up from December 2018 by 3.9%. Residential Sales in Hamilton (which includes Hamilton plus Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 425 of that total and the Average Hamilton Residential Sales Price of those 425 in December 2019 was $531,283 up 8% from December 2018. Burlington had 102 Sales (down from 124 in 2018) with an Average Price of $802,524 (up from the $714,049 Average Price from December 2018). The end of month listing inventory shows 735 Active Residential Listings, giving Hamilton 1.7 months of inventory, which is down 11% compared to 822 Properties still available for sale at the end of December last year which was 2.1 months of inventory. Burlington has 1.8 months of inventory (down 27%) with 181 active listings for sale. Average days on the market decreased from 41.4 to 35.1 this year for Hamilton and also decreased in Burlington from 43 to 31.

The Hamilton - Burlington Area exploded into a Very Strong Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 127% for Residential, (in other words, 12.7 homes are sold for every 10 new listings). This is the highest we have seen in a very long time. Homes Sold to Homes Listed Ratio: Buyers Market is below 40%, Balanced Market is between 40-60%, and Sellers Market is above 60%.

MLS® Properties SOLD in December 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.