Here’s What Happened
For Oct 2019
October 2019 had 1612 Total Residential Listings come through the Hamilton Real Estate Board which was lower than October 2018 (1761) as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1086 of those (down from 1146) and Burlington had 341 (down from 418 in 2018).
Residential Sales located throughout the RAHB market area (including Burlington and all outlying areas covered by RAHB) of 1145 Properties were up from September and August and also up from October 2018 by 6.4%. Residential Sales in Hamilton (which includes Hamilton plus Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 752 of that total and the Average Hamilton Residential Sales Price of those 752 in October 2019 was $544,980 up 9% from October 2018. Burlington had 268 Sales (down from 279 in 2018) with an Average Price of $787,529 (up from the $755,916 Average Price from October 2018). The end of month listing inventory shows 1431 Active Residential Listings, giving Hamilton 1.9 months of inventory, which is down 23% compared to 1854 Properties still available for sale at the end of October last year which was 2.7 months of inventory. Burlington has 1.5 months of inventory (down 30%) with 403 active listings for sale. Average days on the market decreased from 30.9 to 30.1 this year for Hamilton and also decreased in Burlington
The Hamilton – Burlington Area climbed back into a Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 71% for Residential, (in other words, 7.1 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%.
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 October 2019
|RAHB Market Activity||Number Of Sales 2019||Number of Sales 2018||Average Sale Price 2019||Average Sale Price 2018|
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.