Here’s What Happened
For May 2019
May 2019 had 1430 Residential Listings come through the Hamilton Real Estate Board which was virtually the same as May 2018 (1437) as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Burlington is still DOWN from last year, by 13% with only 529 New Listings (610 in May 2018).
Residential Sales located throughout the RAHB market area (including Burlington and all outlying areas covered by RAHB) of 1344 Properties were up this month, a 10.9% increase from the same month last year and up 9.6% over April 2019 and 30.2% over March 2019! Residential Sales in Hamilton (which includes Hamilton plus Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 877 of that total. The Average Hamilton Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in May 2019 was $549,891 up 6% from $519,146 the same month last year. Burlington is down 5% to $733,410. The end of month listing inventory shows 1669 Active Residential Listings, giving Hamilton 1.9 months of inventory, which is down just 4% compared to 1741 Properties still available for sale at the end of May last year which was 2.3 months of inventory. Burlington has 1.7 months of inventory (down 18%) with 566 active listings for sale. Average days on the market increased very slightly from 25.3 to 25.9 this month for Hamilton, however, it decreased very slightly in Burlington from 25.7 to 25.0.
The Hamilton – Burlington Area is still sitting at the low end of a Sellers Market right now, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 61.4% for Residential, (in other words, 6.1 homes are sold for every 10 new listings). NOTE: 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 May 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.