House & Condo Values, Statistics & MLS Properties For Sale
Hamilton Real Estate January 2017 Market Report: January 2017 set another record for sales topping the previous one set in 2006 by over 11%! 911 sales were processed by The REALTORS® Association of Hamilton - Burlington (RAHB). All property sales came in 17.4% higher than the same month last year. January is typically a slower month of the year. This year, however, we had very little snow, and very little new inventory hitting the market, which made what was for sale much more attractive to the Buyers looking. New listings were 1139 which is a decrease of 9.7% from January 2016 and over 30% decrease from the 10 year average for new listings in the month.
Residential sales of 864 were 18% higher than January 2016, with Residential Freehold 12% higherand Condominiums a whopping 50.5% higher than last year. The Average Residential Sales Priceof properties sold through the RAHB Multiple Listing Service® (MLS) system in January 2017 was $549,234 compared to $480,924 the same month last year, an increase of 14.2%, and theCondominium Average Price is $372,697 compared to $291,864, which is up 27.7% from last year in this month. The end of month inventory is still extremely low, with only about only 789 Freehold Residential Properties for sale compared to 1414 left at the end of January 2016. Average days on the market decreased from 49 to 31 for freehold, and from 50 to 28 in the condo market compared to the same month last year.
In a Sellers Market it is imperative that you know about the houses getting listed As Soon As They Hit The Market! Unless you are connected to a Real Estate Agent that has you set up on a an Instant Notification Search, 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!
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Here is a map showing the Current Average Year To Date
Prices in and around Hamilton Ontario...
Always remember 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!
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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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