House & Condo Values, Statistics, MLS Properties For Sale
Hamilton Real Estate May 2017 Market Report: May 2017 set another record, however, it is for new Listings instead of for Sales this month. New listings were 3208 which is a big increase of 41.1% from May 2016 and over 34.8% higherthan the 10-year average. Basically, we went from an unusually low inventory to a record-breaking high new inventory! Freehold Listings went up 47% and Condominium Listings went up 31%.
1745 overall Residential Sales were processed by The REALTORS® Association of Hamilton - Burlington (RAHB) in May, which is slightly lower, by 1.4%, than last year and still 15.3% higher than the 10 - year average. Residential Freehold Sales of 1449were exactly the same as May 2106. Sales in the Condominium Market were 7.8% lower than last May, coming in at 296.
The Average Residential Freehold Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in May 2017 was $659,236 compared to $530,280 the same month last year, an increase of 24.3%, and the Condominium Average Price is $421,257 compared to $353,516, which is up 19.2% from last year in this month. The end of month listing inventory is up 15.5% with 1866 Freehold Residential Properties for left for sale compared to 1615 left at the end of May 2016. Average days on the market decreased from 22 to 16 for freehold, and from 25 to 16 in the condo market compared to the same month last year.
Trending now...Average Sales Prices Year to Date in and around Hamilton Ontario
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 done even a few months ago needs to be updated!
The map below shows the current Year to Date Average Prices. There were a few areas that the average prices actually went lower, perhaps with the rise in Inventory! Ancaster had a very slight dip. It now has an Average of $797,811 (down less than $500 from $798,254).
Some of the areas not included in the map below are Burlington $796,485, Flamborough (like Ancaster) has dropped to $797,197 from $803,825, Waterdown $705,011, Grimsby showed the biggest increase to $615,324 (up from $522,748 just last month!), Smithville is down a bit from $477,211 to $469,599 this month, and Cayuga has gone up to an average selling price year to date of $419,860.
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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