Including Houses, Homes, Townhouses, & Condo Values, Current MLS Listings, & Average Selling Home Prices
For West, Central, East Hamilton, Mountain, Dundas, Ancaster, Glanbrook & Stoney Creek
Hamilton Real EstateFebruary 2018Market Report
February 2018 had slightly more listings than the first month of this year (1217 in January 2018) with 1274 New Listings from ALL Property Types (1180 From Residential Only). This is 15.0%LOWER than February 2017 (14.1% lower for Residential Only), and 21.4% lower than the 10-year average, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB)
All Residential Only Sales of 752Properties were down by 40.0% from the same month last year. The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in February2018 was $534,738 compared to $556,996 the same month last year, a decreaseof 4.0%. That is broken down between Residential Freehold Average Price of $576,935 (down from $598,232 in Feb 2017) and the Condominium Average Price at $392,448 (up from $382,046 in Feb 2017). The end of month listing inventory shows 1435Freehold Residential Properties left for sale, up 58.0% compared to 908 still available for sale at the end of February last year. Also significant is that the Average days on the market increased from 22 to 37 for Freehold this past month, and from 21 to 34 for Condominiums.
Which is better?
Freehold Townhouse VS Condominium Townhome
There are Pros and Cons to both Freehold and Condominium Townhomes. Freehold Townhomes usually have no monthly maintenance fees (except for some complexes that have a small charge per month for upkeep and maintenance of the roads). There are also no rules for Freeholds. This means that if your neighbour that you are attached to wants to not ever cut their grass, or never replace their roof, there is nothing you can do about it and YOUR Property Value goes down, You also have to take care of cutting your own grass, replacing fences, driveways, windows, etc. You have to take care of everything as if you are living in a detached home (except you are attached). Condominium Townhouses have a monthly Condo Fee which usually includes Exterior Insurance, Exterior Maintenance, and sometimes includes Cable and Water. Some Condominiums will take care of replacing your driveway, roof, windows, doors, grass. The rules and regulations put in place will help you maintain and strengthen YOUR Property Value.
Facts from 2017: Average price of a Freehold Townhome $417,034. The average price of a Condominium Townhouse $339,835.
The map below shows the current Year to Date Average Prices.
Some of the areas not included in the map below are Burlington $679,774, Flamborough $753,935, Waterdown $615,263,Grimsby $539,113, Caledonia $500,820, and Cayuga $526,500andDunnville $338,067. 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!
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.
Laura Doucette, at Sutton Group Innovative Realty Inc., Brokerage (in Real Estate since 1990) can give you the LOCAL market knowledge and experience needed to help you buy your first home, next home, retirement home, or investment property. Laura is also ASA Certified (Accredited Senior Agent) if you are helping an elderly parent with the sale of their home.