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 Estate November 2017 Market Report
November 2017 had 1638 New Listings, ALL Property Types, reported which is up 8.7% from November 2017, and 18.9% higher than the 10-year average.
All Residential Sales of 1052 Properties were down by 16.6% from the same month last year. The Average Residential Freehold Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS®) system in November2017 was $568,234 compared to $548,435 the same month last year, an increase of 3.6%, and the Condominium Average Price is $404,460 compared to $376,025, which is up 7.6% from last year for this month.
Great Opportunity for Homebuyers in Hamilton Ontario
The data provided by the Hamilton-Burlington Real Estate Board shows an increase in Listings and a 2% drop in the sales-to-new-listings ratio from last month, October 2017. Earlier this year in the peak of the Spring Market this ratio reached over 80% which made for very happy Sellers throughout the city. The dip to 67% Sales to new Listings ratio is showing a trend towards a more Balanced Market. The end of month listing inventory shows 2198Freehold Residential Properties left for sale, up 55.4% compared to 1414 still available for sale at the end of November in 2016.
Also significant is that the Average days on the market increased from 25 to 37 for Freehold this past month, and from 26 to 36 for Condominiums. This data, combined with the impending Government imposed STRESS TEST taking place as of January 1st, 2018, makes the last few weeks of December 2017 one of the best times for BUYERS to purchase a house, townhome or condominium apartment. Please Note: As long as a Buyer has an accepted Offer To Purchase in place before January 1st, they can still be approved under the current financing rules. There is also one Major Bank that will accept a Pre-Approval done before the end of 2017 (some conditions apply). Most purchases (please get in touch for the exceptions) AFTER Jan 1st will be subject to the new rules which basically takes away approximately 18-20% buying power from the Purchasers. See sample below.
Examples of Mortgage Qualifications After January 1st, 2018
Approval for $500,000today= $400,000 after Jan 2018
Approval for $600,000 today= $480,000 after Jan 2018
Approval for $700,000 today= $560,000after Jan 2018
Overview Of Hamilton Current
Year To Date Average Prices
This map shows the districts in Hamilton and Average Prices so far this
year. To get your FREE Hamilton Real Estate Map and a comprehensive
HomeBuyers Package, please get in touch with Laura Doucette at
Sutton Group Innovative Realty Inc., Brokerage. Click Here<<<<<
Average Year To Date Prices
The map below shows the current Year to Date Average Prices. Some of the areas not included in the map below are Burlington$763,867, Flamborough$801,340, Waterdown$690,175,Grimsby $582,786, Caledonia$439,495, and Cayuga $402,570.
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!
In this Market, it is important that you know about the houses getting listed Immediately! Click Here to get set up on the Instant 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!
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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.