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 EstateJanuary 2018Market Report
January 2018 had 1217 New Listings from ALL Property Types (1105 From Residential Only).
This is up 6.3% from January 2017 (6.8% for Residential Only), and 22.3% lower than the 10-year average, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB).
All Residential Only Sales of 627 Properties were down by 27.1% from the same month last year. The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS®) system in January2018 was $517,751 compared to $514,400 the same month last year, an increase of only 0.7%. That is broken down between Residential Freehold Average Price of $549,546 (down slightly from $550,084 in Jan 2017) and the Condominium Average Price at $398,517 (up from $372,697 in Jan 2017).
How long are properties staying on the market?
The quick answer is...LONGER!
This is where pricing strategy comes into play if you are looking to sell your property in the next few months. It has never been more important to figure out the BEST Listing Price. Last year at this time everyone just listed below market value and waited for the offers to come in. This year, with so much competition, it is much better to list as close as possible to Market Value. The Hamilton-Burlington Real Estate Board CEO George O'Neill said " Both listings and sales were considerably lower than the 10-year average for the month of January.
Even so, with more listings at the end of the month than last year, we have a more balanced market, with sales-to-new listings ratio of 56.7 percent and over three months of listing inventory for the residential market". The end of month listing inventory shows 1385Freehold Residential Properties left for sale, up 50.9%compared to 918 still available for sale at the end of January last year. Also significant is that the Average days on the market increased from 14 to 40 for Freehold this past month, and from 28 to 38 for Condominiums.
Check Out The Difference In Land Transfer Tax:
Hamilton VS. Toronto
$400,000 Purchase Price would be$8,950in Provincial & Municipal Taxes.
First Time Homebuyers would pay$475.00
$400,000 Purchase Price would be$4,475in Provincial Taxes.
First Time Homebuyers would pay$0.
Want to calculate your own land transfer taxes, or calculate mortgage payments? Check out this easy calculator...
The map below shows the current Year to Date Average Prices. Some of the areas not included in the map below are Burlington $683,957, Flamborough $882,773, Waterdown $632,538,Grimsby $488,108, Caledonia $489,090, and Cayuga $510,800andDunnville $354,136. 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.