Including Houses, Homes, Townhouses, & Condo Values, Current MLS® Listings, & Average Selling Home Prices
For West, Central, East Hamilton, Mountain, Dundas, Ancaster, Glanbrook & Stoney Creek
Here's What Happened For February 2019
February 2019 had 770 Residential MLS® Listings came through the Hamilton Real Estate Board. This is only 9% HIGHER than February 2018 as reported by The REALTORS® Association of Hamilton-Burlington (RAHB). Burlington is UP only 2% with 311 New Listings. Overall, the weather played a big role in the low numbers with another 40 cm of snow, and lots of ice throughout the month.
Residential Sales located throughout the RAHB market area (including Burlington and all outlying areas covered by RAHB) of 735 Properties were down again this month, a 4% drop from the same month last year, however, went up 24% from January 2019! Residential Sales in Hamilton (which includes Hamilton plus Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 473 of that total. The Average Hamilton Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS®) system in February 2019 was $517,439up 2% from $505,351 the same month last year. Burlington is down 1% to $670,602. The end of month listing inventory shows 1197 Active Residential Listings, giving Hamilton 2.5 months of inventory, which is up slightly, 0.9% compared to 810 Properties still available for sale at the end of February last year which was 1.6 months of inventory. Burlington has 2.2 months of inventory (up just 0.4%) with 410 active listings for sale. Average days on the market decreased slightly from 34.2 to 33.8 this year for Hamilton and also decreased in Burlingtonfrom 31 to 26.6.
The Hamilton - Burlington Area is presently at the cusp of a Balanced Market, trending towards a Sellers Market for the Spring, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 60.3% for Residential, (in other words, 6 homes are sold for every 10 new listings). Homes Sold to Homes Listed Ratio: Buyers Market is below 40%, Balanced Market is between 40-60%, and Sellers Market is above 60%.
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The map below shows the current Year to Date Average Residential Prices. Some of the areas not included in the map below are:
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!
Take note 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 Hereto get set up on the Instant Listings 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.