Including Houses, Homes, Townhouses, & Condo Values, Current MLS Listings, & Average Selling Home Prices
For West, Central, East Hamilton, Mountain, Dundas, Ancaster, Glanbrook & Stoney Creek
May 2018 showed 2598 New Listings come on the Hamilton Real Estate Market from ALL Property Types (2438 From Residential Only).
This is 19.8.0% LOWER than May 2017 (19.8% lower for Residential Only as well), but 5.4% HIGHER than the 10-year average, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB).
All Residential Only Sales of 1273 Properties were down by 26.2% from the same month last year. The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in May 2018 was $564,776compared to $615,815 the same month last year, a decreaseof 8.3%. That is broken down between Residential Freehold Average Price of $600,452 (down from $656,057 in May 2017) and the Condominium Average Price at $422,348 (up slightly from $419,272 in May 2017). The end of month listing inventory shows 2547Freehold Residential Properties left for sale, up only 21.6% compared to 2094 still available for sale at the end of May last year. Average days on the market increased from 16 to 27 for Freehold in May this year, and from 16 to 28 for Condominiums.
The Hamilton - Burlington Areas are showing they are maintaining a Balanced Real Estate Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60% (in other words 4-6 homes are sold for every 10 new listings). What this means to Sellers is that they have more competition and that houses are sitting on the market longer, so pricing your home correctly is crucial! For buyers, it means there is usually more time to look at homes and there is more to choose from. Most homes are taking offers with conditions (unlike in the peak of a Sellers Market, where most Offers To Purchase were Firm, with no conditions). This is all price dependent of course. Right now there is a shortage in homes listed for sale under $400,000 so the segment of the market is acting more like a Sellers Market. Here is a comparison chart looking back over the last 3 years at what the market looked like in May, which is usually the peak of the Spring Market, for the Residential Freehold Homes.
Sales to New
Type of Market
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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:
Burlington $735,429 (up from $722,351)
Flamborough $796,370 (up from $735,028)
Waterdown $641,712 (up from $631,602)
Grimsby $556,275 (down from $563,335)
Caledonia $460,518 (up from $453,507)
Cayuga $488,452 (up from $476,454)
Dunnville $415,767 (up from $407,659)
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 Hereto 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.