Current Real Estate News & Market Statistics!
Hamilton, ON (July 2, 2019) – The REALTORS® Association of Hamilton-Burlington (RAHB)reported 1,203 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in June 2019. This is a 4.2 per cent increase from June last year; however, a 10.5 per cent decrease over May 2019 and a 1.9 per cent decrease from April 2019. The average price for residential properties increased by 5.2 per cent from June 2018 to $593,549; however, decreased from May 2019 by 0.03 per cent.
“The number of sales and average price is up over 2018, showing that the market is edging higher since it balanced out last year,” says RAHB President Bob Van de Vrande. “Sales have dropped compared to May and April of this year, but paired with a decrease of about four per cent in the number of new listings this could indicate the market is tightening.”
The number of sales for single family properties within the entire RAHB market increased by 11.6 per cent compared to the same month last year, and the average sale price increased by 4.9 per cent. Townhouse sales activity across the entire RAHB market area decreased from June 2018 by 3.9 per cent, and the average townhouse sale price increased by 3.6 per cent to $499,523. Apartment-style property sales decreased by 8 per cent from June 2018, and the average price also decreased by 0.3 per cent.
“Only single family or detached homes saw an increase in average price and number of sales, which bucks the trend we’ve seen over the last year – buyers choosing more affordable options.” adds Van de Vrande. “Of course, this is an overall evaluation of our entire market area, and numbers can deviate from the average when we look at smaller or individual communities.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.
*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. Talk to your local REALTOR®.