Hamilton Real Estate Market Report For November 2017
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 November 2017 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.
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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 2198 Freehold 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. Any purchase put in place AFTER Jan 1st will be subject to the new rules which basically takes away approximately 18-20% buying power from the Purchasers. FOR EXAMPLE: If you have more than %20 for a down payment and you currently qualify for a $500,000 Mortgage, you will only qualify for a $400,000 Mortgage after December 31st, 2017!
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 <<<<<
For more info visit: HomesInHamiltonOntario.com
