Hamilton Real Estate 2018 February Market Report
February 2018 had slightly more listings than the first month of this year (1217 in January 2018) with 1274 New Listings from ALL Property Types (1180 From Residential Only). This is 15.0% LOWER than February 2017 (14.1% lower for Residential Only), and 21.4% lower than the 10-year average, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB).
All Residential Only Sales of 752 Properties were down by 40.0% from the same month last year. The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in February 2018 was $534,738 compared to $556,996 the same month last year, a decrease of 4.0%. That is broken down between Residential Freehold Average Price of $576,935 (down from $598,232 in Feb 2017) and the Condominium Average Price at $392,448 (up from $382,046 in Feb 2017). The end of month listing inventory shows 1435 Freehold Residential Properties left for sale, up 58.0% compared to 908 still available for sale at the end of February last year. Also significant is that the Average days on the market increased from 22 to 37 for Freehold this past month, and from 21 to 34 for Condominiums.
Freehold Townhouse vs CondominiumTownhome
There are Pros and Cons to both Freehold and Condominium Townhomes. Freehold Townhomes usually have no monthly maintenance fees (except for some complexes that have a small charge per month for upkeep and maintenance of the roads). There are also no rules for Freeholds. This means that if the neighbour that you are attached to wants to not ever cut their grass, or never replace their roof, there is nothing you can do about it and YOUR Property Value goes down, You also have to take care of cutting your own grass, replacing fences, driveways, windows, etc. You have to take care of everything as if you are living in a detached home (except you are attached). Condominium Townhouses have a monthly Condo Fee which usually includes Exterior Insurance, Exterior Maintenance, and sometimes includes Cable and Water. Some Condominiums will take care of replacing your driveway, roof, windows, doors, grass. The rules and regulations put in place will help you maintain and strengthen YOUR Property Value.
Facts from 2017: Average price of a Freehold Townhome $417,034. The average price of a Condominium Townhouse $339,835.
For more information on the February 2018 Statistics
