Hamilton Real Estate Market Report – October 2016
The Hamilton Real Estate Market Report for October 2016 shows that the market is continuing to move fast. There is no signs of switching from the current Sellers Market anytime soon. Buyers continue having to deal with Multipe Offers regularly. A Sellers Market occurs when there is More Demand (Buyers looking for houses, townhomes and condo’s) than there is Product Available (Listings of properties for sale is very low). Low Inventory is another way of saying the same thing. Right now there is approx 350 detached houses for sale in Hamilton. Last month there were about 400 detached houses that sold. Unless more homes come on the market each month to satisfy the need for the buyers looking, prices will continue to rise.
Days on the market is also a good indication on how fast houses, townhomes and condo’s are being bought. For October, it took on average 22 days from the day the listing came on the market to the day it firmed up and was reported as Sold. For Condo’s, it took and average of 24 days, which is pretty fast considering the conditions included in an Offer to Purchase a Condominium are much longer than in an Offer To Purchase a Freehold Property.
October 2016 reported slightly higher sales than the same month last year, an increase of 0.3% for a total of 1418 sales. This broke the monthly record, which was set just last year for October! The REALTORS® Association of Hamilton – Burlington (RAHB) also reported that of the total sales, 1342 were Residential properties sold through the RAHB Multiple Listing Service® (MLS) system in October, which is 1.0% lower than October 2015. Sales are still 22% higher than the 10 year average and the end of month inventory is still low, with only about one third of the number of properties as there was a year ago at this time. – See more about the Statistics for October 2016 at: Homes In Hamilton Ontario-October 2016 Statistics
Looking for areas outside of Hamilton?
If you are thinking about Buying or Selling any Real Estate in and around Hamilton Ontario, including the surrounding areas of Ancaster, Dundas, Glanbrook, or Stoney Creek, make sure to check out the Monthly and Year To Date Statistics to see what Average Prices are in the neighbourhoods you are interested in. Go To… Homes In Hamilton Ontario – Monthly House Values Reports for 2016
To see current MLS Listings For Sale, Recent Sold Information, Walk Scores, Neighbourhood Descriptions, Schools, Relocation Guide, First Time Buyer Info, Seller Tips including a Free Book “How To Sell Your House For Top Dollar Fast” and much more, Go To… HomesInHamiltonOntario.com
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