Hamilton Real Estate Market Report For January 2018
Hamilton Real Estate January 2018 Market Report
January 2018 had 1217 New Listings from ALL Property Types (1105 From Residential Only). This is up 6.3% from January 2017 (6.8% for Residential Only), and 22.3% lower than the 10-year average, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB).
All Residential Only Sales of 627 Properties were down by 27.1% from the same month last year. The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in January 2018 was $517,751 compared to $514,400 the same month last year, an increase of only 0.7%. That is broken down between Residential Freehold Average Price of $549,546 (down slightly from $550,084 in Jan 2017) and the Condominium Average Price at $398,517 (up from $372,697 in Jan 2017).
TRENDING NOW
How long are properties staying on the market?
The quick answer is…LONGER!
This is where pricing strategy comes into play if you are looking to sell your property in the next few months. It has never been more important to figure out the BEST Listing Price. Last year at this time everyone just listed below market value and waited for the offers to come in. This year, with so much competition, it is much better to list as close as possible to Market Value. The Hamilton-Burlington Real Estate Board CEO George O’Neill said ” Both listings and sales were considerably lower than the 10-year average for the month of January.
Even so, with more listings at the end of the month than last year, we have a more balanced market, with sales-to-new listings ratio of 56.7 percent and over three months of listing inventory for the residential market”. The end of month listing inventory shows 1385 Freehold Residential Properties left for sale, up 50.9%compared to 918 still available for sale at the end of January last year. Also significant is that the Average days on the market increased from 14 to 40 for Freehold this past month, and from 28 to 38 for Condominiums.
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