Jan to Dec 2019 Years to Date Statistics Hamilton
2019 started off very slow, mostly due to the hard cold snowy extended winter throughout the Hamilton-Burlington Real Estate Market Areas. The last half of the year seemed to make up for it though, and was extremely busy! January 2019 had a List-To-Sell Ratio of 46.7% (Balanced Market). By July the ratio increased to 69% (Sellers Market) and with the exception of September which dropped to 56% (Balanced Market) continually increased for the rest of the year and ended in a strong Sellers Market! Overall, year over year, 2019 had a List-To-Sell Ratio of 67.3% (Sellers Market), 2018 was 59.4% (top end of a Balanced Market), 2017 was 65.6% (Sellers Market) and 2016 was 83.3%, showing a very strong Sellers Market. What does these numbers mean to you? If you are thinking of Selling, it is a very good sign, and if you are thinking of buying, do it it soon, as it looks as though the trend is for a strong Sellers Market for 2020!
Average Residential Selling Prices over the last few years have gone from $530,454 in 2016, peaked at $608,915 in 2017, dropped to $575,509 in 2018 and rose to almost the exact number from 2017 to $608,618 in 2019! Condominium Average Selling Price was $439,771 in 2019, up from $420,426 in 2018, and up from $403,522 in 2017 and well up from $346,832 in 2016. More and more people are looking to the lower priced condominiums which is raising the average sale much quicker than the detached homes average selling prices.
As always, averages can be deceiving so remember to look at individual areas, styles of homes, and price ranges very carefully. Each district and neighbourhood tells a different story, which is why it is always best to use a Local Realtor®. Overall average prices in every Area of Hamilton-Burlingto went up over 2018,and within that area only 3 districts in Burlington went down, otherwise all districts went up. When comparing styles of homes, prices went up as well. 1044 1.5 storey homes sold for an average of $468,578 (up from 949 units at $427,673), 4530 2 storey homes sold for an average price in 2019 of $683,279 (up from 4007 houses at $660,878) 2560 Bungalows at $544,987 (up from 2368 in 2018 sold for an average of $504,795). 1 storey condominiums sold for an average of $412,128 in 2019 (1370 units), up from $395,030 in 2018 (1122 units).
As always, remember that an evaluation on your property changes, so get an updated market analysis done right before you consider listing your property, and make sure it is a truly localized look at your particular neighbourhood!