July 2018 Real Estate Market Statistics Report
Here’s What Happened For July 2018
July 2018 showed 1882 New Listings come on the Hamilton Real Estate Market from ALL Property Types (1736 From Residential Only). This is 7.7.0% LOWER than July 2017 (8.4% lower for Residential Only but 1.5% HIGHER than the 10-year average), as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB).
All Residential Only Sales of 1072 Properties were only down by 4.7% from the same month last year. The Average Residential Sales Price of properties sold through the RAHB Multiple Listing Service® (MLS) system in July 2018 was $550,090 compared to $543,032 the same month last year, a slight increase of 1.3%. That is broken down between Residential Freehold Average Price of $571,718 (up very slightly from $571,025 in July 2017) and the Condominium Average Price at $440,728 (up from $413,565 in July 2017). The end of month listing inventory shows 2636 Freehold Residential Properties left for sale, up only 2.8% compared to 2564 Properties still available for sale at the end of July last year. Average days on the market increased from 25 to 31 for Freehold in July this year, and from 25 to 33 for Condominiums.
The Hamilton – Burlington Areas seem to be leaning very slightly towards a Seller Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 61.8% for Residential, (in other words 6 homes are sold for every 10 new listings). Homes Sold to Homes Listed Ratio: Buyers Market is below 40%, Balanced Market is between 40-60%, and Sellers Market is above 60%. Here is a comparison looking back over the last 3 years at what the market looked like in July which is usually a slower time for the Residential Freehold Homes.
Average Residential Freehold Price Sales-to-new-listing ratio Type of Market
July 2016 $523,382 89.3% Sellers Market
July 2017 $571,598 58.8% Balanced Market
July 2018 $571,718 61.4% Sellers Market
When looking at the Average Prices in and around Hamilton, it is important to note how they have changed significantly over the last year and even now from month to month. If you are thinking of selling your house or condominium, get the most up to date, LOCAL information. A Market Evaluation and/or a Mortgage Pre-Approval done even a couple of months ago MUST be updated!