November Hamilton/Burlington Sales down, prices still up…
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 862 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in November, 2018. This is a 17.1 per cent decrease from the same month last year. Year to date, sales are 17.4 per cent lower than last year at this same time.
The sales-to-new-listings ratio, which can point to whether a market is in favour of sellers (above 60 per cent) or buyers (below 40 per cent), was 71.2 per cent – the low end of a seller’s market. For comparison, in November 2017 the ratio was 69.9 per cent.
“The numbers this month point to a seller’s market; however, this number represents our entire market area that covers Hamilton, Burlington, Haldimand and Niagara North, and may not be indicative for each individual area.” says RAHB CEO George O’Neill. “Each area is different and distinct, that’s why it’s best to talk to a local REALTOR®, as they know the neighbourhood trends.”
The number of sales for single family properties within the entire RAHB market fell by 17.5 per cent compared to the same month last year, while the average sale price increased by 5.2 per cent. Townhouse sales activity was also down from 2017, while the average townhouse sale price rose by 5.6 per cent. Apartment-style property sales rose 3.1 per cent compared to November of last year; however, average sale price decreased by 1.6 per cent compared to last November.
All major areas within RAHB’s market saw an increase in overall average sale price. There was also an increase in average sale price for all property styles in each of the four RAHB market areas, with the exception of apartment-style properties in Hamilton and Niagara North.
“November and December are typically slower months in real estate, which is why there is a decrease in the number of new listings for this month,” says O’Neill. “With the decrease in new listings from the same time last year, combined with increases in average sale price for detached homes and townhouses, it will be interesting to see what the market will do for the remainder of year and leading into 2019.”
In October of this year, RAHB implemented the Canadian Real Estate Association’s (CREA’s) MLS® Home Price Index (HPI). The MLS® HPI is based on MLS® listing content and takes into account various details of a property, such as number of bedrooms, age of the home, lot size, number of fireplaces, number of bathrooms, type of foundation, and other relevant attributes. All RAHB REALTORS® have detailed access to this comprehensive information and can help ensure buyers and sellers remain informed. An overview of CREA’s HPI can be found at www.crea.ca/housing-market-stats/mls-home-price-index/.
The MLS® HPI Composite Benchmark encompasses a “typical” residential property within a given area. The graph below shows the composite benchmark price compared to the overall average residential price for the entire RAHB market over the past decade.
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.
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