Hamilton, ON (January 2, 2019) – The REALTORS® Association of Hamilton-Burlington (RAHB)reported 534 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in December, 2018. Although this is a 26 per cent lower than the same month last year, the average price was up by 2.6 per cent to $543,210.
Year-to-date (YTD) sales activity was down by 17.6 per cent from this time last year, and down 12.2 per cent from a decade ago. Average YTD price was also down from a year ago by 1.4 per cent, but up by 90 per cent from 2008.
“As we close out 2018, we’ve experienced a different market than the ones from 2016 and 2017,” says RAHB CEO George O’Neill. “Across the RAHB market area we’ve seen decreases in various statistics when compared to last year; however, consumers who have owned their property for the past several years have experienced gains in the value of their property.”
The number of sales for single family properties within the entire RAHB market fell by 24.9 per cent compared to the same month last year, and the average sale price increased by 0.5 per cent. Townhouse sales activity across the entire RAHB market area was also down from 2017 by 36.6 per cent, while the average townhouse sale price rose by 8 per cent. Apartment-style property sales were essentially the same as December last year; however, average sale price increased by 6.8 per cent.
“December has again proven to be one of the slower months for sales as people were busy celebrating the holidays rather than contemplating a move,” adds O’Neill. “But we anticipate market activity will pick up into 2019 as consumer confidence grows after being affected by the provincial and federal regulations introduced over the last two years.
Although the entire RAHB market area saw a decrease in sales and an increase in average sale price, the individual RAHB market areas experienced variances – especially when comparing the different types of properties. For example, Haldimand experienced a 36 per cent increase in detached average sale price, as well as an increase in number of sales. Burlington and Niagara North saw increases in the average sale price for townhomes; however, Niagara North saw decreases in number of sales for this category. Hamilton experienced increases in both average price and number of sales for apartment-style properties.
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 and conditions 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.
*Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local REALTOR®.
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