04 Nov Hamilton Burlington Real Estate Update – October 2019
THE OCTOBER 2019 REAL ESTATE MARKET UPDATE AND STATISTICS FOR HAMILTON AND BURLINGTON ARE HERE!
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In October 2019, the REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,145 sales of residential real estate located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System. October sales are up from September and August, as well as up from October 2018 by 6.4%. The average price for residential properties increased by 7.1% from October 2018 to $602,029.
Compared to September 2019 when the average sale price was $609,562, the average sale price has decreased insignificantly.
STATISTICS BY PROPERTY TYPE AND AREA – OCTOBER 2019 COMPARED TO OCTOBER 2018
Detached homes sold for approximately the same price as 2018. The number of new listings was slightly down, and average days on market were slightly up.
Semis and townhomes saw an 8% increase in the average sale price, a 22% decrease in the number of new listings, and a 23% decrease in days on market.
Apartment-style homes saw a 4% increase in average sale price, a 37% decrease in the number of new listings, and a 26% decrease in days on market.
Detached homes sold for approximately 9.5% more than the average sale price in 2018. The number of new listings was down by 8%, and average days on market increased minimally.
Semis and townhomes saw an 6% increase in the average sale price, a slight increase in the number of new listings, and a 13% decrease in days on market.
Apartment-style homes saw a 14% increase in average sale price, a minimal decrease in the number of new listings, and a 27% decrease in days on market.
Specific neighbourhoods within the RAHB 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 REALTORS® have the experience, knowledge and tools to help you make those decisions.
Average sale price can help establish long-term trends, but doesn’t necessarily mean that a specific property’s value has changed. Talk to your local REALTOR®.