Hamilton Burlington Real Estate - May 2018 - Emily Jones, Real Estate
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Hamilton Burlington Real Estate – May 2018

Hamilton Burlington Real Estate – May 2018

HAMILTON BURLINGTON REAL ESTATE UPDATE – May 2018

A LOOK AT THE MAY MARKET

SEE BELOW FOR A SUMMARY OF WHAT HAPPENED IN May 2018 IN THE HAMILTON AND BURLINGTON REAL ESTATE MARKET! LOOKING FOR A MORE DETAILED STATISTICAL ANALYSIS? CONTACT ME HERE FOR A FULL PACKAGE OF THE IN-DEPTH INFORMATIONAL REPORT! 

The Realtors® Association of Hamilton-Burlington (RAHB) reported 1,317 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in May, 27 per cent fewer than the same month last year and 18 per cent fewer than the 10-year average for the month.All property listings were 13.5 per cent lower than the same month last year and 8.1 per cent lower than the 10-year average.

All property listings were 19.8 per cent lower than the same month last year, but 5.4 per cent higher than the 10-year average.

“There’s definitely been a trend to fewer sales compared to the 10-year average since the spring of last year, when the Fair Housing Act came into effect and,coincidentally, the real estate market underwent a significant change,” said CEO George O’Neill. “However, the local real estate market is stable antis, in fact, following the normal progression of increasing spring-time sales from the lows of December and January.”

Overall, residential sales of 1,273 units were 26.2 percent lower than May of last year. Residential freehold sales were 28.9 percent lower than the same month last year. Sales in the condominium market were 13 percent lower.

Median and average Sale Prices

The median price of freehold properties decreased by 5.7 percent compared to May 2017. The median price for condominium properties remained the same.

“The condominium market is not seeing the drop in average and median sale prices seen in the freehold market,” noted O’Neill. “Prices were stable compared to last year, suggesting that lower priced properties and the condo market are faring quite well. That market is also seeing a higher sales-to-new-listing ratio and is on the border between a balanced and seller’s market.”

The average price of freehold properties declined by 8.5 percent from May 2017. While the average sale price in the condominium market increased by nearly one percent compared to the same period.

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. Contact a local REALTOR® for information about your specific neighbourhood or property.

Days on Market

“There continues to be an increase in average days on market, which is good for the market overall,” added O’Neill. “Buyers have more time; sellers can be more confident that when they sell and turn to buy their next property they won’t be faced with rapidly escalating purchase prices. A RAHB REALTOR® can help buyers and sellers navigate their way through this.”

The average number of days on market rose to 27 days from 16 days in the freehold market. In the condominium market, it increased to 28 days from 16 days compared to the same month last year.

Every community in RAHB’s area has its own localized characteristics that influence that market. Please ensure you contact a local RAHB REALTOR® for professional advice.

May 2018 Real Estate Update Source: Realtors Association of Hamilton-Burlington