03 Dec Hamilton Burlington Real Estate – November 2018
HAMILTON BURLINGTON REAL ESTATE UPDATE – November 2018
SEE BELOW FOR A SUMMARY OF WHAT HAPPENED IN November 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!
In November 2018, the REALTORS® Association of Hamilton – Burlington (RAHB) reported 862 residential real estate sales located within the area were processed through the Multiple Listing Service® (MLS®) System. This is a 17.1 percent decrease from the same month last year. Year to date, sales are 17.4 percent 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 percent) or buyers (below 40 percent), was 71.2 percent. This indicates we are in 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.”
Data by property type
The number of sales for single family properties within the entire RAHB market fell by 17.5 percent compared to November 2017, while the average sale price increased by 5.2 percent.
Townhouse sales activity was also down from 2017, while the average townhouse sale price rose by 5.6 percent.
Apartment-style property sales rose 3.1 percent compared to November of last year; however, the average sale price decreased by 1.6 percent 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.”
November 2018 Real Estate Update Source: Realtors Association of Hamilton-Burlington