04 Dec Hamilton Burlington Real Estate Update – November 2019
THE NOVEMBER 2019 REAL ESTATE MARKET UPDATE AND STATISTICS FOR HAMILTON AND BURLINGTON ARE HERE!
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In November 2019, the REALTORS® Association of Hamilton-Burlington (RAHB) reported 955 sales of residential real estate located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System. November sales are down from October and September, but up from November 2018 by 5.5% The average price for residential properties increased by 5.6% from November 2018 to $591,334.
Compared to October 2019 when the average sale price was $ 602,029, the average sale price has slightly decreased (less than 2%).
STATISTICS BY PROPERTY TYPE AND AREA
Detached homes sold for approximately 5% more than 2018. The number of new listings was slightly down, and average days on the market was down 38.5%.
Semis and townhomes saw an 9.5% increase in the average sale price, a 16% decrease in the number of new listings, and a 28% decrease in days on market.
Apartment-style homes saw a 24% increase in the average sale price, a 22% decrease in the number of new listings, and a 27% decrease in days on market.
November saw the market really heat up – lower inventory meant that homes on the market sold quicker and for more money than last year.
Detached homes sold for approximately 4% more than the average sale price in 2018. The number of new listings was down by 5%, and average days on market decreased by about 16%.
Semis and townhomes saw a 4% increase in the average sale price, 38% decrease in the number of new listings and a 14% decrease in days on market.
Apartment-style homes saw a 9% increase in the average sale price, a 22% decrease in the number of new listings, and a 24% increase in days on market.
November saw the Hamilton market keep fairly on trend with what we saw in October.
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®.
Feel free to reach out anytime to discuss real estate in the Hamilton and Burlington areas.