01 Jan Hamilton Burlington Real Estate – December 2018
HAMILTON BURLINGTON REAL ESTATE UPDATE – DECEMBER 2018
See below for a summary of what happened in december 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 534 sales of residential real estate located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in December, 2018. Although this is 26 percent lower than the same month last year, the average price was up 2.6 percent to $543,210.
Year-to-date (YTD) sales activity was down by 17.6 percent from this time last year, and down 12.2 percent from a decade ago. The average YTD price was also down from a year ago by 1.4 percent, but up by 90 percent from 2008.
“As we close out 2018, we’ve experienced a different market than 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 their property value.”
statistics By Property Type
The number of sales for single family properties within the entire RAHB market fell by 24.9 percent compared to the same month last year, and the average sale price increased by 0.5 percent.
Townhouse sales activity across the entire RAHB market area were also down from 2017 by 36.6 percent. The average townhouse sale price rose by 8 percent.
Apartment-style property sales were essentially the same as December last year; however, the average sale price increased by 6.8 percent.
“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.”
The entire RAHB market area saw a decrease in sales and an increase in average sale price. However, the individual RAHB market areas experienced variances – especially when comparing the different types of properties. For example, Haldimand experienced a 36 percent increase in the detached average sale price, as well as an increase in the 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 RAHB market area see results that often differ from the average of the entire 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.
December 2018 Real Estate Update Source: Realtors Association of Hamilton-Burlington