The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 592 sales were processed through MLS® for March 2018 in the Hamilton region — that translates to 37.2% less sales than March of last year. That’s a significant drop for a 12-month period.
The average price of all residential listings in Hamilton went from $515,964 a year ago to $477,130, which is a 7.5% drop in just a year’s time.
In real estate, however, the median sale price is generally a better metric as it eliminates outliers (ie. when a couple of 8-figure homes really warp an average).
When we look at the median, the drop in residential sale price goes from $481,500 in March of 2017 to $451,100 in March of 2018. That translates to a drop of 6.3%, which isn’t as ominous.
It’s interesting to note that the brunt of the drop was almost entirely in the freehold residential market (ie. mainly single-family detached homes).
The average sale price for condos in Hamilton is the same it was a year ago (almost to the dollar in fact). When looking at the median sale price, condominiums actually went up 4.1% from March 2017.
Here’s the breakdown of residential market activity by region.
What are your thoughts on this month’s real estate update? Let us know in the comments!
There are no comments
Add comment