May 2018 Hamilton Real Estate Stats
- Robert Cekan
- 29 Jun 2018
The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 702 residential sales were processed through MLS® for May 2018 in the Hamilton region — a drop of 26.7% when compared to May of last year.
The average price of all residential listings in Hamilton went from $543,063 a year ago to $515,583 which makes for a 5.1% price adjustment in a year’s time. Given that this month is being compared to the all-time high of last year’s real estate prices, this is actually a relatively stable dip all things considered.
The median sale price, which minimizes the impact of outliers such as 8-figure mansions, dropped from $500,888 in 2017 to $475,000 in 2018. This is about the same drop percentage-wise as the average.
It’s worth pointing out that while there was a price drop in the spring of this year (which almost never happens), there’s been an upward trend in Hamilton for the past 3 months with an average price appreciation of approximately $20,000.
This has large implications for both buyers and sellers as it means the temporary window of depressed prices is quickly vanishing and discussion around housing affordability will soon again be at the forefront. It also means that more inventory is sure to enter the market soon as homeowners who have postponed listing due to low prices are almost over the hump now.
As has been the case for 2018 so far, rural communities have faced the largest drops in home values with the remarkable exception of Flamborough where average home prices have shot up over $150,000 in a single year’s time.
Here’s the breakdown of residential market activity by region.
May 2017 marked the first full month the Ontario government implemented their 16 point Fair Housing Plan. This allows for the first year-over-year comparison where both months were impacted by the provincial measures.
The effect it had on Hamilton varies vastly depending on region but overall the trend is clear: luxury homes (which are typically found in rural communities) have taken the largest hit while days on the market for all property types has increased leading to longer days on the market and with it a drop in prices.
Judging by the trend, however, it appears that the typical spring frenzy will be pushed to summer this year and we’re likely poised for increased bidding during the next few months.
Now is a great time to buy property in Hamilton while prices are still relatively low! See how you can earn $1,000 cash back on your next home purchase. Learn more »
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