The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 571 residential sales were processed through MLS® for September 2018 in the Hamilton region — a drop of 3% in volume when compared to September 2017. New listings on the market were down by 9% when compared to this time last year indicating a tightening of the market.
The average price of all residential listings in Hamilton went from $488,275 a year ago to $500,365 — that’s an appreciation of 2.48% but less than a thousand dollars difference from last month.
The median sale price, which minimizes the impact of outliers such as 8-figure mansions, jumped up 10% from $430,000 last year to $475,000 in 2018. A jump like that really highlights the drop in sales prices last summer and fall experienced in the aftermath of Ontario’s Fair Housing Plan.
Across the Greater Hamilton Area, we still see large price adjustments being made to neighbourhoods typically associated as ‘luxury markets’ including Hamilton West, Flamborough, Ancaster, Dundas, and Stoney Creek. Many of the regions mentioned are still anywhere between $20,000 – 85,000 below their September 2017 levels.
This turns the spotlight on more typically overlooked regions such as Hamilton East and Hamilton Centre which has risen in popularity for those looking at attaining their own slice of home ownership. As these areas continue to surge during the time luxury neighbourhood prices reduce, we’ll experience a more standardized pricing sweep across the Hamilton area.
If you’re interested in purchasing a property, check out our special partnership with select local REALTORS® to see how you can earn $1,000 cash back on your next home purchase! Learn more »
If you’re looking to sell your home, one of our partner REALTORS® will list your property for $4,500 flat. That’s less than 1% for the average Hamilton home! Learn more »