The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 547 residential sales were processed through MLS® for November 2018 in the Hamilton region — a drop of 18% when compared to November 2017. New listings on the market plunged by 20% when compared to last year’s levels.
Active listings also increased from 1,310 in November 2017 to 1,594 last month — a jump of 22%.
Despite increased inventory and reduced sales volume, Hamilton prices still rose by 6% to $502,070 from $474,781 a year ago. While it’s surprising that prices have increased despite negative performance in other key areas, if you’ve been following these reports you’ll know that Hamilton’s average sale price has been hovering at the half-million mark since September. That means that most of the gains in sale price were made at the beginning of the year had you purchased a home in the fall of 2017.
The median sale price, which minimizes the impact of outliers such as 8-figure mansions, rose 8% from $432,875 last year to $469,000 in 2018.
Looking at all regions within Hamilton, most markets appear to have surpassed their 2017 counterparts. Flamborough, Dundas, and Stoney Creek are still making up for lost ground, however.
Overall the Hamilton-area real estate markets are healthy despite slowdown in sales activity. As we enter into the new year, expect further slowdown until February or March when temperatures begin to rise and the new sales cycle kicks in.
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