The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 368 residential sales were processed through MLS® for December 2018 in the Hamilton region — a drop of 27% when compared to December 2017. New listings on the market plunged by 21% when compared to last year’s levels.
Active listings also increased from 859 in December 2017 to 1,074 last month — a jump of 25%!
Yet, the average price of a home in Hamilton is still 2% higher than prices from a year ago. It’s a modest increase but certainly impressive when factoring the massive increases in inventory and reduced demand. The average Hamilton home now sits at $492,226 which is a bit lower than the running average for the past 6 months, however.
The median sale price, which minimizes the impact of outliers such as 8-figure mansions, rose 1% from $450,000 last year to $453,750 in 2018.
Looking at Hamilton as a whole, nearly all regions have surpassed their 2017 counterparts with the exception of Dundas, Waterdown, Glanbrook, Grimsby, and Smithville. In other words, the rural areas still have some catching up to do.
We expect continued slowdown in the coming months especially with the harsher weather we’ve been experiencing lately that tends to postpone a lot of sales activity. Rising interest rates and bank stress-testing continue to be the dominant forces in the current real estate climate.
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