The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 376 residential sales were processed through MLS® for January 2019 in the Hamilton region — a drop of 3% when compared to January 2018. New listings on the market jumped up by 22% since this time last year.
Active listings also increased from 827 in January 2018 to 1,139 last month — a jump of 22%!
The average price of a home in Hamilton increased by a healthy 2% in a year’s time. The median sale price, which minimizes the impact of outliers such as 8-figure mansions, rose 6% from $450,000 last year to $475,000 in January 2019.
Looking at Hamilton as a whole, we see Hamilton West performing worse this past January compared to 2018 as well as a startling collapse in Flamborough (although rural mansions and low sample sizes are likely to blame for the massive price discrepancy there). The rest of the Hamilton region is either above or on par with 2018.
We expect February to also be a slower month but after that, the market will get buzzing again. The end of the winter season brings out a lot of sales activity and it’ll be interesting to size up this year’s spring market to last. We’ll see you next month!