The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 660 sales were processed through MLS® for January 2018 — that translates to 27.2% less sales than January of last year.
However, the average price of all residential listings were 1.3% higher when compared to January 2017.
Perhaps the most shocking statistic is how long it’s taking real estate to actually sell now. The average days on the market for a residential property has risen dramatically to 44 days from 31 days when compared to January of last year. The median days on the market spiked to 37 days from 14 days.
Here’s the breakdown by region.
It’s clear that the provincial regulations that came into effect last year have had a lingering effect. However, just because the length of time between list and sold has gone up doesn’t indicate that the prices are going backwards. Demand is still strong and the Hamilton market is the most balanced it’s been in a long time.