The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 659 residential sales were processed through MLS® for October 2018 in the Hamilton region — a drop of 16% when compared to October 2017. New listings on the market were also down by 6% when compared to this time last year.
This tightening of the market has caused the average price of all residential listings in Hamilton to rise from $467,432 a year ago to $499,382 — that accounts for a 7% increase, although this is now the third month in a row to remain at the half-million mark.
The median sale price, which minimizes the impact of outliers such as 8-figure mansions, rose 8% from $429,900 last year to $464,900 in 2018.
Looking at all regions within Hamilton, it appears that many ‘luxury markets’ have made up for lost ground over the past few months. Hamilton West, Dundas, Ancaster, and Stoney Creek — all of which were struggling to reach their 2017 counterparts have finally surpassed the prices they set in fall of last year. Still on the road to recovery is Flamborough and Glanbrook.
Across the board, it appears that most regions in Hamilton had a strong October. This is a good sign as we enter into the typically quieter winter months.
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 »