Hamilton, ON (December 3, 2019) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 955 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in November 2019. November sales are down from October and September, but up from November 2018 by 5.5 per cent. The average price for residential properties increased by 5.6 per cent from November 2018 to $591,334.
“As we near the end of the fall market for 2019, the number of sales and the average price within the RAHB market area are down from the previous month, but up from November of last year,” says RAHB President, Bob Van de Vrande. “This decrease in listings and a higher ratio of solds to listings indicate that the market is currently an opportune time for sellers to consider listing.”
The number of sales for single family properties within the entire RAHB market increased by 8.6 per cent compared to the same month last year, and the average sale price increased by 2.7 per cent. Townhouse sales activity across the entire RAHB market area also increased from November 2018 by 2.9 per cent, and the average townhouse sale price increased by 6.8 per cent to $514,488. Apartment-style property sales decreased by 9.3 per cent from November 2018, and the average price increased by 23.2 per cent.
“The trend for 2019 has been that buyers are choosing more affordable types of properties. This November apartment-style properties were the only type to experience a decrease in number of sales, perhaps due to a lower level of inventory,” adds Van de Vrande. “Market statistics can be tricky to analyze – local RAHB REALTORS® have the tools and know the trends for our communities to help you buy and sell your properties.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.
*Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local REALTOR®.