Grimsby Mortgage – Grimsby/Hamilton Market Update
Throughout our experience as Grimsby mortgage brokers, we have seen that larger increases usually take place later in the summer months, but it seems as if summer has gotten here early this year because the Hamilton market has gone up fast and it’s not slowing down!
Over the past several months, averages have been up across all areas of the real estate market – new listings and sales volumes – except the number of days on the market. In other words, more Grimsby and Hamilton homes are being sold at a faster pace and for higher prices.
In March of 2017, there were 124 homes sold in the city of Hamilton and 2 homes sold in the city of Grimsby. These figures are both up at least 50%, with Hamilton sales increasing from 55 and Grimsby sales increasing from 1 in the same month a year before.
Of the two Grimsby homes sold in March one was sold in the $350,000 - $399,999 price range and one was sold in the $500,000 + price range.
In April of 2017, the number of homes listed for sale in the Hamilton and Burlington area was 2,419. This incredible number of new listings is higher than the average for the month taken over the last 10 years!
The overall sales volume in April for the residential sector also rose over the year before with 1,674 units being sold.
This is the first month in a long string of months that the rate at which new listings are being posted has increased over the growth in sales volume. New listings increased by over 16% in April 2017, while total sales volume rose only 7.2%.
As of April, homes are only taking an average of 14 days on the market to sell.
Sales have been outpacing new listings for the last few months, which has added to the severe decline in available homes, heightening competition and making this switch to the opposite a welcome change.
If you are interested in selling your home in the near future, you should be prepared to be out very quickly. If you are interested in buying a home, be prepared with your maximum offers and be prepared to stand your ground, or walk away if the prices get too high.
In either situation, it is important that you speak with a trusted Grimsby mortgage professional, as soon as possible. We are here to help you through the process, to make sure
financing lined up for a move after selling your home or to give you bargaining power in this competitive market with a pre-approval.
Give us a call today to find out more about your home financing options!