Hamilton Mortgage – August Market Update
The total number of sales in the Hamilton area dropped last month, leading continued increases in new listings to cause a shift in sales prices.
In June of 2017, total sales were down 21% from the same month of the previous year. This is an unexpected change after months of total sales coming in much higher than the average for the last 10 years. Even if this figure is seasonally adjusted, we can see that the total residential property sales were still more than 20% lower than June of 2016. The number of overall residential sales only totaled 1,421 in June of 2017.
By contrast, the number of new listing reported by the REALTORS Association of Hamilton-Burlington totaled 2,756 at the end of June this year, an increase of 23.8% over June of 2016. The seasonally adjusted number of new listings shows a difference of only 0.6% to 23.2%, year over year.
These overall changes in both sales and new listings have shifted the median price up by 11.5% for properties in the freehold market. The median price for properties in the condominium market increased by an even greater 17%, from June 2016 to June 2017.
In comparison, the average sales price of freehold properties only rose 9.1% over the same period of time. The average price of the condominium properties ended up exceeding the median sales price by almost 2% for the same period of time.
This increase in prices of freehold properties on a year over year basis shouldn’t worry you though, as prices have actually stabilized on a month to month basis.
Most homes are still being sold in under a month, so the demand for homes in the Hamilton area is clearly still there!
If you are interested in purchasing a home in the Hamilton-Burlington area, look no further than your trusted Hamilton mortgage team at Canadian Mortgage Authority.
We are dedicated to helping you navigate the local market to find the perfect home and the perfect mortgage to finance it.
Give us a call at (905) 309-8799 for more information or to setup your mortgage consultation today!