The real estate markets in Hamilton and neighboring Grimsby have begun to stabilize more as we head further into Fall.
In the most recent report released by the Realtors Association of Hamilton-Burlington, the local area saw 1,748 new listings come onto the market in August alone. This statistic indicates there were an additional 5% more homes added to the market this August when compared to August of last year.
Although it continues to stabilize, the market has yet to fully balance out as new listings have risen but total sales have dropped. The total number of sales across all property types in August of 2017 was recorded 18.4% lower than the total number of sales in August of 2016.
Of these sales, most were made in the over $500,000 price range. The next largest amount of sales were made in the $350,000 to $399,999 price range, which was followed very closely by
the $450,000 to $499,999 price range.
Between August of 2016 and August of 2017, the median sales price of freehold properties in the Hamilton area increased by just over 13%. The median sales price of condominium properties increased by 20.9% when the same two months were compared.
The average sales price across all properties in the area also increased during the month of August, with the average sales price recorded at 11.7% and 14.6% higher on a year to year basis for both freehold and condominium properties respectively.
At the end of August, Grimsby and Hamilton homes were selling within 29 to 34 days, depending on the type of property. This time frame is up from both last month and last August.
If you are interested in purchasing a home in the local area, give your trusted Hamilton and Grimsby mortgage brokers a call today! We can’t wait to help make the market work in your favor as we help you find the perfect financing options for your home.