The REALTORS® Association of Hamilton-Burlington (RAHB)reported 11,882 sales of all properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in 2018. This is 17.5 per cent fewer sales than in 2017. The total dollar volume of sales was also down from the previous year, and was more in line with the volumes of 2013 and 2014. This also resulted in a one per cent decrease in the average sale price for all properties for the year – $566,328.
“The 2018 real estate market levelled out from the eventful years of 2016 and 2017,” noted RAHB CEO George O’Neill. “The market went from a strong, prolonged seller’s market to a balanced market where buyers had more time to view and compare properties before putting in an offer to purchase.”
In the residential market, listings were down 9.8 per cent compared to the previous year and sales were down 17.5 per cent. When broken out into the four main RAHB market areas, Hamilton experienced a decrease in listings of 9.3 per cent and a decrease in sales by 17.5 per cent; Burlington saw a decrease in listings by 12.7 per cent and a decrease in sales by 17.4 per cent; Haldimand welcomed an increase in listings of 14 per cent, while sales remained essentially the same; and Niagara North saw increases in both listings and sales by 26 per cent and 5 per cent, respectively.
“According to the numbers, some local markets fared quite well this year,” says O’Neill. “This could indicate that buyers are shifting their focus from some larger and more expensive market areas to those that are more affordable.”
In the overall RAHB residential market, the average price was down 1.5 per cent over the previous year and the median price stayed virtually the same. Over the past decade the average price of a residential property within the RAHB market has increased by 100.5 per cent.
Hamilton and Haldimand saw increases in the average price, while Burlington and Niagara North experienced decreases.
With respect to property style, the biggest gains in terms of average price and new listings within the four main RAHB market areas were apartment-style properties. Detached and townhome average prices were up in Hamilton and Haldimand; however down within the other two market areas.
Average days on market increased overall within the four areas of the RAHB market, and when broken down by property type, only apartment-style in Haldimand saw a decrease.
“When we look at the data by property style, apartment-style and townhomes outperformed detached properties,” notes O’Neill. “We’ve seen this trend throughout 2018, and is another indicator that buyers are looking for more affordable options.”
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. RAHB REALTORS® have the local experience, knowledge and tools to help buyers and sellers make those big decisions.
*Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. 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 RAHB REALTOR®.
