You may recognize me from the information I send out in my effort to keep you informed about what is happening in the local real estate market. I just wanted to take a moment and let you know I value you and your good will. Check out the following report:
Real Estate Market Update for Greater Hamilton & Burlington June 10th, 2019
Home sales are up and so are the prices according to the Realtors Association of Hamilton-Burlington (RAHB) MLS® statistics:
Summarized from the foregoing chart, the average sale price for residential properties in the Greater Hamilton real estate market increased by 0.9% to $593,702 in May 2019 from May 2018.
This market growth comes after a balancing-out year in 2018 that followed heightened market activity and a huge spike in real estate prices in 2016-17. The current increase of 0.9% is a return to average growth rates.
May statistics report 1,344 sales of residential properties located in Hamilton, Burlington, Haldimand and Niagara. That’s a 10.9% increase in sales from May 2018, a 9.6% increase over April 2019, and a whopping 30.2% increase over March 2019.
In Hamilton, the average sale price in May 2019 was $546,779 with 1,430 new listings and an average of 25.7 days on the market. The highest average May 2019 sale price was in Flamborough at $930,977 and the lowest was in Dunnville at $395,343.
Burlington average sale prices declined to $733,410 in May 2019 compared to $774,758 in May 2018.
I have 3 “takeaways” from the RAHB statistics.
First, the double digit increase in the number of home sales this 2019 Spring over 2018 indicates that we are in the midst of a very busy real estate market.
Second takeaway is that Burlington sale prices have levelled off.
Third takeaway is that the supply of homes is keeping up with demand. While prices have increased slightly over last year, buyers needn’t worry that prices will soar in the near future.
Your business is important to me. Even if you are not planning to buy or sell a home right now, I would be happy to answer any questions that you might have about your home, real estate or the community. To set up a meeting or just to ask a question, I can be reached at 905.320.8273.
Thank you for your time.
Brian Lewis, Broker, Sutton Group About Town Realty Inc., Brokerage. Office 905.681.7900 or email Blewis@Sutton.com