Trends in Canadian real estate market
Thursday, January 9, 2020
Real Estate Trends
The Real Estate Association of Hamilton-Burlington (RAHB) have released their December 2019 real estate statistics. Today we will review and summarize these stats for you. There were a reported 585 sales of residential properties located in the RAHB market area.
In December 2019 it was reported that sales were up 3.9% over December 2018. However, sales were down when compared to both November and October 2019. It was also reported that the average price for a residential property increased by 7.6% from December 2018 to $581,566. Let's now take a look at the above chart, Residential Market Activity for RAHB Areas.
We can see that in the Hamilton area, the Hamilton Mountain once again takes the lead with the highest number of sales with a total of 99 for the month of December 2019. The area also reported an average property price of $528,333 which is an increase when compared to the same time last year. The next notable area that we need to mention that also had a high number of sales was Stoney Creek, with a total of 66 sales of residential properties. And with the average price of a property of $539,885. We can now take a look at the map below and see each area in Hamilton.
The above map, Average Residential Price by District, illustrates the average cost of a residential property in each individual area in Hamilton. It also shows us how many residential properties were sold in December 2019. Areas to note that had the most number of sales were 16, 42, 51 and 53.
The areas with the highest average price of a residential property were Falmborough and Ancaster. Flamborough's average cost of a property was reported at $839,845. And Ancaster saw an average price of $720,342. Take a look at your area and you can get an idea of what a property sold for. Now we can turn our attention to the chart, Hamilton Residential Table, and get a look at the Hamilton Real Estate Market for December 2019.
Finally we can take a look at the Hamilton Residential Table, it becomes clear that Hamilton saw an increase in sales compared to the same time last year. There was an 11% increase with 425 sales of residential properties. And there were a reported 334 new listings, with a 2% decrease from the same time last year. However, there was an 8% increase in the average price of a property to $531,283.
We can also take note that properties in the Hamilton area in December remained on the market for an average of 35.1 days. That's 6.3 days less than the same time last year. The numbers you see in this report are very common for this time of year, keep reading to learn more about why the market looks this way during December.
RAHB Statistics for December 2019
There were 585 sales of residential properties reported in December 2019. With the average cost of a residential property seeing an increase of 7.9% from December 2018 to $581,566. And it was reported that sales were up 3.9% over December 2018. However, when we compared these numbers to November and October 2019 we see a decrease.
The number of sales for a single family property within the entire RAHB area market saw an increase of 6.8%, with the average sales price increasing by 8.23%. There was also a reported decrease in the number of Townhome sales across the entire RAHB area by 7.6% from December 2018. With the average price of a Townhome seeing an increase of 1.4% to $502,981. Finally it was reported that the Apartment-Style properties saw an increase of 14.8% over the same time last year. With their average price increasing by 10.2%.
"With the holidays and cold weather, sales tend to dip in December when compared to the previous months. It's a trend we see almost every year. A decrease in new listings and an increase in sales can equal less inventory on the market. With increased competition for the properties available, this looks to be an opportune time to sell your property." - RAHB President Kathy Della-Nebbia.
For More Information About These Statistics
If you are looking for a more in-depth matrix of these statistics, please refer to RAHB's Hamilton Real Estate Statistics for December 2019.
Contact a Sales Representative at Judy Marsales
If you have any questions or if you want to contact one of our sale representatives you can do so now or later, whatever work best. They will be happy to answer your questions and they would be happy to go over these statistics with you. And if you've been wondering what your home is worth, give our What's My Home Worth calculator a try now.
Friday, December 6, 2019
Real Estate Trends
The Real Estate Association of Burlington and Hamilton (RAHB) has released their November 2019 Market Statistics. In this article we'll review and summarize those statistics. We can see how the Hamilton and surrounding areas did for November 2019. There were a reported 955 sales of residential properties located in the RAHB market area.
November sales were down from October and September, however they're up from November 2018 by 5.5%. And the average price for residential properties saw an increase of 5.6% from November 2018 to $591,344. We can now take a look at the above chart, Residential Market Activity for RAHB Areas.
In the Hamilton area we can see that once again the Hamilton Mountain had 152 sales, the most reported sales in Hamilton. And with an average sale price of $506,704, an increase from November 2018. Hamilton Centre also saw an increase in sales with 91 residential properties sold, with an average sale price of $402,147.
Finally we can take a look at the Ancaster area which had a total of 45 sales and an average price of $720,342. The highest costing properties reported for the month of November 2019. Let's now turn our attention to the map below where we can see an overview of each area. This map will also illustrate the number of sales and the average cost of a property in each area in Hamilton.
The above map, Average Residential Price by District, illustrates the average cost of a residential property in each area. The map also let's us see how many sales there were. Sub areas that had the highest number of sales for November 2019 were 16, 17, 20, 23, 42, 51 and 53.
Areas that reported the highest average price of a property were Ancaster, Flamborough and Waterdown. Ancaster had an average property selling for $720,342, Flamborough was reported at $702,132 and Waterdown had an average property going for $693,934. What area do you live in? Take a look at the map and see what the average price was for November 2019.
Finally we'll take a look at the above chart, Hamilton Residential Table. When we look at the chart it becomes clear that there were a reported 643 sales of residential properties in the Hamilton area. That's a 12% increase compared to the same month last year. And with 1,138 active new listings, a 7% decrease from November 2018.
The average listing price was reported at $535,944, a 6% increase from November 2018 and a reported 713 new listings. We can also take note that properties in the Hamilton area remained on the market for an average of 30.9 days. That's 5 days less than the same time last year. These numbers have been great to review and now lets discuss a bit more about the entire RAHB area and recap some of the statistics we've reviewed today.
RAHB Statistics for November 2019
There were 955 sales of residential properties reported for the month of November 2019 in the RAHB market area. The average cost of a residential property increased by 5.6% from November 2018 to $591,344. And we saw that sales were down from October and September but that there was also an increase of 5.5% from November 2018.
And the number of single family properties within the entire RAHB area increased by 8.6%. Townhouse sales also increased by 2.9% from the same time last year. And the cost of a Townhouse increased by 6.8% to $574,488. Finally Apartment-Style properties saw a decrease by 9.3% from November 2018. However, Apartment-Style properties saw an increase in their average price by 23.2%.
"As we near the end of the fall market for 2019, the number of sales and average price within the RAHB market area are down from the previous month, but up from November last year. This decrease in listings and higher ratio of solds to listings indicate that the market is currently an opportune time for sellers to consider listing" - RAHB President Bob Van de Vrande.
For More Information About These Statistics
If you are looking for a more in-depth matrix of these statistics, please refer to RAHB's Hamilton Real Estate Statistics for November 2019.
Contact a Sales Representative at Judy Marsales
Do you have any questions or if you want to contact one of our sales representatives, they're waiting for your call or email. They would be happy to go over these statistics with you and also work with you to find the home, townhouse or condo you've been looking for. And if you've been wondering what your home is worth, give our What's My Home Worth calculator a try.
Tuesday, January 15, 2019
General Real Estate Advice Real Estate Trends
The New Year is a great time to reflect on the previous year. Refresh our thoughts and look to the exciting opportunities going forward. Real estate is often one area of our consideration when we’re making plans. Are you thinking about downsizing, upsizing, or buying your first home? All these are important life decisions and have different considerations. Every option requires careful analysis with appropriate information on which to make a well-informed decision.
I often talk about separating facts from fiction when we analyze economic considerations. In the last few months we have seen some dramatic changes in various economic situations, in Canada, Ontario, and our own GTHA. How will these changes impact your decision making? We are starting to see the demographic shift occur. According to Canada Mortgage and Housing statistical data, we’re seeing more Millennials in the Hamilton area then baby boomers for the very first time. What impact will this change have on our housing sector? While some areas witnessed marginal price declines in 2018, most of Hamilton saw a consistent growth pattern. However, housing demand has the potential for easing somewhat this year which is a great opportunity for first time buyers.
We may also see interest rates increase slightly, it’s now even more important to do a financial analysis of your potential affordability range with a professional. A quote from Albert Einstein for the New Year, “Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.”
Please ask us as many questions as necessary to make the best real estate decision. Call us, email us, text us, whatever form of communication works best for you to build your plans for the future. Happy New Year from all of us at Judy Marsales Real Estate Ltd., Brokerage.
Friday, September 28, 2018
Judy Marsales, Broker of Record
Real Estate Trends
As we enter the Fall Season, the weather starts to change, we notice cooler days, shorter days, beautiful colourful leaves and we have learned to expect some weather pattern changes as we move through this season. However, when real estate markets change we have less understanding of the patterns. Sometimes a real estate market change may be as a result of an economic change due to interest rates, global economic discussions, or shifting demographics, for example, baby boomers to millennials. Whether buying or selling real estate, the key to success is managing your expectations. For example, recently the days on market for home sales has increased. This change does not mean the “sky is falling”.
It's simply an indicator of a changing market dynamic where more properties are being offered for sale and therefore buyers have more options to consider. This additional exposure time on the market may also be an indicator that some sellers are projecting values based on a previous market condition, which may or may not be achievable in this current market time. These sellers often have to adjust their value to attract potential buyers and achieve a successful sale. Previous seller experiences such as multiple offers and bidding wars may not be achievable in a more balanced market. The key to a successful outcome for a buyer or a seller is in understanding the dynamics of each situation.
If you are selling your home, know what the parameters of value judgement for your home, what is the reasonable selling time on market – can the market live up to your expectation? Is this the best time for you to sell? Remember that no one has a crystal ball and market analysis can only be done with the facts. Whether buying or selling, always get the most up to date information on which to make a good decision. With the speed of sharing information these days, everyone has an opinion. however, work with the facts. Do not gamble with one of your most expensive decisions. Call us or email us for the latest statistical information to enable you to make the best decision.
Tuesday, September 25, 2018
Local Hamilton Market Statistics Real Estate Trends
The Residential Real Estate Market Activity Chart shows Hamilton continues to be hot, driven by Hamilton Centre. With charts and graphs provided by The REALTORS® Association of Hamilton-Burlington (RAHB) we can see there is a 2.1% difference from August of 2017. Residential homes are still up from last year with an average sale price of $501,073.
The hot areas remain Hamilton Centre and Hamilton Mountain. The chart above illustrates how much the average price of a home has changed. And the Marketing Activity Chart shows us how much the entire The Greater Hamilton Area is doing.
Take a look at the STATS Map and you'll see the areas bounded by Hamilton Bay on the North, the escarpment to the south and James and Kenilworth are doing. This image also shows each area in Hamilton and what the average cost of a home that was on the market in August 2018. (sub areas 13, 14, 21 & 22).
Finally the STATS Chart show that 68% of homes are in the range of $200,000 and $600,000 and 29% are about $600,000+
If you're thinking of selling your home and want to get a better idea of what it will cost, you can use our "What's My Home Worth" calculator. Then you'll want to get in contact with one of our agents. They will be happy to go over the market stats with you and discuss possible next steps.