Friday, March 23, 2018
Judy Marsales, Broker of Record
Local Hamilton Market Conditions
The Real Estate Market this year is an ever-changing landscape. Depending on your source of information, the market is crazy busy or falling off the charts. What does all this variation mean to you the consumer? How do you interpret all the economic swings which have potential to impact the real estate market?
The first tip which I will offer in your analysis is to ensure that the information which you are relying upon is relevant to your marketplace… i.e. The national media use data which may have originated in Vancouver or Toronto and while this information may create interest in the readers/viewers, it does not contribute to a reliable foundation on which to make a decision about your real estate future in the Hamilton Burlington market.
The dynamics of our regional real estate market are different based on our population base and our demographics. For example, in January 2018 the average Sale Price in the Hamilton Area was up by 6% where as many other major cities were identifying a reduction in the average Sale Price. However, having said that, another significant statistic was the 64.8% increase in "End of Month Listing Inventory" for February 2018. You may recall that last year, we identified one of the key elements to the dramatic increase in value was the very low listing inventory. The basic economic principal of "Supply and Demand" then created multiple offers and bidding wars.
Given our current listing inventory status, the market balance has now changed. Home owners will want to review their time lines for selling as some homes may take longer to sell and Buyers will engage in more negotiating. My second tip is to suggest that if you are considering selling your home in this marketplace, you may want to keep your initial list price within market range of value… and what is that value??
Our knowledgeable team of Sales Representatives are here to help you with the analysis whether you are selling, buying, or considering some future change. Our knowledge is your power in this ever-changing real estate market. Call, email, or drop by one of our offices.
Bay Observer Article – written by Judy Marsales, Broker of Record, Judy Marsales Real Estate Ltd. Judy is a frequent contributor of articles on the Bay Observer website.