Hamilton Real Estate Market Update – December 2019

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Hamilton Real Estate Market – December 2019

The number of sales and new listings in the real estate market typically decreases this time of year. However, in December 2019’s case, the number of sales for single-family properties within the RAHB market increased by 6.8 percent compared to December last year. Let’s take a look at the Hamilton real estate market specifically.

Average Sale Price

Average sale price in December 2019 for single-family homes increased by 8.21 percent since the same month in 2018.

Houses sold 15.22 percent faster in December 2019 compared to 2018, and there were slightly fewer listings available on the market making it a good time to consider selling.

The average sale price can vary depending on the property style, condos in Hamilton, for example, showed a very modest average sale price increase to $334,736 compared to $326,422 the previous year.

Semi-detached homes and townhomes had an increase of nearly 8 percent to $480,825 from $447,045 December last year.

The average sale price of detached homes for December 2019 was $573,204, up 9.18 percent from $525,003 in December 2018.

New Listings On The Market

There were less new detached home listings in December, but more new listings for semi-detached, townhouses, and apartment-style condos.

Average Days On Market

The average days on market is the number of days from the time a property is listed until it sells. Properties are selling faster this year than the same time last year.

In December 2018, the average days on market averaged from 40-44 days depending on the property style. However, in December 2019 the average number of days on market ranged from 26.7 for apartment-style condos, to 37.2 days on market for detached homes.

Neighbourhood Markets

Flamborough, Dundas, and Hamilton East saw the largest increases in the average sale price for December 2019.

Hamilton West and Central Hamilton didn’t have much fluctuation comparing this year to last, in fact the number of sales and average sale price in Central Hamilton actually dropped a bit.

Average sale price in Hamilton West was $543,274 with 34 sales in December 2019, and $534,636 with 27 sales in December 2018.

Average sale price in Central Hamilton was $368,442 with 63 sales in December 2019, and $371,458 with 63 sales in December 2018.

The most affordable area to buy in is still Central Hamilton, followed by East Hamilton and the mountain.

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