The end of 2015 continued to show an increase in the average price of homes in Hamilton. The city has been enjoying a real estate renaissance over the last several months, with almost every month bringing another increase to the average price of a home in the area. In November, the average price of a home over the entire Realtors Association of Hamilton-Burlington (RAHB) sales area was $437,966. In 2014, the average was only $400,167, meaning that prices rose by 9.4% on a year-over-year basis.
Record-Breaking Sales Continue
Record-breaking figures in the real estate market have become the norm in Hamilton. Over the last four months, sales figures have consistently smashed previous sales records. November was no exception, with a total of 1,262 sales taking place inside the RAHB area. The total sales figures showed a 15.1% year-over-year increase, and were 23.8 % higher than the ten-year average.
The surge in sales in the area also means that homes just aren’t staying on the market as long as they have in the past. The extremely active market is seeing detached homes snapped up in an average of 36 days compared to the 40 days it was taking in November of the previous year. Similarly, condos are only staying on the market for an average of 34 days compared to previous year’s average of 39.
Supply Dwindling and Prices Trending Upwards in Hamilton
The average sale price of a detached home in the Hamilton-Burlington area was $458,373 in November. In 2014, the same properties averaged $420,375. The 9.0% year-over-year increase in average freehold property prices was not matched in the condominium market, which actually saw a marginal decrease in year-over-year prices of 0.8%. In 2015, the average sale price of a condo in November was only $304,517, but in 2014 the average was $306,943. The Hamilton Mountain real estate area saw a particularly sharp spike in prices, with the average price in November of 2015 coming in at $334,586 compared to $313,596 the year before.
In both the condominium and detached home markets, the available inventory was on the decline in November of 2015. The end of month freehold inventory was 1,853 homes, a decrease of 17.1% compared to the previous year. Condos were even less widely available, with inventory down to 358. This was a 20.6% decrease from the previous year. Condo listings were also down, with only 222 new condos coming up for sale, a 7.9% decrease from 2014.