Average Hamilton Mountain home price up 10% in 2015

News Jan 17, 2016 by Gord Bowes Hamilton Mountain News

Hamilton’s real estate market was hot throughout 2015, with the local real estate association reporting several new monthly records for MLS sales volume — including the all-time monthly record broken three months in a row starting in April.

In a busy market on Hamilton Mountain, the average sale price for the full year increased 10 per cent over the previous year.

The gains on the Mountain ranged from a 9.1-per-cent increase in the southwest district to 13.2 in the northwest.

“A strong sellers’ market in the spring carried on through the summer and for the whole year,” said Jeff Bonner, a real estate sales representative at City Brokerage.

There continues increased demand and reduced listing inventory, said Bonner.

With a sustained demand for homes in Hamilton and recent changes to downpayment rules possibly forcing more Toronto buyers to look to the Hamilton area for affordability, it will likely be a “very active” market with bidding wars continuing to be a regular thing in 2016, he said.

The greatest spike in sales was seen in the southwest Mountain, with 29 per cent more total sales for the year, said Bonner.

On the supply side of the equation, although year-long listing activity on the Mountain was seven per cent higher than the year before, the demand outpaced supply and active listing inventory at the end of December was 11.5 per cent lower than the same time last year, he said. In December there was also a particularly high sale-to-listing ratio, with 113 properties sold during the month, but only 82 new listings.

“The low listing inventory continues to keep sellers in a strong position,” said Bonner. “Listing inventory on the Mountain at the end of December is equivalent to just a little over one month of sales. A market is only considered to be balanced when there are five to eight months of inventory, so we’re seeing a pretty significant shortage of listings.”

Bonner advises home buyers to stay patient and focused in a market that can be stressful on the buying side, to see new listings as quickly as possible and make sure they are working with a professional they trust to provide sound advice on market value and offer negotiation.

Average Hamilton Mountain home price up 10% in 2015

‘Pretty significant’ shortage of listings

News Jan 17, 2016 by Gord Bowes Hamilton Mountain News

Hamilton’s real estate market was hot throughout 2015, with the local real estate association reporting several new monthly records for MLS sales volume — including the all-time monthly record broken three months in a row starting in April.

In a busy market on Hamilton Mountain, the average sale price for the full year increased 10 per cent over the previous year.

The gains on the Mountain ranged from a 9.1-per-cent increase in the southwest district to 13.2 in the northwest.

“A strong sellers’ market in the spring carried on through the summer and for the whole year,” said Jeff Bonner, a real estate sales representative at City Brokerage.

“The low listing inventory continues to keep sellers in a strong position.”

There continues increased demand and reduced listing inventory, said Bonner.

With a sustained demand for homes in Hamilton and recent changes to downpayment rules possibly forcing more Toronto buyers to look to the Hamilton area for affordability, it will likely be a “very active” market with bidding wars continuing to be a regular thing in 2016, he said.

The greatest spike in sales was seen in the southwest Mountain, with 29 per cent more total sales for the year, said Bonner.

On the supply side of the equation, although year-long listing activity on the Mountain was seven per cent higher than the year before, the demand outpaced supply and active listing inventory at the end of December was 11.5 per cent lower than the same time last year, he said. In December there was also a particularly high sale-to-listing ratio, with 113 properties sold during the month, but only 82 new listings.

“The low listing inventory continues to keep sellers in a strong position,” said Bonner. “Listing inventory on the Mountain at the end of December is equivalent to just a little over one month of sales. A market is only considered to be balanced when there are five to eight months of inventory, so we’re seeing a pretty significant shortage of listings.”

Bonner advises home buyers to stay patient and focused in a market that can be stressful on the buying side, to see new listings as quickly as possible and make sure they are working with a professional they trust to provide sound advice on market value and offer negotiation.

Average Hamilton Mountain home price up 10% in 2015

‘Pretty significant’ shortage of listings

News Jan 17, 2016 by Gord Bowes Hamilton Mountain News

Hamilton’s real estate market was hot throughout 2015, with the local real estate association reporting several new monthly records for MLS sales volume — including the all-time monthly record broken three months in a row starting in April.

In a busy market on Hamilton Mountain, the average sale price for the full year increased 10 per cent over the previous year.

The gains on the Mountain ranged from a 9.1-per-cent increase in the southwest district to 13.2 in the northwest.

“A strong sellers’ market in the spring carried on through the summer and for the whole year,” said Jeff Bonner, a real estate sales representative at City Brokerage.

“The low listing inventory continues to keep sellers in a strong position.”

There continues increased demand and reduced listing inventory, said Bonner.

With a sustained demand for homes in Hamilton and recent changes to downpayment rules possibly forcing more Toronto buyers to look to the Hamilton area for affordability, it will likely be a “very active” market with bidding wars continuing to be a regular thing in 2016, he said.

The greatest spike in sales was seen in the southwest Mountain, with 29 per cent more total sales for the year, said Bonner.

On the supply side of the equation, although year-long listing activity on the Mountain was seven per cent higher than the year before, the demand outpaced supply and active listing inventory at the end of December was 11.5 per cent lower than the same time last year, he said. In December there was also a particularly high sale-to-listing ratio, with 113 properties sold during the month, but only 82 new listings.

“The low listing inventory continues to keep sellers in a strong position,” said Bonner. “Listing inventory on the Mountain at the end of December is equivalent to just a little over one month of sales. A market is only considered to be balanced when there are five to eight months of inventory, so we’re seeing a pretty significant shortage of listings.”

Bonner advises home buyers to stay patient and focused in a market that can be stressful on the buying side, to see new listings as quickly as possible and make sure they are working with a professional they trust to provide sound advice on market value and offer negotiation.