After a slow December, the Hamilton real estate market is back in full swing! Overall, we’re seeing rising prices, low inventory, and an increase in bidding wars.
Here’s a closer look at what happened back in January:
Housing inventory has continued to tighten, with new listings down 13% year-over-year from 842 in 2019 to 733 in January of 2020.
Sales activity, though, is up 15%, rising from 2019’s 420 to 485, with a 30% increase in dollar volume to $272,684,132.
Homes are spending fewer days on the market, down 7.9% to 34.1 days on average compared to 42 days in 2019. With a lower inventory, buyers are scooping up what is available to them — and quickly.
How Much Are Homes Selling For?
Let’s talk about Hamilton’s real estate prices — which are some of the highest we’ve seen since 2017.
The average price for a home in Hamilton hit $562,235 in January, up from $498,381 in 2019. That’s a 13% increase overall.
On average, we saw:
- Detached homes sold for $603,457
- Semi-detached homes sold for $506,941
- Apartment-style homes sold for $378,974
Every property type listed included year-over-year price increases.
A 2016 Market Throwback
Hamilton’s market conditions feel very similar to that of late 2016, with bidding wars picking up dramatically.
Were bidding wars a regular occurrence before? Yes, but due to the city’s rising home prices and tightening inventory, we have seen them increase significantly.
As more and more prospective buyers get priced out of the GTA, they’re coming to Hamilton and the surrounding area, and they’re serious about getting into the market.
What’s to Come
Based on this first month of data, we are anticipating a red-hot spring market for 2020.
Especially as the new mortgage qualifications come into play in early April, which we profiled in-depth in our blog post here.
These latest statistics prove that we were right about seeing the end of Hamilton’s $300,000 starter home, and that we will be moving closer to the $400,000 price point by the end of 2020.
If you’re planning on buying a home this year — no matter your budget — we recommend jumping in now instead of waiting on the sidelines and possibly facing even higher prices along with a smaller pool of options.