Real estate prices dip in Hamilton for first time this year
All through 2013, Hamilton-area real estate prices have been increasing over last year. But November was an anomaly — prices dipped about three per cent.
Month over month this year, prices have increased over the year before. November was the first month where that didn’t happen, says the Realtors Association of Hamilton-Burlington.
It wasn’t the price of homes that dipped. That remained fairly even with an average price of $369,036. But the commercial market fluctuated.
“We have become so used to regular increases in average sale prices that the slight drop in November seems out of place,” said CEO Ross Godsoe. “And in some ways it is — the commercial has larger swings in price that can affect the overall picture.”
In terms of sales, the Hamilton-area market saw an 11 per cent increase over November last year. Listings were up nine per cent over last November, with 1,298 properties on the market.
But by the end of the month, the inventory was 6.1 per cent lower.
Overall, residential sales were 13.2 per cent higher in November than they were in November 2012. The sale of condos increased 15.6 per cent.
The average day a freehold home spent on the market decreased from 50 to 46. Condos were on the market slightly longer — from 47 days last November to 48 days this year.
So far, listings are up 1.8 per cent over last year and sales are 2.7 per cent higher. The average sale price is 6.5 per cent higher.