The Realtors Association of Hamilton-Burlington has released its year end results.
The report says last year saw almost six per cent fewer units sold than the year before, but adds 2016 was a record breaking year.
While the number of sales was down, the total dollar volume reached a new high of $8,972 billion. George O’Neill, CEO of the Realtors Association of Hamilton-Burlington, views 2017 as a year of change.
“The real estate market in 2017 was notable for the abrupt change through the spring,” he said.”The market went from a strong, prolonged seller’s market, where the average time to sell a property was 14 days, to a more balanced market where buyers had more time to view and compare properties before putting in an offer to purchase. ”
“At the time, there were few listings on the market, with less than a month of inventory. In April, however, we saw the first glimpse of a turnaround, when we had more listings than average come onto the market,” he said.
“That did not translate into immediate relief for the market, as we still had record sales for the month. It was after that point we began to see higher-than-average new listings and lower-than-average sales.”
Overall in the residential market, the average price was up 14.6 per cent from 2016.
The average selling price of a residential home was $569,285 with the average number of days on the market at 25.
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