Hamilton real estate following slow GTA trend

Hamilton is following the trend in the GTA with a slowdown in the real estate market in the first quarter of 2018.

The March report from the Realtors’ Association of Hamilton-Burlington (RAHB) shows a 38.6 per cent decline in sales from the same month last year.

“Our area experienced similar cooling off as is being reported by other real estate markets in the Golden Horseshoe area,” said RAHB CEO George O’Neill.

“Local sales were lower not only compared to March of last year, but also compared to the 10-year average for March,” O’Neill said.

Tweet This Click to share quote on Twitter: "Local sales were lower not only compared to March of last year, but also compared to the 10-year average for March," O'Neill said.

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The number of listings declined by 13.5 per cent, year over year.

The price of an average home has also dropped by over eight per cent from March of 2017 to $539,033.

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“This is the first time in awhile that we’ve seen the average sale price lower than the same month the previous year for both freehold and condominium properties,” added O’Neill “The condominium market is experiencing less of a drop – not even two per cent – and in fact, the median sale price is still almost one per cent above where it was last year.”

And the average number of days that homes sat on market rose from 17 days last March, to 26 days last month.