Study says Hamilton home buyers likely to face more competition on the mountain, east of city
New data suggests that homebuyers hoping to settle down on Hamilton’s mountain are likely to face more competition in the bidding process than anywhere else in the city.
The latest home-buying study from real estate listing service Zoocasa says Sunninghill, Sherwood, Huntington, and Hampton Heights are hot as their sales-to-new-listings ratio (SNLR) hit 79 per cent in June due to increases in sales and new listings.
The region has seen a five per cent increase in prices to an average of $491,179, still below the city’s average sale price of $526,762 calculated from January to June of 2019, according to the Realtors Association of Hamilton-Burlington. (RAHB)
The result means the East Hamilton Mountain area is the hottest seller’s market out of 27 of the city’s regions.
The city’s slowest market, Hamilton Beach, saw it’s SNLR slip to 37 per cent, as sales in the area sunk 36.4 per cent. That part of the city is now “less competitive,” leaving balanced market status to become part of the city’s buyer’s market, according to Zoocasa. However, houses in that neighbourhood continue to be one of the city’s most expensive options with an average price of $686,250.
Zoocasa calculates a region’s SNLR by dividing sales by new listings using data from the RAHB. The calculation generally gives buyers and sellers a number to attribute what kind of leverage they may have in a potential transaction.
“Regions with a high SNLR (sellers’ markets) are typically those where there is greater demand relative to homes available for sale,” Penelope Graham, Managing Editor at Zoocasa told Global News, “That high demand puts upward pressure on prices, and there are often multiple offers on a home, which implies that sellers have greater negotiating power.”
Hamilton’s Top 5 regions for those looking to profit off of a sale are:
Sunnighill, Sherwood, Huntington & Hampton Heights – (Avg. Home Price: $491,179)
This area bound by Upper Gage Avenue, The Lincoln M Alexander Parkway (LINC), and Red Hill Valley Parkway (RHVP) saw the average home price increase five per cent during the first half of 2019 compared to all of 2018. It is the top sellers’ market area in the city with its SNLR increasing 15 per cent compared to last year to 79 per cent.
Bartonville and Rosedale – (Avg. Home Price: $427,222)
This region, located west of the RHVP and South of Queenston Road, saw the average home price also increase five per cent during the first half of 2019 compared to 2018, while it’s SNLR only increased slightly from 74 per cent to 77 per cent.
Centremount, Raleigh, Macassa & Hill Park – (Avg. Home Price: $432,184)
The area on the mountain is enclosed east and west between Upper Gage and Upper James Street, and between Mohawk Road East and Concession Street, north and south. The average home price was up year over year, seven per cent. This neighbourhood also had a significant increase with its SNLR moving from 65 per cent to 76 per cent in June compared to 2018.
Kentley, Lakely, Grayside, Nashdale, Riverdale – (Avg. Home Price: $415,039)
These areas east of the RHVP and just south of the QEW are hot for sellers. Their average price only moved up seven per cent from 2018, but the SNLR spiked from a balanced market average of 56 per cent rise to 75 per cent, making it a more coveted place to live in the city over the past year.
Gershome, Greenford, Red Hill, Vincent – (Avg. Home Price: $406,146)
Bound by the RHVP, Queenston Road, Centennial Parkway, and Greenhill Avenue, the area saw its average home price go up seven per cent from 2018 to settle just above 400,000 while the SNLR spiked to 73 per cent from 61 per cent.
Meanwhile, Burlington’s northeast is its most competitive region around the Dynes, Longmoore, and Pinedale areas. Sellers are basking in an SNLR rating of 77 per cent up 14 per cent from 2018. That neighbourhood saw a seven per cent increase in its average home price which rose to $688,853. Burlington’s overall average home price is up two per cent from 2018 to a lofty $738,905, but still cheaper than the GTA’s leader, Toronto, which sees an average price of $915,481 recorded in June.
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