Market Snapshot: September 16-22, 2018

Local MLS® Sales Data

All Hamilton Real Estate Districts Combined*

Total Sales: 169
Average Price: $516,733
Median Price: $480,000
Avg Days On Market: 34

The market remains pretty stable with a small improvement in sales volume, average price, and time-on-market, but with no major spikes. 

Note that average price can vary by district and property type. Call to discuss sales data for your specific area, or for a sale price estimate specific to your property. **

*Ancaster, Dundas, Glanbrook, Hamilton, Stoney Creek, Waterdown

** Not intended to solicit clients currently under contract.

Market Snapshot: September 9-15, 2018

Local MLS® Sales Data

All Hamilton Real Estate Districts Combined*

Total Sales: 159
Average Price: $503,635
Median Price: $489,900
Avg Days On Market: 34

With holidays and back-to-school out of the way, the most significant change this week is in the sales volume bouncing back after a hard dip the week before.  Average price, median price, and time-on-market continue to hover around the same points, suggesting a relatively stable market.

Note that average price can vary by district and property type. Call to discuss sales data for your specific area, or for a sale price estimate specific to your property. **

*Ancaster, Dundas, Glanbrook, Hamilton, Stoney Creek, Waterdown

** Not intended to solicit clients currently under contract.

Market Snapshot: September 2-8, 2018

Local MLS® Sales Data

All Hamilton Real Estate Districts Combined*

Total Sales: 98
Average Price: $508,979
Median Price: $465,000
Avg Days On Market: 36

This week saw no significant changes in time-on-market or prices, but volume dropped significantly.  Again, the back-to-school season can easily impact the market as everyone is quite busy in other ways.

Note that average price can vary by district and property type. Call to discuss sales data for your specific area, or for a sale price estimate specific to your property. **

*Ancaster, Dundas, Glanbrook, Hamilton, Stoney Creek, Waterdown

** Not intended to solicit clients currently under contract.

Market Snapshot: August 26-September 1, 2018

Local MLS® Sales Data

All Hamilton Real Estate Districts Combined*

Total Sales: 144
Average Price: $503,691
Median Price: $446,750
Avg Days On Market: 38

Sales volume and sale prices both took a bit of a dip this week, but that is not unusual with the beginning of the school year occupying people's time and thoughts.

Average time to a sale also slipped a little, approaching the historical norm of 40-45 days.

Note that average price can vary by district and property type. Call to discuss sales data for your specific area, or for a sale price estimate specific to your property. **

*Ancaster, Dundas, Glanbrook, Hamilton, Stoney Creek, Waterdown

** Not intended to solicit clients currently under contract.

"How much did the seller pay when they bought?"

Sometimes, while working with buyer clients, they will ask what the seller paid for the property. I have access to this information and will happily look it up for them. But how important is it, really?

When I do look it up, I make sure the buyer understands that the information is fairly limited in its value. What is significantly more important is what the property is worth today, so working as a buyer’s agent, I will look at sales in the area to determine a proper current value range. Without even considering any improvements the seller may have made, whether they paid too much when they bought or got a great deal is not relevant to what the property is worth now.

To illustrate, using an example from an unrelated field, you certainly wouldn’t offer someone the original 1980 price they paid for a Wayne Gretzky rookie card – it is obvious that is not the current value in the marketplace. The card is worth what it is worth today.

So if what the seller paid doesn’t have any relation to current market value, how can it benefit you? Early on in my real estate career, I thought knowing what the seller paid or when they bought could help determine how much “wiggle room” there might be in negotiation. 

I learned pretty quickly, though, that just because someone has owned a property for 30 years or paid significantly less than they are selling for, that doesn’t mean it is mortgage-free or equity-rich. Property owners take out new and second mortgages to help kids, invest in business start-ups, and for a multitude of other reasons. You can only easily verify the likelihood of equity, not the existence of it.

So, again, I go back to my statement above that knowing current value is much more important than knowing what the seller paid. Feel free to include that data in your research, just don’t give it more weight than it deserves.

How long does it take to sell a house?

Naturally, when you put your house up for sale in the open market, there is no guarantee on how long it will take to sell, but typically it shouldn't take longer than about 40 days.  Maybe less, depending on current market conditions for your area.

If you'd like to know what the average is for your neighbourhood, drop me an email and I'd be happy to let you know.

One reason why it is good to know the average time for your area is that you can guage the performance of your listing.  If you've been up longer than the average time with no sale, you might want to consider why.  It could be because your price is too high.

Generally speaking, buyers are going to look at the price, condition, and area.  You can't change the property location of course, so if you can't upgrade condition in any way, then the price has to be in accordance with condition and location.  If you hold out for a higher price than the local market has been delivering, then you might find yourself waiting significantly longer than you should.

Of course, not selling in an average amount of time does not automatically mean that you are over-priced.  Some properties are just more difficult to sell, with a lower number of buyers willing or interested.  One and two bedroom homes or properties with no basement would be a couple examples of property types that can take longer than usual.

As always, make sure you are working with a REALTOR® you trust, both for honesty and competence, and consult with them on an ongoing basis in regards to pricing and property preparation.