Huge Jump In July Market

by Darrin DeRoches August 14 - 20, 2014

The Hamilton–Burlington real estate market saw 1559 property sales during the month of July, which is a 21.5 percent increase over last year’s sales in July. The average sales price broke the $400 thousand mark to $409,538 for the month. The average days on market dropped from 42 days to 36 days. In a nutshell, this means that the market is moving fast and selling for top dollar!     If you look back at the market in recent years, July is typically a little slower and you do not see sales at this level let alone over a 20 percent increase.  At the beginning of the year I wrote that the average house sale will be over $400 grand and it took six months to do it.  At this rate we will have record sales by the end of the year at top prices. The local papers are starting to write about the “condo boom”, which seems a little late to the party but the proof will be in the sales of the units which will take time to prove such a change in our landscape.  If the condo builders keep prices in line then they can compete in this fast moving market when you realize a home is hitting over $400 grand and if they price them in high $200’s then they will sell.  Everything is relative to what the market is doing on a day to day basis.     This week two properties came up on Herkimer and one sold within hours and the other on the weekend.  Both of these properties were priced on the top end of the market and both had about 9 out of 10. Unfortunately they were not what my clients wanted and we will wait for more to hit the market, but August is usually a quiet time and properties are still selling fast and for top dollar. The problem is that not all of the market is moving as fast.  If you listed two homes in the east end on the same street they will sell but it will take some time and more effort. The market is hot in Hamilton but in certain areas it is scorching hot — like the west end.     Last week I had several inquiries on student homes, investment properties, homes in west end, cottages and properties in the east end.  As I said before, August is usually pretty quiet but these calls and listings are showing that the fourth quarter of the year is shaping up to be strong.  Listings are still the issue and quality properties will sell fast! So if you are thinking of selling, take the time to call us to get things ready for a scorching hot end of the year to the real estate market. Be prepared so you don’t get burned! V     Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at sold@uniquerealty.ca.