Real estate market update: Hamilton - August 2018

So how is the market in Hamilton?  The housing market that is...
  I have provided a summary of the current market below, including statistics, and a bit of an overview of what this all means.

The Hamilton residential real estate market saw renewed activity in July across all price brackets, sales rising to 256 from 235 in June (up 8.9%), also up slightly on the 252 sales for July 2017 (up 1.6%).

This increase reflects the current strong buyer enquiry for Hamilton property, particularly noticeable in the entry-level price points given the high demand from first home buyers and investors, with 49% of July sales below $500,000 compared to only 36% in June. This impacted the median house price, down from June’s record high $567,000 to $530,000 in July (6.5%) and for the first time in many years the median was down on the last year (July 2017 was $531,600). The limited number of available properties for sale has dropped again, this being the primary constraint on sales volumes with only 656 houses available for sale compared with 670 last month (down 2.1%).  July saw the predominant selling range remain steady at $450,000 to $650,000; with 9 property sales in excess of $1 million.

This pattern is typical of Winter, when listings decrease as sellers perceive the warmer months as more likely to produce better results. However, this is a fallacy with buyer demand just as strong at this time of year and the reduction in available properties resulting in increased buyer competition for the homes that are for sale. Consequently, we have been conducting more multiple offer presentations, our auction clearance rates have increased and we are experiencing more pre-auction sales. Buyer competition is a seller’s best friend, ensuring the best price the market will pay. 

Key property stats from the past last 3 months
Key property stats from the past last 3 months
Rural and Lifestyle

The local rural and lifestyle market continues to attract enquiry across all locations and price brackets but as with the residential market sale numbers are constrained due to the lack of available listings. Impressive sale prices have been achieved over the winter months so spring is looking positive as more stock enters the market. Our team is fielding enquiry both locally and from outside the region so if you are considering a move call one of our consultants today.

Number of housing stock currently available
Number of housing stock currently available in Hamilton