The Hamilton residential real estate median price soared to new heights during December which, at first glance, indicated that real estate prices in Hamilton were on the way up. However, closer analysis of the REINZ statistics reveals that there was a lack of property available for sale under $250,000. This lead to less properties being sold at this level whilst sales remained strong in other price segments and ultimately had the effect of driving the median price up although house values may not have changed much.
The median time a property remained on the market rose again for the fourth consecutive month. From 27 days in August the days on market median climbed to 35 days by year end. Coupled with falling sales volumes and increased availability of properties for sale buyers took their time deciding on a purchase and focused on value selections. Sellers who may have been a little bullish with their pricing in large were overlooked by buyers until they readjusted their expectations.