Hamilton Real Estate Market Showing Signs Of Life Again.
The Hamilton real estate market showed signs of life during August as first home buyers returned to the market. The market between $600,000 and $700,000 surged to form 23% of the city’s sales from an average of 14% during the previous seven months. A combination of more relaxed lending rules and price pullback restored first home buyer confidence and prompted them into action.
Across the city, 194 properties changed hands, still down on last August’s 228 sales. Average days to sell blew out to 51 days highlighting that some sellers were taking time to realise that prices had shifted downward. The median price settled at $795,000, marking the fifth straight month in decline and well below the peak of $881,000 last November.
In addition, with 960 properties available for sale at the time of writing, buyers were overlooking properties that did not stand out with a strong marketing presence. Although volumes were light, auction clearance rates improved, reducing sellers' time on the market.