Hamilton’s residential property market gathered further momentum during July with 314 completed sales up from 260 completed sales during June 2020. 

New homes to the market are seeing buyer activity consistent with a continued lack of available homes for sale which has now declined 13 months in succession and a large number of unsatisfied buyers which is resulting  in multi offers and sellers using auctions to take advantage of the current market conditions.

Open homes continue to see an array of buyers from first home buyers, families looking to upsize and investors with motivation remaining extremely high with current lending rates at record lows.

New homes to the market continues to be challenging with homes sold in excess of new listings which will continue to put pressure on the median house price and  days to sell which reduced 25 days further to 33 days to sell in July, this is much lower than the 10-year average of 44. 

The current market indicators for the residential property market is further strengthening the market as a sellers’ market and this is likely to continue heading into the warmer months of spring.