Real Estate Market Hamilton
“Best Buying in 19 Years”
Back round: After three years of deteriorating sales June 2010 seems to point to the bottom of the market. With residential dwelling sales in Hamilton hitting an all time low of 153 within the entire city. That is the lowest figure since 1992 when numbers were first record.
Median Sale Value Draws Close to Median Ratable Value: For the last 3 years the median sale has been close to the ratable value of the property – with June 2010 seeing just a $10,000 gap. A positive gap to be sure, but still far closer than the period of the sales bubble we saw in 2004 through 2007.
So Where Is The Market Now?
Right now it is a buyers market and if you are a first home buyer or investor you should be buying now. However there are early signs that the market has bottomed out and that this spring and summer will see an increase in sales as the far to long awaited economic recovery finally takes hold and the cost of added GST softens the new house market but stimulates the existing house market.