Published on: 2015-03-14
Hamilton House Sales Surge
Lodge Real Estate’s managing director, Jeremy O’Rourke, said today the number of homes listed on the Hamilton market during February was the highest in twelve months.
“Hamilton saw 322 new residential properties come on the market during February. That’s 62% more than February 2014.
“But the listings are not fulfilling buyer demand. At the same time, total Hamilton housing stock dipped 3% between January and February. And total stocks are down 16% as compared to one year ago. The market is out-buying listings, with 308 sales occurring during February,” he said.
This compares to 185 properties sold in the city during January 2015 and 193 in February 2014.
“Buyers are in competition for properties. For the most part, vendors taking quality properties to auction are experiencing the benefits of this competition first-hand,” Mr O’Rourke explained.
The number of sellers auctioning their property increased slightly from 25% in January to 28% in February. This compares to around 35% of properties going to auction in February 2014.
Hamilton’s median house price dipped to $352,000 from $355,000 in January and compares to $375,000 one year ago. Mr O’Rourke said, “The dip in the median is reflective of first home buyers coming back into the market in a big way. Hamilton’s statistics reflect a lot more properties being sold at the lower end of the market.
“The good weather this summer delayed the return of holiday makers to the city. Hence, many would be sellers delayed putting their properties on the market in January and subsequently re-purchasing. I believe as those people conclude their purchases in the coming months, we’ll see a sharp rise in Hamilton’s median.”