Here comes $600,000 median

A winter chill has set over the property market and it’s driving prices up.

Demand is outstripping supply in Hamilton’s housing market with sellers hunkering down for the cold season while buyers continue scrapping for what’s on the market.

The latest REINZ data, for the month of May, shows median prices are up on the year from $520,000 in May 2017 to $542,000.

Hard on the heels of that comes Trade Me property data showing average asking prices around the country hitting a record $645,900, in the same month.

Both sets of data coincide with solid May sales volumes of 306 - up on April’s Easter affected turnover, but on par with May 2017.

However new listings in Hamilton are on the wane, according to Lodge Real Estate managing director Jeremy O’Rourke.

And if it keeps up, prices will climb even higher.

‘‘While predicting a record median isn’t an exact science, it’s looking probable that the city will experience a median near the $600,000 mark within the next six months,’’ O’Rourke said.

The number of new houses listed for sale is tracking well behind those sold.

With 306 homes sold in Hamilton in May, the city needs about 900 properties for sale - enough for 3 months - for the market to be considered balanced.

‘‘At the start of June there were only 716 homes listed for sale,’’ O’Rourke said. ‘‘This is a dramatic decrease when compared to the past few months,’’ O’Rourke said.