Find Out What’s Happening in the Real Estate Market.
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 998 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in February 2020. Sales are up 30% over last month and up 25.5% over February 2019. The average price for residential properties increased to $646,667, which is up 4.5% from last month and up 15.5% from the same month last year.
“The RAHB market is quite active with a significant increase in number of sales compared to last month and last year. We experienced similar activity at the beginning of 2016, which was one of our busiest markets on record,” says RAHB President Kathy Della-Nebbia. “With the increases in average price and new listings, overall we are firmly in a seller’s market; however, there is greater demand at certain price points – such as below $600,000.”
The number of sales for single-family properties within the entire RAHB market increased by 27% compared to the same month last year, and the average sale price increased by 16%. Townhouse sales activity across the entire RAHB market area increased from February 2019 by 21.2%, and the average townhouse sale price increased by 19.4% to $584,944. Apartment-style property sales increased by 19.8% from February 2019, and the average price increased by 1%.
“Apartment-style properties in Hamilton are the most affordable, with an average price of $346,250. There were also 83 new listings of apartment-style properties, with 54 sales, so the inventory could be building,” says Della-Nebbia. “There are great opportunities within other segments of the market, and that’s where a local RAHB REALTOR® can be instrumental – they know the communities and have the resources to find you your dream property.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging.
Team Bush has the experience, knowledge, and tools to help buyers and sellers make those big decisions.
*Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Call Team Bush Home Selling Team at 905-297-4885 to find out how much your property is worth!
Do you know someone thinking of making a move? Did you know that we donate a portion of our income to CityKidz of Hamilton to make a difference in the lives of kids who are living in poverty? This year, we have donated $10,000 dollars!
You can trust that those you know that you refer to our Real Estate Team, will benefit from our Award-Winning Real Estate System PLUS you will also be helping the kids!