AVERAGE PRICE CONTINUES TO GROW AMIDST PANDEMIC-INDUCED MARKET CONDITIONS
The February Real Estate Market Report shows 1,271 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System. Sales were up 54% since last month and up 14.9% since February of last year. New listings were up 61.9% since January 2021 and up 12.2% as of last February. The average price for residential properties was $848,719. This is up 7.7% from last month and up 29.5% from February 2020. The number of active listings available at the end of the month was 44.1% lower than the previous period in 2020.
“In the RAHB market area, we saw an above average increase of 7.7% in the average price of a home month over month,” says RAHB President Donna Bacher. “There are several pandemic related factors which have contributed to the high demand for housing combined with the low supply levels we have experienced in our market area. The good news is the number of new listings broke a 10-year record for February and our active listings increased by 28% from January 2021. As we recover from these ultra low inventory numbers, buyers should start to see more selection and a bit less competition. Additionally, new listing numbers should stay strong and inventory levels should continue to increase to a more normal level as more of the RAHB market area moves out of lockdown and control zones.”
The number of sales of single-family properties in the RAHB market area increased by 14.9% in February 2021 compared to February 2020. The number of new listings was up 7.5%. The average sale price increased by 33.5% to $848,719 from February 2020. Active listings for single-family properties continue to remain low with February 2021 seeing active listings down 54.8% since February 2020.
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“COVID-19 continues to place logistical hurdles on families trying to get their home onto the market. As spring weather arrives and if COVID-19 restrictions are eased, families should be in a better position to leave their home to accommodate necessary showings. Which should increase the number of active listings in the RAHB market area,” says Bacher.
Townhouses and Condos
The number of sales of townhomes in the RAHB market area increased by 11.9% in February 2021, compared to February 2020. The number of new listings of townhomes was up 30.9%. The average sale price increased by 25.5% to $730,073 from February 2020.
“Townhomes saw the largest increase in new listings at 31% during February 2021. Townhomes are a great option for first-time home buyers as they offer more space than a condo apartment but have a much more affordable price point compared to single-family properties.”
The number of sales of apartment-style in the RAHB market area increased by 31.3% in February 2021. Compared to the same month in 2020. In February 2021, the number of new apartment-style listings increased by 8.6%. Compared to February 2020, and the average sale price increased by 12.5% to $515,217 from February 2020. Apartment-style properties continue to be experiencing a sellers’ market. With the sales to new listings ratio sitting around 88% in February 2021.
“Apartment-style properties saw the largest increase in the number of sales at 31% during February 2021. The average price of an apartment-style property, coupled with the higher level of inventory, makes apartment-style properties throughout Hamilton-Burlington very attractive to both first-time buyers and investors.”
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Specific neighbourhoods within the RAHB market area see results that often differ from the average of the 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. These unprecedented times are where the services of our experience Realtors are invaluable. We will continue to work to ensure housing needs are met, while working to keep clients safe and healthy.
*Average sale price can be useful in establishing long-term trends. Not to be used as an indicator that specific properties have increased or decreased in value.