RAHB MARKET AREA SEEING SIGNS OF STABALIZATION
The April Real Estate Market Report shows 1,906 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in April 2021. While sales were down eight per cent since last month, they were up 245 per cent since April 2020. New listings were down three per cent since last month and up 191 per cent as of last April. The average price for residential properties was $855,455 which was down two per cent from last month and up 39 per cent from April 2020. The inventory available at the end of the month was 23 per cent higher than last month.
“Since the pandemic began, the RAHB market area has been anything but predictable and each new month has brought historic highs and lows. The good news is, the RAHB market area is showing signs of stability and recovery with active listings increasing significantly once again month over month,” says RAHB President Donna Bacher. “We have to acknowledge that the impact of the COVID-19 pandemic distorts housing statistics when comparing year to year, so rather than looking at 2020 to 2021, our best insight comes from a month over month analysis.”
The number of sales of detached properties in the RAHB market area decreased by two percent in April 2021 compared to March 2021. The number of new listings was up four percent, and the average sale price decreased by three percent to $953,365 from last month. And the number of active listings for detached homes has increased by 32 percent compared to March 2021.
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“For the first time in a long time, detached homes in the RAHB market area saw a slight decrease in the average price compared to last month. This could be a result of supply and demand finally being on par with one another,” says Bacher.
Townhouses and Condos
The number of sales of townhomes in the RAHB market area decreased by 13% in April 2021 compared to March 2021. The number of new listings of townhomes was down 6%, and the average sale price decreased by 3% to $712,822 from last month. And the number of active listings for townhomes has increased by 21% compared to March 2021.
“Townhomes, when comparing April 2021 to March 2021, saw an overall decrease in the number of sales, new listings, and the average price. In contrast, the amount of inventory remaining at the end of April saw a healthy boost at 21% compared to last month. What this means is that townhomes continue to be a good option for buyers who are looking for more space than a condo at a more affordable price tag than a detached home.”
The number of sales of apartment-style properties in the RAHB market area decreased by two per cent in April 2021 compared to March 2021. Compared to last month, April 2021 saw the number of new apartment-style listings increase by two per cent, and the average sale price increased by three per cent to $533,373.
“Apartment-style properties were the only property type to see an increase in the average price in the RAHB market area; however, apartment-style properties continue to be an affordable option with the average price remaining around $500,000. The average price of a condo continues to be very attractive to both buyers and investors in the Hamilton-Burlington area.”
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Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Neighbourhoods vary and, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have 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. Not to be used as an indicator that specific properties have increased or decreased in value.
Also read: Real Estate Market Report – February 2021