August Real Estate 2021: RAHB MARKET AREA SEES RECORD LOWS FOR INVENTORY
Hamilton, ON (September 2, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,201 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in August 2021. Sales were down five per cent since last month, and they were also down five per cent since August 2020. New listings were down nine per cent since last month and down 15 per cent since last August. The average price for residential properties was $839,881 which was a decrease of nearly one per cent from last month compared to an increase of nearly 21 per cent from August 2020. The inventory available remained unchanged from July 2021 at 0.8 months of inventory.
“Since the pan“In line with seasonal trends, July and August tend to have fewer new listings and sales which is exactly the case here,” says RAHB President Donna Bacher. “Even though we have fewer active listings and sales, we are also seeing a slight dip in the average sale price. Overall the same story continues and that is that the level of inventory remains at critical low levels. We definitely need more supply on the market.”
The number of sales of detached properties in the RAHB market area decreased by 10 per cent in August 2021 compared to July 2021. The number of new listings was down seven per cent, and the average sale price increased to $934,560 from $933,327 last month. The number of active listings for detached homes has decreased by 10 per cent compared to July 2021.
“While single family detached properties in the RAHB market area saw a minor increase in the average price when compared to July 2021, there was a 10 per cent decrease in the number of sales in the same period,” says Bacher.
The number of sales of townhomes in the RAHB market area dipped by four per cent in August 2021 compared to July 2021. The number of new listings of townhomes was down 20 per cent, and the average sale price increased by nearly two per cent to $746,339 from last month. The number of active listings for townhomes has decreased by 35 per cent compared to July 2021.
“The trend is most worrying in the townhouse sector which has the lowest level of inventory. We saw a sharp decrease in active listings – 35 percent – over last month,” said Bacher.
The number of sales of apartment-style properties in the RAHB market area increased by four per cent month over month whereas August 2021 saw the number of new apartment-style listings decrease by 10 per cent compared to July 2021. The average sale price increased by nearly two percent to $530,732.
“With an average price tag of just over $530,000, apartment-style properties continue to be sought-after. These properties are attractive to both buyers and investors in the Hamilton-Burlington market area,” says Bacher. “Apartment-style properties are showing better inventory levels than any of the other property types yet are still well below normal levels.”
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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 but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local REALTOR®.
Also read: Real Estate Market Report – July 2021