July Real Estate 2021: AVERAGE PRICE HOLDS STEADY IN RAHB MARKET AREA AS INVENTORY REMAINS AT RECORD LOWS
Hamilton, ON (August 4, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,275 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in July 2021. Sales were down 20 per cent since last month, and they were down 20 per cent since July 2020. New listings were down 24 per cent since last month and down 20 per cent since last July. The average price for residential properties was $847,104 which was a decrease of two per cent from last month and up 22 per cent from July 2020. The inventory available at the end of the month remained at 0.8.
“Since the pandemic began, the RAHB market area has been anything but predictable and each new month has brought historic highs and lows. Overall this month, we are seeing the number of sales and active listings slightly decrease compared to the previous four months which is inline with seasonal trends, ” says RAHB President Donna Bacher. “We are continuing to experience high demand coupled with record low inventory in almost all property types which is driving sale prices.”
The number of sales of detached properties in the RAHB market area decreased by 17 percent in July 2021 compared to June 2021. The number of new listings was down 26 percent, and the average sale price decreased by four percent to $933,927 from last month. The number of active listings for detached homes has increased by 17 percent compared to June 2021.
“Detached homes in the RAHB market area saw a slight decrease in the average price compared to last month. July and August tend to have slower sales activity due to fewer properties being listed,” says Bacher.
The number of sales of townhomes in the RAHB market area decreased by 26 per cent in July 2021 compared to June 2021. The number of new listings of townhomes was down 20 per cent, and the average sale price increased by two per cent to $735,606 from last month. The number of active listings for townhomes has increased by two per cent compared to June 2021.
“Townhomes, when comparing July 2021 to June 2021, saw an overall decrease in the number of sales and new listings. Townhomes were the only property type to see an increase in the average price in the RAHB market area with a slight increase over last month. The amount of inventory remaining at the end of April saw a small boost 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 28 per cent in July 2021 compared to June 2021. Compared to last month, July 2021 saw the number of new apartment-style listings decrease by 21 per cent, and the average sale price decreased by two per cent to $521,552.
“Across all housing types, apartment-style properties saw the most notable decrease in the number of sales when comparing July 2021 to June 2021. These types of 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 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 – June 2021