RAHB MLS® HOME SALES POST THIRD BEST JUNE ON RECORD AS SUPPLY CONTINUES TO FALL
The Hamilton Real Estate Market Trend Report brought to you by Team Bush Home Selling Team. Statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
Hamilton, ON (July 6, 2021) – The number of homes sold through the MLS ® System of the REALTORS ® Association of Hamilton-Burlington (RAHB) totaled 1,607 units in June 2021. This was an advance of nearly 10 percent from June 2020.
Home sales were 14 percent above the five-year average and 11 percent above the 10-year average for the month of June.
On a year-to-date basis, home sales totaled a record 9,518 units over the first six months of the year. This was up sharply by 57 percent from the same period in 2020.
“June’s home sales marked one of the strongest levels on record for this month. Year-over-year gains are expected to become more modest and may even be negative in the months ahead as we reach a crossover period where sales in 2020 roared back to life and sales this year are cooling off after a blistering pace,” said Donna Bacher, President of the REALTORS ® Association of Hamilton-Burlington. “With new listings only back around average levels this has done nothing to lift overall inventories from record lows. While market conditions remain historically tight with demand far outpacing supply, we are seeing average sale prices remain stable.”
The MLS ® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS ® HPI composite benchmark price was $879,100 in June 2021, a significant increase of 28 percent compared to June 2020.
The benchmark price for single-family homes was $932,700, a notable gain of 30 percent on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $672,300, rising 26 percent compared to a year earlier, while the benchmark apartment price was $552,900, up 19 percent from year-ago levels.
The average price of homes sold in June 2021 was $865,339, an increase of 27 percent from June 2020.
The more comprehensive year-to-date average price was $852,035, advancing 30 percent from the first six months of 2020.
The dollar value of all home sales in June 2021 was $1.4 billion, up 39 percent from the same month in 2020. This was also a new record for the month of June. The number of new listings edged up only one percent from June 2020. There were 2,005 new residential listings in June 2021.
New listings were 5% below the five-year average and short of 1% above the 10-year average for June.
Active residential listings numbered 1,219 units on the market at the end of June, down sharply by 33 percent from the end of June 2020. And active listings haven’t been this low in the month of June in more than three decades.
Active listings were 48 percent below the five-year average and 52 percent below the 10-year average for the month of June.
Months of inventory numbered 0.8 at the end of June 2021, down from the 1.3 months recorded at the end of June 2020 and below the long-run average of 1.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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Specific neighbourhoods within the overall RAHB market area saw 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 – May 2021
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