October Real Estate 2021: HOME PRICES SOAR IN RAHB MARKET AREA
Hamilton, ON (November 3, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,329 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in October 2021. Sales increased eight per cent since last month, and they were down nearly 18 per cent since October 2020. New listings decreased by nine per cent since last month and they were down 23 per cent since last October. The average price for residential properties was $922,297 which was an increase of nearly five per cent from last month compared to an increase of 27 per cent from October 2020. The inventory available dropped even further to 0.6 months of inventory.
“Following September’s momentum, October posted a new average sale price record for residential properties,” says RAHB President Donna Bacher. “The number of sales are down significantly from last October’s highs and up slightly from the typical activity we usually experience in October. The level of active listings and months of inventory available remains concerning as demand continues to drive the market. We do not anticipate this to change as 2021 comes to a close.”
The number of sales of detached properties in the RAHB market area increased by nearly 13 per cent in October 2021 compared to last month. The number of new listings decreased by eight per cent, and the average sale price increased by five per cent over last month to $1,033,169. The number of active listings for detached homes has decreased by 18 per cent compared to September 2021.
“Single family detached properties continue to be the most competitive property type as the number of listings and inventory both experienced a drop after increases in September. The real story is that the average sale price reached a new record, coming in at over $1,000,000 for the first time across the RAHB market area,” says Bacher.
The number of sales of townhomes in the RAHB market area increased by nearly eight per cent in October 2021 compared to September 2021, while the number of new listings of townhomes decreased by seven per cent. The average sale price remained relatively unchanged in October 2021 at $756,684, whereas the number of active listings for townhomes has decreased by nearly 19 per cent compared to last month.
“The demand for townhomes continues to outweigh supply with the number of sales increasing over last month while the active listing count dropped sharply. The inventory available at the end of the month is at critically low levels in this property category,” said Bacher.
The number of sales of apartment-style properties in the RAHB market area decreased by one per cent and the number of new listings also decreased by 11 per cent compared to last month. The average sale price decreased by four per cent over last month to $600,912.
“Apartment-style properties are attractive to a variety of buyers due to the price point coming in well below detached homes and townhouses,” says Bacher. “With new listings and active listings decreasing month over month, we expect the competition in this market to remain tight.”
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Specific neighbourhoods within the overall RAHB market 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 – September 2021