RAHB MARKET AREA SEES DOUBLE DIGIT YEAR-OVER-YEAR INCREASE IN AVERAGE SALE PRICE
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).
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 825 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in January 2021. Sales were down 9.6 per cent over last month but up 6.9 per cent over January of last year. New listings were up 47.3 per cent over December 2020 and down 16.2 per cent over last January. The average price for residential properties was $787,840, which was up 7.9 per cent from last month and up 27.6 per cent from January 2020. The number of active listings available at the end of the month was 53.2 per cent lower than the previous period in 2020.
“In the RAHB market area, we saw an increase in sales activity last month, compared to January 2020, despite a decline in new listings,” says RAHB President Donna Bacher. “Our sales to listings ratio of 81.6 per cent, second only to January 2017, tells us that the RAHB market area is firmly in a seller’s market. This year’s decline in new listings builds off the back of the pre-pandemic drop in new listings and inventory levels we experienced in January 2020. In addition, now many homeowners may not be interested in or even able to move their households due to the pandemic, adding to our inventory woes.”
The number of sales of single-family properties within the entire RAHB market area decreased in January 2021 by 6.9 per cent compared to January 2020. The number of new listings was down 16.2 per cent, and the average sale price increased by 23.4 per cent to $787,840 from January 2020.
“The decrease in single-family homes available for purchase, coupled with the logistical hurdles families face moving during a pandemic, may have greatly influenced many not to put their home on the market,” says Bacher.
LIVE MARKET REPORTS
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January 2021 townhouse sales experienced a decrease in number of sales and new listings over January 2020 by 2.2 per cent and 3.3 per cent, respectively, while the townhouse average sale price increased by 28.8 per cent to $664,958. Compared to 2020, apartment-style property sales increased in January 2021 by 64.7 per cent, new listings increased by 6.8 per cent, and the average price increased by 11 per cent to $475,796.
“Compared to single-family and townhomes, we didn’t see such a drastic drop in active listings in apartment-style properties. While apartment-style properties sales were robust in January 2021, the average price throughout the Hamilton-Burlington area remains very attractive to both first-time buyers and investors.”
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Bacher adds, “For anyone who wants to buy or sell a home in the Hamilton-Burlington area, our RAHB REALTORS® have access to the best technology along with a commitment to follow strict safety protocols, ensuring safe and successful showings and sales. Whether you’re a buyer or seller, working with one of our 3400 RAHB members will not only help ensure that your getting the best service and data, but that your real estate transactions will be both successful and safe.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. Team Bush has the experience, knowledge and tools to help buyers and sellers make those big decisions. These unprecedented times are where the services of our experience Realtors are invaluable. We will continue to work to ensure housing needs are met, while working to keep clients safe and healthy.
*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.
Call Team Bush Home Selling Team at 905-297-4885 to find out how much your property is worth!
Team Bush has the experience, knowledge, and tools to help buyers and sellers make those big decisions.