September Real Estate 2021: DEMAND CONTINUES TO OUTPACE SUPPLY IN RAHB MARKET
Hamilton, ON (October 4, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,226 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in September 2021. Sales increased two per cent since last month, and they were down nearly 30 per cent since September 2020. New listings increased by 14 per cent since last month and they were down 26 per cent since last September. The average price for residential properties was $881,656 which was an increase of nearly five per cent from last month compared to an increase of 22 per cent from September 2020. The inventory available remained unchanged from August 2021 at 0.8 months of inventory.
“After months of relatively flat prices, September’s historically low listing and inventory levels have moved the average sale price to a new record,” says RAHB President Donna Bacher. “The demand remains strong and the supply remains low. Overall, we need more supply on the market to meet the demands of buyers and investors. There’s nothing on the horizon to indicate that October will be any different.”
The number of sales of detached properties in the RAHB market area held steady with 798 sales in September 2021 compared to 795 in August 2021. The number of new listings increased by 14 per cent, and the average sale price increased by five per cent over last month to $981,678. The number of active listings for detached homes has increased by nine per cent compared to August 2021.
“Single family detached properties continue to be in high demand with families looking for space to grow. We saw listings and inventory levels increase in September which is typically the norm. The average price for single family detached properties is creeping back up to the record high that we recorded earlier this year,” says Bacher.
The number of sales of townhomes in the RAHB market area dipped by nearly four per cent in September 2021 compared to August 2021. The number of new listings of townhomes increased 17 per cent, and the average sale price increased by nearly two per cent to $758,338 from last month. The number of active listings for townhomes has decreased by one per cent compared to August 2021.
“More townhomes came to the market in September following the typical summer slowdown and the average sale price of townhomes hit a high of over $758,000,” said Bacher.
The number of sales of apartment-style properties in the RAHB market area increased by nearly ten per cent month over month. September 2021 saw the number of new apartment-style listings increase by 15 per cent compared to last month. The average sale price increased by 18 per cent over last month to $626,794.
“The 18 per cent increase in average sale price of apartment-style properties recorded in September is a bit misleading and should not be taken at face value. September saw above average sales volume in luxury apartment-style properties in premium Burlington locations,” says Bacher. “Average sale prices continue to remain strong in the Hamilton-area with an average sale price remaining in the $480,000 mark. For a wide variety of buyers, apartment-style properties remain attractive across the RAHB market.”
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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 – August 2021