At around $1M, the average price of a Hamilton-Burlington home shot up 27% compared to last year
Published November 3, 2021 at 1:16 pm
The average price for a residential property in Hamilton-Burlington was $922,297 in October — a five per cent increase month-over-month and a 27 per cent increase compared to Oct. 2020.
Meanwhile, the average sale price of detached properties increased by five per cent over last month to $1,033,169.
According to the Realtors Association of Hamilton-Burlington (RAHB), sales increased eight per cent (1,329 sales) compared to September. However, sales were down 18 per cent compared to Oct. 2020.
“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 Oct. 2021 compared to the previous month. The number of new listings decreased by eight per cent, and the average sale price of detached properties increased by five per cent.
The number of active listings for detached homes has decreased by 18 per cent compared to Sept. 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 compared to September, while the number of new listings of townhomes decreased by seven per cent. The average sale price remained relatively unchanged in October 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.
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