Average sale of Hamilton home was over $1 million in March 2022: report
Published April 5, 2022 at 2:17 pm
The average sale price of a home in Hamilton was $1.03 million last month. While a detached home in the city sold for an average of $1.1 million in March 2022.
According to the Realtors Association of Hamilton-Burlington (RAHB), the average sale price of a detached home in Hamilton increased 20 per cent compared to March 2021; however prices are showing signs of correction as month-over-month, the average cost decreased by 4 per cent.
“In March, single-family detached properties experienced the greatest price correction,” said RAHB President Lou Piriano.
Meanwhile, the market was hot in March with the overall number of residential transactions across the RAHB market area being the second-highest recorded in ten years.
“The residential market for all dwelling types continues to have less than one month of inventory which means it would take approximately 20 days to sell all the properties available,” said Piriano. “We are still experiencing a seller’s market fueled by high demand and low supply. A balanced market typically has two to three months of inventory.”
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The average sale price for residential properties across the RAHB market area was $1,073,342, which was down 2.7 per cent over the previous month, and up 22.8 per cent compared to March 2021.
Condominiums sold for an average of $692,400 in March, an increase of 3.4 per cent month over month, and an increase of 32.3 per cent compared to March 2021.
“Apartment-style properties experienced the highest increase in inventory, and it was also the only property category to show an increase in average sale price month over month,” says Piriano. “The number of new listings to market even out-performed March 2021 by over ten per cent.”
“Apartment-style properties continue to be a popular investment for buyers and investors due to the attractive price point and the advantage of a low maintenance lifestyle,” he added.
The average sale price of townhomes across the RAHB market area was $929,901, down 1.1 per cent month over month, and up 26.3 per cent compared to March 2021.