Balanced market? Average Hamilton home sold for $950,000 in April

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Published May 3, 2022 at 5:00 pm

In Hamilton, the average home sold for a little under $950,000 in April. Still, experts say there are signs that the real estate market is finding balance.

In Hamilton, the average home sold for a little under $950,000 in April, compared to $785,000 the previous year. Still, experts say there are signs that the real estate market is finding balance.

The latest report from the Realtors Association of Hamilton-Burlington (RAHB) showed that prices, sales, and listings were down in April across the market, month-over-month.

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“With the exception of last year, new listings coming to market exceed that of every other April for the last ten years. With the increase in inventory, buyers are finally experiencing more choices in the market. While inventory is still below the norm, we finally see signs of a more balanced market as the number of active listings increases,” said RAHB president Lou Piriano.

“The rise in interest rates has likely attributed to a decrease in the number of sales month over month in every residential property category across the RAHB market area. While average prices remain strong, and still above the $1 million mark, we did experience another dip for the second month in a row.”

The average detached home in Hamilton sold for $1.06 million in April, compared to $863,000 in 2021.

Apartment-style homes remain the most “affordable” option for buyers, with an average sale price of $583,000.

Balanced market? Average Hamilton home sold for $950,000 in April Balanced market? Average Hamilton home sold for $950,000 in April

“Apartment-style properties experienced the greatest decrease in new listings month over month, and the lowest increase in inventory over detached and townhome properties,” says Piriano. “While apartment-style properties continue to appeal to buyers due to the attractive price point, there is currently less choice in this property category.”

The most expensive Hamilton real estate was just outside of the city. The average sale price of a home in Flamborough was $1.55 million in April, representing the most expensive area. Waterdown, Ancaster, Dundas, Stoney Creek, and Glanbrook followed and were all above the $1 million mark.

Balanced market? Average Hamilton home sold for $950,000 in April

The average sale price for residential properties across the RAHB market area was $1.01 million, which was down 5.6 per cent over the previous month, and up 18.2 per cent compared to April 2021.

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