Hamilton real estate market shows signs of stabilizing: Report
Published May 7, 2021 at 7:55 am
A new report from the Realtors Association of Hamilton-Burlington (RAHB) suggests that the local real estate market is showing signs of stabilizing.
The report notes that there were 1,906 sales of residential properties located within the RAHB market area (which includes Hamilton, Burlington, Haldimand and North Niagara) through MLS last month.
Sales were actually down eight per cent since March, the report said, but they were up 245 per cent since April 2020.
New listings were also down three per cent since March and up 191 per cent as of last April.
The inventory available at the end of the month was 23 per cent higher than the end of March.
“Since the pandemic began, the RAHB market area has been anything but predictable and each new month has brought historic highs and lows,” said RAHB president Donna Bacher in the report.
“The good news is, the RAHB market area is showing signs of stability and recovery with active listings increasing significantly once again month over month.”
While this is good news for people looking to buy, the balance is still very much tipped in favour of sellers looking to cash in.
The average price for residential properties was $855,455 which was down two per cent from March and up 39 per cent from April 2020.
“For the first time in a long time, detached homes in the RAHB market area saw a slight decrease in the average price compared to last month,” Bacher said.
“This could be a result of supply and demand finally being on par with one another.”
West Lincoln and Flamborough are the most expensive places within the RAHB area to buy a home right now with the average price of a home coming in at $1,364,340 and $1,244,674 respectively.
The number of sales of detached properties in the RAHB market area decreased by two per cent in April 2021 compared to March 2021, the report said.
The number of new listings was up four per cent in April, and the average sale price decreased by three per cent to $953,365 from March. The number of active listings for detached homes increased by 32 per cent compared to March 2021.
For townhomes in the RAHB market area, sales were down by 13 per cent last month compared to March 2021 as the number of new listings of townhomes was down six per cent, and the average sale price decreased by three per cent to $712,822 from the month previous.
“Townhomes continue to be a good option for buyers who are looking for more space than a condo at a more affordable price tag than a detached home,” Bacher said.
In the meantime, for most people looking to even get their foot in the real estate market door, apartment condos seem to be the way to go. The average sale price for these units increased by three per cent to $533,373 last month.
“Apartment-style properties were the only property type to see an increase in the average price in the RAHB market area,” Bacher said.
“However, apartment-style properties continue to be an affordable option with the average price remaining around $500,000.”
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