Hamilton, ON (April 5, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 2,074 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in March 2021. Sales were up 63 per cent since last month and up 73.1 per cent since March of last year. New listings were up 65 per cent since last month and up 53 per cent as of last March. The average price for residential properties was $872,368 which was up three per cent from last month and up 32 per cent from March 2020. The inventory available at the end of the month was 39 per cent lower than the previous period in 2020.
“The RAHB market area was close to record-breaking activity with a 63 per cent increase in sales, a 65 per cent increase in new listings and an overall increase in inventory by 27 per cent since last month,” says RAHB President Donna Bacher. “With the spring housing market upon us and the vaccine rollout ramping up, it appears more homeowners are feeling comfortable listing their home and we have started to observe an upturn of active listings. We have to acknowledge that the impact of the COVID-19 pandemic distorts housing statistics when comparing March 2021 to March 2020.”
The number of sales of detached properties in the RAHB market area increased by 74 per cent in March 2021 compared to March 2020. The number of new listings was up 53 per cent, and the average sale price increased by 34 per cent to $987,030 from March 2020. The number of active listings for detached homes has increased by 36 per cent compared to February 2021.
“Compared to last month, detached homes saw the largest increase in inventory between the different property types at 36 per cent. In addition, we saw a large increase in the number of sales and new listings. Due to an increase in supply to offset existing demand, the average price saw a modest increase month-over-month of two per cent,” says Bacher.
The number of sales of townhomes in the RAHB market area increased by 73 per cent in March 2021 compared to March 2020. The number of new listings of townhomes was up 64 per cent, and the average sale price increased by 29 per cent to $734,970 from March 2020. The number of active listings for townhomes has increased by 13 per cent compared to February 2021.
“Townhomes saw the lowest increase in average price at 0.7 per cent compared to detached and apartment-style properties, but had the largest increase in sales at 80 per cent when looking at February 2021 market numbers. What this means is that 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.”
The number of sales of apartment-style in the RAHB market area increased by 68 per cent in March 2021 compared to the same month in 2020. In March 2021, the number of new apartment-style listings increased by 43 per cent compared to March 2020, and the average sale price increased by 16 per cent to $519,586 from March 2020. Apartment-style properties continue to be experiencing a sellers’ market, with the sales to new listings ratio sitting around 75 per cent in March 2021.
“Apartment-style properties continue to fall within a buyer’s market and the average price is just over $500,000. Both these factors make condos very attractive to both buyers and investors in the Hamilton-Burlington area.”
Specific neighbourhoods within the overall RAHB market area 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.
Bacher adds, “For anyone who wants to buy or sell a home in the Hamilton-Burlington area, our RAHB REALTORS® have access to the best technology, along with a commitment to follow strict safety protocols, ensuring safe and successful showings and sales. Whether you’re a buyer or seller, working with one of RAHB’s more than 3500 members will help ensure you are not only getting the best service and data, but also that your real estate transactions will be both successful and safe.”
**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®.