December home prices in Hamilton up quite a bit from last year
Hamilton's December housing market was a little slower from the months previous, but it was still showing more movement and higher prices from the year before.
The Realtors Association of Hamilton-Burlington (RAHB) reported 585 sales of residential properties located within the RAHB market area were processed through MLS in December 2019.
Sales are up 3.9 per cent over December 2018, RAHB reports, but they are down from both November and October.
"With the holidays and cold weather, sales tend to dip in December when compared to the previous months," said RAHB President Kathy Della-Nebbia. "A decrease in new listings and an increase in sales can equal less inventory on the market."
The average price for residential properties increased by 7.6 per cent from December 2018 to $581,566.
"With increased competition for the properties available, this [time of year] looks to be an opportune time to sell your property," said Della Nebbia.
The number of sales for single-family properties within the entire RAHB market (which includes Hamilton, Burlington, Haldimand and North Niagara) increased by 6.8 per cent compared to the same month last year, and the average sale price increased by 8.2 per cent.
Townhouse sales activity across the entire RAHB market area decreased from December 2018 by 7.6 per cent, and the average townhouse sale price increased by 1.4 per cent to $502,981.
Apartment-style property sales increased by 14.8 per cent from December 2018, and the average price increased by 10.2 per cent, the RAHB report finds.
"For the past few months, townhouses within the RAHB market area have experienced an increase in the number of sales and a decrease in the number of listings," says RAHB CEO Carol Ann Burrell.
"This, paired with increases in average price each month of 2019, shows that this is a popular property type for buyers - most likely due to its affordable price point."