Hamilton housing market picks up in first month of 2020

 

Sales of homes in Hamilton and surrounding areas in the first month of 2020 saw a little bit of a rebound from December sales.

The Realtors Association of Hamilton-Burlington (RAHB), reported that in January, there were 692 sales processed through the MLS system (that's up from 585 in December).

Sales, the report says, are up five per cent from the same month last year, and up 18.3 per cent over December 2019.

"Buyers seem to be coming out early, so sellers shouldn't feel the need to wait for the spring market to get a great value for their property," said RAHB president Kathy Della-Nebbia.

"We expect the spring market will be strong with more competition between sellers, as many wait for the flowers to bloom to market their homes."

The average price for residential properties increased by 11.9 per cent from January 2019 to $617,496, the RAHB report found.

Compared to January 2019, the number of sales for single-family properties last month within the entire RAHB market — which includes Hamilton, Burlington, Haldimand and North Niagara — increased by 10 per cent and the average sale price increased by 9.4 per cent.

The movement of townhomes and apartment-style properties saw a slight year-over-year dip with a decrease of 6.2 per cent and 1.4 per cent respectively.

Prices, however, continued to climb with townhomes seeing a sale price increase of 10.8 per cent to $518,361, as apartment-style properties saw an increased sale price of 9.6 per cent.

"Although RAHB market statistics showed an overall increase in January 2020, certain segments of the market did not," said RAHB CEO Carol Ann Burrell.

"For example, townhouse and apartment-style properties experienced a decrease in the number of sales, and certain communities experienced a decrease in average price and/or number of sales - such as Glanbrook."

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