Hamilton's real estate market is picking up steam
The real estate market is starting to pick up steam in the Hamilton-Burlington area, according to February's market stats.
The Realtors' Association of Hamilton-Burlington (RAHB) reported 998 residential sales within the RAHB market area were processed through MLS last month, the organization said in a recent report.
RAHB says that sales are up 30 per cent over last month and up 25.5 per cent over February 2019.
They report that the average price for residential properties increased to $646,667, which is up 4.5 per cent from last month and up 15.5 per cent from the same month last year.
"The RAHB market is quite active with a significant increase in the number of sales compared to last month and last year. We experienced similar activity at the beginning of 2016, which was one of our busiest markets on record," says RAHB President Kathy Della-Nebbia.
"With the increases in average price and new listings, overall we are firmly in a seller's market; however, there is greater demand at certain price points - such as below $600,000."
The number of sales for single-family properties within the entire RAHB market — which encompasses Hamilton, Burlington, Niagara North and Haldimand — increased by 27 per cent compared to the same month last year, and the average sale price increased by 16 per cent.
Townhouse sales activity increased from February 2019 by 21.2 per cent, and the average townhouse sale price increased by 19.4 per cent to $584,944.
Apartment-style property sales increased by 19.8 per cent from February 2019, and the average price increased by one per cent.
"Apartment-style properties in Hamilton are the most affordable, with an average price of $346,250," said Della-Nebbia.
"There were also 83 new listings of apartment-style properties, with 54 sales, so the inventory could be building."
Dundas has seen the biggest average price increase for homes in the past year. In February 2019, the average price was $545,600. In February 2020, the average price rose to $740,538.
The number of sales was down in Dundas from year to year, so that could explain the sharp price increase.
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