Home prices continued to climb throughout Hamilton in August
The average price of a home in Hamilton showed a slight increase in August over the previous month but has jumped significantly from the same time period in 2019.
The Realtors Association of Hamilton-Burlington (RAHB) reported that there were 1,272 sales of residential properties located within the RAHB market area (which includes Hamilton, Burlington, Haldimand and Niagara North) were processed through MLS in August.
RAHB said sales are down 21.14 per cent over last month and up 12.7 per cent over August of last year and new listings are down 16.1 per cent over July 2020 and up 7.3 per cent over last August.
The average price for residential properties was $694,690, which is up 0.24 per cent from last month and up 16.3 per cent from August 2019. The number of active listings for the month was down 18.6 per cent over last year.
"This month's activity was in line with what we would typically see for August; however, due to COVID-19 the trends for the year are not what we would normally experience," said RAHB president Kathy Della-Nebbia.
"Over the Spring, we saw lower than normal activity, but a balance between supply and demand."
The report notes that the number of sales for single-family properties within the entire RAHB market increased by 10.8 per cent compared to the same month last year, the number of new listings was up by 4.7 per cent over last year, and the average sale price increased by 19.9 per cent.
Townhouse sales activity across the entire RAHB market area increased from August 2019 by 6.6 per cent, new listings were up 2.6 per cent, and the townhouse average sale price increased by 12.5 per cent to $583,762.
Apartment-style property sales increased by 52.5 per cent from August 2019, new listings increased by 33.1 per cent, and the average price decreased by 0.4 per cent.
The area of Hamilton that saw the biggest action was the mountain, with 206 sales processed through MLS last month.
Flamborough is proving to be the city's priciest locale: last month, the average home price was $1,157,700, up from $664,861 in the same period last year.
Central Hamilton remains one of the city's more affordable neighbourhoods with an average home price at $473,511, up from $398,478.
"As we move into the Fall, we would expect a return to higher activity," said Della-Nebbia.
"With the potential for a second wave of the virus, we don't want to make any predictions."
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