PHOTOS: The cheapest -- and most expensive -- homes sold in Hamilton in February
The Hamilton market certainly saw big movement last month and only time will tell how the COVID-19 outbreak will impact in the weeks and months to come - so far, interest in real estate everywhere seems to be waning.
As it stands now, however, spring sprung early for the real estate market.
A total of 998 homes traded hands in February, according to a report from the Realtors Association of Hamilton-Burlington, marking a 25.5 per cent increase from the same time last year, and up 20 per cent from January.
The average price clocks in at $646,667, up 15.5 per cent year over year and 4.5 per cent month over month.
"While new listings also increased - roughly 1,300 properties were brought to market over the course of the month - supply continues to be outstripped by sales activity, which has contributed to growing competition among home buyers, who may need to resort to tactics such as bully offers and bidding wars to purchase what inventory is available," said Penelope Graham managing editor at Zoocasa.
"In fact, this increased competition had led to price acceleration at a rate not seen in several years, when the market was approaching its recent historical price peak."
According to Graham, demand remains steep for single-family home types, with houses experiencing the greatest uptick in sales, up 27 per cent year over year, with average prices rising 16 per cent to $637,246 in Hamilton.
Townhouse sales rose 21.1 per cent at an average price of $584,944 (+19.4 per cent), while condo sales increased 19.8 per cent - however, prices stayed relatively flat, increasing just 1 per cent to $346,250.
It will be interesting to see how the market handles the current global health crisis. In the meantime, here are the most and least affordable homes sold in Hamilton in February.
This one bedroom, one bathroom home was listed for $99,900 and sold for $97,900. This 688 sq.-ft. home is conveniently located in a year-round land-lease community just off Highway 6 on a quiet, rural side road. It's has been tastefully updated and features a lovely large deck.
This cosy, 400 sq. ft. condo was listed for $120,100 and sold for $100,000. It's ideally located close to major transit routes and the $230 monthly condo fee includes property taxes, heat, locker, exterior maintenance and building insurance. The unit came with a parking spot.
This almost 1,000 sq. ft., one-bedroom, one bath home was listed for $124,900 and sold for $115,000. It boasts a rather spacious kitchen with ample storage, bright living area with a bay window and is situated steps from a beautiful park.
This co-op unit was listed for $159,900 and sold for $153,000. The bright, spacious unit is walking distance to the GO Station and features two bedrooms, one bath and a roomy galley-style kitchen with plenty of counter space.
This two-bedroom, one-bath home located on a year-round land lease community was listed for $184,900 and sold for $178,000. This corner lot home offers open-concept living with a spacious and well-appointed kitchen and bright living room space.
This luxury new build in Ancaster was listed for $1,499,444 and sold for $1,599,444. With almost 4,000 sq. ft. of living space, this spacious home was a blank slate for buyers and featured four bedrooms with ensuites, a games room, covered porch, chef's kitchen and so much more.
The custom-built home in Ancaster $1,599,444 and sold for $1,599,444. It featured a luxurious chef's dream kitchen, four-bedroom, six bathrooms, grand entrance with covered porch, massive master suite and all situated on an oversized lot located close to highway access and walking distance to Ancaster Village.
This massive country home was listed for $1,649,900 and sold for $1,550,000. This home featured four bedrooms, four bathrooms, high ceilings, high-end finishes everywhere, massive windows and a park-like property outside the city but close to highways and major municipalities.
This country estate was listed for $1,675,000 and sold for $1,525,000. The incredibly spacious and well-appointed bungalow offered four bedrooms and three bathrooms. It boasted a large sunroom, perfect for entertaining, and charming country kitchen. This home is located on a 20-acre property designed for horse lovers.
This lovely home in Ancaster was listed for $1,599,000 and sold for $1,500,000. This home boasts five bedrooms and four bathrooms and a gorgeous chef's eat-in kitchen with a massive island with enough space to seat up to 10 people. High-end finishes cover every inch of this conveniently located luxury home.
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