Market Update

Hamilton, ON (January 5, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 811 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in December 2021. Sales decreased by 32 per cent since last month, and they were down 11 per cent since December 2020. New listings fell by nearly 50 per cent since last month and they were also down six per cent since last December. The average price for residential properties was $931,787 which was an increase of two per cent from last month compared to an increase of 27 per cent from December 2020. The inventory available dropped even further to 0.4 months of inventory.

“December 2021 saw a new residential average sale price record to close out the year,” says 2022 RAHB President Lou Piriano. “The number of properties changing hands in December did not rival the momentum from December 2020, however, we have never seen the months of inventory and active listings available this low before. Generally, most people wait until after the holidays to list their homes, but with approximately 300 residential properties on the market heading into 2022, we are expecting to continue to see tight conditions with such low levels of supply.”

The number of sales of detached properties in the RAHB market area decreased by 31 per cent in December 2021 compared to last month. The number of new listings decreased by 51 per cent, and the average sale price  increased slightly to $1,029,067 which was just shy of the record set in October 2021. The number of active listings for detached homes has decreased by 56 per cent compared to November 2021.

“The average sale price of single-family detached properties remained over the $1,000,000 mark across the RAHB market area as we close out the year with Hamilton coming in at $924,223 and Burlington soaring to $1,559, 363. At the end of December, there were fewer than 200 single-family detached properties available for sale,” says Piriano.

The number of sales of townhomes in the RAHB market area decreased by nearly 34 per cent in December 2021 compared to November 2021, and the number of new listings of townhomes decreased by 42 per cent. The average sale price increased by two per cent in December 2021 to $809,602, whereas the number of active listings for townhomes decreased by 103 per cent compared to last month.

“The average sale price of townhomes hit a new record in December 2021 coming in at $809,602. This property category also has the tightest market fuelled with high demand and low inventory. There were only 26 active listings at the end of the month which represents 0.2 months of inventory. On average, townhomes sold in ten days or less throughout 2021,” said Piriano.

The number of sales of apartment-style properties in the RAHB market area dropped by 35 per cent in December 2021 compared to last month with only 115 properties changing hands. The number of new listings decreased by 45 per cent compared to last month, whereas the average sale price increased by nine per cent over last month to $616,064.

“The average sale price for apartment-style properties registered over $615,000 in December 2021. This price point continues to make these properties an attractive investment due to the lower price point,” says Piriano. “Out of all of the property categories, apartment-style properties also had the highest number of months of inventory available at the end of the month.”

 

Specific neighbourhoods within the overall RAHB market see results that often differ from the average of the entire RAHB market area. Neighbourhoods vary and, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.

Piriano adds, “Going into 2022, RAHB REALTORS® are equipped with the best tools and systems to help you navigate the complexity of the market whether you are looking to buy or sell. It’s never too early to talk to a member of the REALTORS® Association of Hamilton-Burlington about your real estate and investment goals.”

**Average sale price can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local REALTOR®.

For more detailed statistical information about a specific RAHB geographic area, please contact Crystal Henderson at crystalh@rahb.ca.

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