ACTIVE LISTINGS CONTINUE TO SEE HEALTHY GROWTH MONTH-TO-MONTH
Hamilton, ON (May 4, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,906 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in April 2021. While sales were down eight per cent since last month, they were up 245 per cent since April 2020. New listings were down three per cent since last month and up 191 per cent as of last April. The average price for residential properties was $855,455 which was down two per cent from last month and up 39 per cent from April 2020. The inventory available at the end of the month was 23 per cent higher than last month.
“Since the pandemic began, the RAHB market area has been anything but predictable and each new month has brought historic highs and lows. The good news is, the RAHB market area is showing signs of stability and recovery with active listings increasing significantly once again month over month,” says RAHB President Donna Bacher. “We have to acknowledge that the impact of the COVID-19 pandemic distorts housing statistics when comparing year to year, so rather than looking at 2020 to 2021, our best insight comes from a month over month analysis.”
“For the first time in a long time, detached homes in the RAHB market area saw a slight decrease in the average price compared to last month. This could be a result of supply and demand finally being on par with one another,” says Bacher.
“Townhomes, when comparing April 2021 to March 2021, saw an overall decrease in the number of sales, new listings, and the average price. In contrast, the amount of inventory remaining at the end of April saw a healthy boost at 21 per cent compared to last month. What this means is that townhomes continue to be a good option for buyers who are looking for more space than a condo at a more affordable price tag than a detached home.”
“Apartment-style properties were the only property type to see an increase in the average price in the RAHB market area; however, apartment-style properties continue to be an affordable option with the average price remaining around $500,000. The average price of a condo continues to be very attractive to both buyers and investors in the Hamilton-Burlington area.”