Home prices in Hamilton-Burlington climb above $575,000

Home sales in the Hamilton-Burlington area fell 1.2 per cent last month compared to March 2018. AP Photo/David Zalubowski

The average price of a home in Hamilton and Burlington continues to climb.

The Realtors Association of Hamilton-Burlington (RAHB) says the average price of homes sold in March was $575,099, up 4.9 per cent from March of last year.

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A total of 1,032 homes were sold last month, down 1.2 per cent year-over-year. But the association says the number of sales in March is up 40 per cent over February and is 74 per cent higher than the number of sales in January.

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“The increase in the number of sales from January and February shows that we are full steam ahead and anticipate a healthy spring market,” said RAHB CEO George O’Neill. “We experienced a two per cent increase in the number of listings over last year, which means more overall choice for buyers.”

The number of sales for single-family properties in the Hamilton-Burlington area dropped 2.7 per cent compared to the same month last year, and the average sale price increased by 5.6 per cent.

“Our market area includes Hamilton, Burlington, Haldimand and Niagara North, and within these areas are smaller communities that each have their own distinct characteristics,” added O’Neill. “The trend over the past several months has been that buyers are choosing more affordable properties and more affordable communities. We expect this to continue throughout the spring market.”

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Townhouse sales rose 8.6 per cent last month compared to March 2018, while the average townhouse sale price rose by 1.2 per cent.

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RAHB says last month’s apartment-style property sales were identical to March 2018, and the average price rose by 3.5 per cent to $376,391.

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