July 2, 2019 6:50 pm

Average price of a Hamilton-Burlington home just shy of $594,000: report

The RAHB says the average price for a home in Hamilton-Burlington jumped 5.2 per cent year over year in June to $593,549.

AP photo/John Bazemore, File
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The latest real estate numbers in Hamilton and Burlington are a mixed bag of results.

The Realtors Association of Hamilton-Burlington (RAHB) reports that 1,203 homes were sold in June, a 4.2 per cent increase from June 2018.

However, the sales number is down 10.5 per cent compared to this May and 1.9 per cent from April.

READ MORE: Home sales, prices increase in Hamilton-Burlington in May

The average price for a home in the area last month increased 5.2 per cent year over year to $593,549. But that is down 0.03 per cent from May.

“The number of sales and average price [are] up over 2018, showing that the market is edging higher since it balanced out last year,” says RAHB president Bob Van de Vrande.

“Sales have dropped compared to May and April of this year, but paired with a decrease of about four per cent in the number of new listings, this could indicate the market is tightening.”

Realtors Association of Hamilton-Burlington

The number of sales of single-family properties in the area increased by 11.6 per cent compared to the same month last year, and the average sale price increased by 4.9 per cent.

The RAHB report says the number of townhouses sold decreased from June 2018 by 3.9 per cent, and the average price of a townhouse climbed by 3.6 per cent to $499,523.

Apartment-style property sales decreased by eight per cent from June 2018, and the average price also decreased by 0.3 per cent.

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“Only single-family or detached homes saw an increase in average price and number of sales, which bucks the trend we’ve seen over the last year — buyers choosing more affordable options,” added Van de Vrande.

“Of course, this is an overall evaluation of our entire market area, and numbers can deviate from the average when we look at smaller or individual communities.”

© 2019 Global News, a division of Corus Entertainment Inc.

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