The weather may have been hot, but Hamilton’s real estate market cooled off last month.
The Realtors Association of Hamilton-Burlington (RAHB) says 1,067 homes were sold in August, down from June and July this year, as well as August of 2018.
Year-to-date home sales have climbed 10.2 per cent in 2019 compared to this time last year.
RAHB reports the average price of a home in the Hamilton-Burlington area has increased by 6.4 per cent from Aug. 2018 to $599,589.
“The year-to-date number of sales is higher in 2019 compared to 2018 because we had a stronger spring,” said RAHB President Bob Van de Vrande.
“If the average price continues to increase and inventory stays low, we may shift out of the balanced market we’ve been experiencing over the last year and a half as we move into a busy fall.”
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The number of sales for detached single family properties within the entire RAHB market decreased by 0.7 per cent compared to the same month last year, and the average sale price increased by 5.7 per cent.
Townhouse sales activity across the entire RAHB market area decreased from Aug. 2018 by 1.7 per cent, and the average townhouse sale price increased by 10.4 per cent to $519,895.
Apartment-style property sales increased by 14.6 per cent from Aug. 2018, and the average price increased by 10.6 per cent.
“Single family homes, townhouses and apartment-style properties all saw increases in average price in each of our four main market areas in August 2019,” added Van de Vrande. “But only apartment-style properties saw an increase in number of sales, which could indicate that buyers are continuing to choose more affordable options.”