December 2019 was a slow month for home sales in the Hamilton and Burlington areas.
According to the Realtors Association of Hamilton-Burlington (RAHB), there were 585 residential properties sold last month, down from 955 in November and 1,145 in October.
“With the holidays and cold weather, sales tend to dip in December when compared to the previous months,” says RAHB president Kathy Della-Nebbia. “It’s a trend we see almost every year.”
The average cost of a house has also dropped, sitting at $581,566.
While that’s an increase of 7.6 per cent over December 2018, it’s a steady decrease compared to the previous few months — $591,334 in November, $602,029 in October and a peak of $609,562 in September.
The demand for townhouses in Hamilton and Burlington grew in the latter months of 2019. In December, there were 7.6 per cent fewer townhouses sold compared to the same month a year ago, but the price of a townhome also increased by 1.4 per cent to $502,981.
RAHB CEO Carol Ann Burrell said the trend shows it’s become an increasingly popular property type for home buyers, likely due to a slightly more affordable price point.
Meanwhile, the number of sales for single-family properties increased by 6.8 per cent last month over December 2018, and the average cost of those homes increased by 8.2 per cent.
The sale of apartment-style properties increased by 14.8 per cent in December 2019 compared to the previous year, while the average sale price went up by 10.2 per cent.
Burlington saw the most activity in December 2019, with 102 home sales, but Hamilton Mountain wasn’t far behind, with 99 residential properties sold.