Last year was a seller’s market in the Hamilton and Burlington area.
That’s according to the Realtors Association of Hamilton-Burlington (RAHB), which reports 12,866 home sales in 2019 — up 10.1 per cent over 2018, despite new residential listings being slightly down compared to that year.
The average cost of a home was $587,745, and while that’s only a 4.9 per cent increase compared to the previous year, it’s a whopping 95.3 per cent higher than the average price a decade ago.
“The RAHB residential market has balanced out from the high activity experienced in 2016 and 2017,” said RAHB CEO Carol Ann Burrell in a release. “However, increases in average price and number of sales, paired with a decrease in new listings, indicates that 2019 favoured sellers more than in 2018.”
The most homes in Hamilton were sold on the Mountain last year — with 2,043 sales in that area — although Stoney Creek and Ancaster saw the highest jump in sales over 2018 at 16.6 per cent.
Ancaster also had the highest average home price at $772,811.
Burlington saw the most activity overall, with 3,086 sales and an average price of $755,639.
It was good news for those selling single-family homes, as sales of those types of properties increase across the entire region — although the highest increase happened in Hamilton.
“The clear trend for 2018 was that apartment-style and townhomes outperformed detached properties,” said RAHB President Kathy Della-Nebia in a release. “This year we see that these types of properties are still performing well; however, buyers choosing detached homes are trending upward yet again.”
Overall, the total volume of sales across the region was $7,897,509,003 — up nearly $1 billion from 2018.