The Realtors Association of Hamilton-Burlington (RAHB) reports home sales in January jumped 18.3 per cent over December and are five per cent higher compared to the same month last year.
A total of 692 homes were sold last month, and the average price also went up, increasing by 11.9 per cent from last January to $617,496.
“Our market area experienced a reduction in activity and average price in December, as is the case for that typically slower month; however, we bounced back in January,” said RAHB president Kathy Della-Nebbia.
“Buyers seem to be coming out early, so sellers shouldn’t feel the need to wait for the spring market to get a great value for their property. We expect the spring market will be strong, with more competition between sellers as many wait for the flowers to bloom to market their homes.”
The number of sales for single-family properties within the entire RAHB market increased by 10 per cent compared to the same month last year, and the average sale price increased by 9.4 per cent.
Townhouse sales activity across the entire RAHB market area decreased from January 2019 by 6.2 per cent, and the average townhouse sale price increased by 10.8 per cent to $518,361.
Apartment-style property sales decreased by 1.4 per cent from January 2019, and the average price increased by 9.6 per cent.
“Although RAHB market statistics showed an overall increase in January 2020, certain segments of the market did not. For example, townhouse and apartment-style properties experienced a decrease in number of sales, and certain communities experienced a decrease in average price and/or number of sales, such as Glanbrook,” said RAHB CEO Carol Ann Burrell.
“That’s why it is so important to work with a local RAHB realtor, who has access to statistical resources to help you buy or sell your home.”