Despite the COVID-19 pandemic, real estate agents in Hamilton and Burlington had a banner year in 2020.
The Realtors Association of Hamilton-Burlington (RAHB) reported 14,863 home sales last year, an 8.4 per cent increase from 2019.
The average price of a home in the region balloon 16.8 per cent year over year to $690,002 in 2020.
That is more than double the amount an average home in Hamilton and Burlington sold for 10 years ago.
The RAHB says the average price in 2010 was $310,258, a whopping 125.4 per cent increase.
“After a slight slowdown in March and April, the RAHB real estate market rebounded with abundance, creating record-breaking numbers throughout 2020,” says the RAHB’s 2021 president, Donna Bacher.
“The 2020 real estate market was faced with uncertainly; however, RAHB realtors worked together to ensure that the buying process was done safely and efficiently. Looking to 2021, we don’t know what the future holds; we do know for certain that RAHB realtors will continue to work diligently to keep both buyers and sellers safe.”
New residential listings in Hamilton-Burlington were down 7.6 per cent compared to 2019.
“The clear trend for 2020 was that detached properties and townhomes outperformed apartment-style properties; however, this year we did see apartment-style properties still performing well,” said Bacher. “Buyers are still leaning towards the detached market that offers them more utility and space.”
The RAHB says Hamilton recorded a nine per cent drop in listings in 2020, a 10 per cent increase in sales, and an 18 per cent spike in the average price of a home to $629,961.
Listings in Burlington fell four per cent in 2020, with a six per cent sales increase and a jump in the average price by 16 per cent over 2019 to $878,372.
According to the RAHB’s year-end report, Haldimand saw a 19 per cent decline in listings, a seven per cent rise in sales, and an 18 per cent increase in average price to $547,355.
There was an 11 per cent drop in listings in Niagara North, but sales jumped by 11 per cent last year compared to 2019, and the average price of a home rose 15 per cent to $664,921.
Commercial properties in Hamilton-Burlington experienced an increase in the number of sales as well as the average price.
Hamilton saw the highest number of sales at 96 and the highest dollar volume at $91,915,100.
The total dollar volume of all sales made by RAHB members (residential and commercial) in the Hamilton-Burlington region was $145,534,032, up $21,866,032, representing a 17.6 per cent jump from 2019.
Comments