The average price of a home in Hamilton-Burlington continues to reach uncharted territory.
The Realtors Association of Hamilton-Burlington (RAHB) says the average price ballooned to $787,840 last month, a 7.9 per cent increase from December, and up 27.6 per cent from January 2020.
There were 825 homes sold in the Hamilton-Burlington area in January, down 9.6 per cent from December, but up year-over-year by 6.9 per cent.
“In the RAHB market area, we saw an increase in sales activity last month, compared to January 2020, despite a decline in new listings,” said RAHB president Donna Bacher. “Our sales to listings ratio of 81.6 per cent, second only to January 2017, tells us that the RAHB market area is firmly in a seller’s market.
“This year’s decline in new listings builds off the back of the pre-pandemic drop in new listings and inventory levels we experienced in January 2020. In addition, now many homeowners may not be interested in or even able to move their households due to the pandemic, adding to our inventory woes.”
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According to RAHB, the number of active listings available at the end of January was 53.2 per cent lower than in December.
“The decrease in single-family homes available for purchase, coupled with the logistical hurdles families face moving during a pandemic, may have greatly influenced many not to put their home on the market,” said Bacher.
“Compared to single-family and townhomes, we didn’t see such a drastic drop in active listings in apartment-style properties.
“While apartment-style properties sales were robust in January 2021, the average price throughout the Hamilton-Burlington area remains very attractive to both first-time buyers and investors.”