High demand and low supply continue to drive startling increases in local home prices.
The Realtors Association of Hamilton-Burlington (RAHB) has released its sales figures for last month, and they show a 29.5-per cent increase in the average sale price compared to February 2020.
Hamilton’s average sale price was $769,774, up from $590,404 one year earlier.
Burlington’s average sale price, year-over-year, soared from $843,231 to $1,067,867.
While high demand and low supply are driving prices higher, the RAHB says they’ve also contributed to a big drop in the amount of time it takes to sell a home, from 26.2 days in February 2020, down to just 13.3 days last month.
RAHB President Donna Bacher says the good news going forward is that the number of new listings broke a 10-year record for February in 2021, and “active listings increased by 28 per cent from January 2021”.
“As we recover from these ultra low inventory numbers”, Bacher says, “buyers should start to see more selection and a bit less competition.”