The real estate market in Hamilton and Burlington continues to cool down from its recent hectic pace.
In its monthly report for May, the Realtors Association of Hamilton-Burlington (RAHB) says 1,811 homes were sold in the region last month, down five per cent from April.
The average price for a house in the area came in at $843,468 in May, down one per cent from the previous month.
“In May 2021, the RAHB market area saw a very slight decrease in sales and number of properties being listed as compared to April 2021,” said RAHB president Donna Bacher. “We have to acknowledge that the impact of the COVID-19 pandemic distorts housing statistics when comparing year to year, so rather than looking at 2020 to 2021, our best insight comes from a month over month analysis – especially in a spring market.”
The RAHB report says that when compared with May 2020, home sales in Hamilton-Burlington jumped 90 per cent while the average price has increased 29 per cent year-over-year.
The average sale price in Hamilton last month was $792,746.
Ancaster now has the highest average price in the area at $1.186 million, while Burlington comes in at just over $1 million.
The number of sales of detached properties in the RAHB market area decreased by four per cent in May compared with April.
The number of new listings fell 12 per cent, and the average sale price of a detached home dropped one per cent to $940,348 from last month.
“For the second month in a row, detached homes in the RAHB market area saw a slight decrease in average price even though statistically we are still well within a strong seller’s market,” Bacher said.
The RAHB report says townhome sales declined by 10 per cent last month compared with April while new listings were down 20 per cent.
The average sale price of a townhome in the region inched upwards by 0.2 per cent to $714,695 in May.
“Townhomes, when comparing May 2021 to April 2021, saw an overall decrease in the number of sales, new listings, and active listings; however, the average price of a townhome remained practically the same compared to last month at just over $700,000,” Bacher said.
“With a significant drop in new listings compared to last month it is no surprise that townhomes finished May off in a very strong seller’s market.”