The Realtors Association of Hamilton-Burlington (RAHB) says June home sales were the highest seen in the region in years.
The agency recorded the sale of 1,607 units last month, which is 14 per cent above the five-year average and 11 per cent above the 10-year average.
There was a 10 per cent increase in sales year over year for the month of June.
Home sales for the first six months of 2021 hit 9,518, which equates to 57 per cent of sales during the same timeframe in 2020.
Donna Bacher, president of the RAHB, believes year-over-year gains are expected to become more modest and may even be negative in the months ahead as the system reaches a crossover period where sales in 2020 roared back to life amid the COVID-19 pandemic and sales cool off this year.
“With new listings only back around average levels this has done nothing to lift overall inventories from record lows,” said Bacher
“While market conditions remain historically tight with demand far outpacing supply, we are seeing average sale prices remain stable.”
Active residential listings dropped 33 per cent compared to June 2020 and are down 52 per cent below the 10-year average for the month of June.
The average price of a home in the Hamilton-Burlington area sold in June 2021 was $865,339, an increase of 27 per cent from June 2020. May’s average price was $843,468.
The year-to-date average price is $852,035, advancing 30 per cent compared to the first six months of 2020.
Ancaster continued to have the highest average price in the Hamilton area at $1.219 million, while Hamilton Centre had the least expensive at about $550,000.
Of all municipalities covered by the RAHB, West Lincoln was the most expensive purchase at $1.305 million and the township of Rainham in Haldimand County was the lowest at $455,000.
The average cost of a home in Burlington came in at $1.226 million.