Home sales in the Hamilton-area were down again in August compared with July, and also slipped year over year according to the regional realtors association.
The Realtors Association of Hamilton-Burlington (RAHB) reported 1,201 residential property sales last month in its market area, which stretches from Burlington around to North Niagara and Haldimand County.
That’s five per cent lower than sales in July (1,275) and also five per cent lower compared with August 2020.
“In line with seasonal trends, July and August tend to have fewer new listings and sales which is exactly the case here,” said RAHB President Donna Bacher in a statement.
“Even though we have fewer active listings and sales, we are also seeing a slight dip in the average sale price. Overall the same story continues and that is the level of inventory remains at critical low levels. We definitely need more supply on the market.”
The city of Hamilton had 516 detached homes hit the market in August, down about 200 listings year over year. The average number of days one of those homes stayed on the market was also lower compared with 2020, only 17 days versus 26.
The average price of a home in Hamilton was up 18 per cent to $779,486 year over year. The average cost of a detached home in August was $854,825 while an apartment-style home was also up from 2020 to an average of $489,423.
The most costly homes in Hamilton continue to be in Flamborough, with the average checking in at $1,354,803. The lowest are in Hamilton centre where the average sale price of a home was $572,770 as of the end of August.
The average price in Burlington is up 21 per cent to $1,046,652 when compared with 2020.
Niagara North’s average price year over year was up 31 per cent to $862,675 and Haldimand County up about 45 per cent from $557,564 in August 2020 to $807,923 in 2021. However, both Niagara and Haldimand had a fraction of new listings compared to Hamilton and Burlington.
Sales of apartment-style properties in the RAHB market area are up four per cent month over month with a slight decrease in listings of the units.
The average sale price increased by about two per cent to $530,732.
“With an average price tag of just over $530,000, apartment-style properties continue to be sought-after,” Bacher said.
“These properties are attractive to both buyers and investors in the Hamilton-Burlington market area.”
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