The president of the local realtors association says despite current home listings and sales being higher than the 10 year average, inventory numbers for the Hamilton area in November remained low.
Donna Bacher says of the four regions covered by the Realtors Association of Hamilton-Burlington (RAHB), total sales were off month over month by about 10 per cent and off three per cent year over year.
She says that’s not unusual for November as sales tend to slow at the end of the year, but listings across the region are down everywhere, signifying a continuing issue with supply.
“The listings and sales seem to be…just a little bit above these 10-year averages, but our inventory numbers are…they’re in the basement,” Bacher told 900 CHML’s Hamilton Today.
“So our housing reserves are extremely low.”
The average price of a home in Hamilton is up 28 per cent year over year to slightly more than $835,000, and eight per cent month over month.
A detached home was worth about 27 per cent more at an average of $916,000 this past November compared to the average price of $720,581 recorded in the same month last year.
Bacher says another example of supply issues are the number of homes over a million dollars that have sold this November compared to last.
“Just a year ago, only one in 10 transactions of single detached homes in Hamilton sold for over a million,” said Bacher
“Now, one out of every three single detached homes sold in Hamilton in November had a purchase price of over a million.”
Apartment-style residences are also up about 35 per cent year over year to $495,000, compared to last November’s average of $366,000.
Prices for both styles of homes, detached and apartment, month over month remained flat in Hamilton.
Sales activity in Hamilton year over year dropped three per cent while new listings were down five per cent since last November.
Ancaster continues to have the highest average price for the area, checking in at $1,219,930, a 34-per cent increase year over year.
The lowest is Hamilton centre, where the average sale price of a home was $625,038 at the end of November — up 22 per cent year over year.
The average price in Burlington is up 28 per cent to $1,175,264 compared with November 2020.
Niagara North’s average price year over year was up 25 per cent to $913,967. Haldimand County was up about 50 per cent to $869,898 in 2021 from $580,908 in October 2020.
For the entire RAHB market area, the average sale price of a detached property for November was $911,673, up 27 per cent from last year.