The new president of the local realtors association says low inventory meant not a lot of Hamilton-area homes changed hands in December compared to the same month in 2020.
Lou Piriano of the Realtors Association of Hamilton-Burlington (RAHB) says sales activity was off again month over month in the region by about 10 per cent, and off about 32 per cent year over year.
He says it’s not unusual for a typical December in recent years, but the end of 2021 did not show the same momentum seen in December of 2020 amid a continuing issue with supply.
“Generally, most people wait until after the holidays to list their homes, but with approximately 300 residential properties on the market heading into 2022, we are expecting to continue to see tight conditions with such low levels of supply,” Piriano said in a release.
The average price for a residential property in the region was just under $932,000, an increase of two per cent from last month and up 27 per cent from December 2020.
Hamilton’s average is up 30 per cent year over year to slightly more than $861,000, and up three per cent month over month.
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A detached home was worth about 28 per cent more at an average of close to $925,000 this past December compared to the average price of around $723,000 recorded during the same month last year.
Apartment-style residences are also up about 51 per cent year over year to $606,000, compared to last December’s average of $401,000.
The price of a detached home generally was flat month over month but an apartment was up about 22 per cent from November.
December sales activity in Hamilton year over year dropped eight per cent while new listings were down six per cent from the same month in 2020.
Ancaster continues to have the highest average price for the area, checking in at around $1,354,000, a 44-per cent increase year over year.
The lowest is Hamilton Centre, where the average sale price of a home was $629,000 at the end of December — up 24 per cent year over year.
The average price of a home in Burlington is up 26 per cent to $1,221,000 compared with December 2020.
Niagara North’s average price year over year was up 17 per cent to almost $934,00.
Haldimand County was up about 28 per cent to about $766,000 in 2021 from $598,000 in December of 2020.
For the entire RAHB market area, the average sale price of a detached property for December was around $1,134,000 up 27 per cent from last year.