The average price for a Hamilton-area home topped a $1 million in January – a record-high – according to local realtors.
In January, the Realtors Association of Hamilton-Burlington (RAHB) said the median price hit just under $1.06 million for the region that also encompasses Burlington, Niagara North and Haldimand County.
Total sales, at 718, however, were off compared to December, down by about 11 per cent. That’s also down about 13.6 per cent year over year.
“This is the first time that the average sale price has topped $1 million,” RAHB President Lou Piriano said in a release.
“If we look at the average sale price by area, Hamilton came in at $976,423.”
Burlington had the highest average price across the RAHB’s locale, $1.37 million while Niagara North also hit above the million dollar mark at $1.07 million.
A detached home was worth about 36 per cent more in the city of Hamilton at an average of $1.1 million this past January compared to the average price of around $807,000 recorded during the same month last year.
Apartment-style residences in the city are also up about 35 per cent year over year to $572,000, compared to last January’s average of $424,000.
Meanwhile, the price of a detached home was up slightly month over month by about 19 per cent but an apartment was down about six per cent from December.
January’s sales activity in Hamilton year over year dropped 17 per cent while new listings were down 13 per cent from the same month in 2021.
Flamborough passed Ancaster in January to have the highest average price for Hamilton proper, checking in at around $1.74 million, a 24-per cent increase year over year.
Ancaster was up 23 per cent to just under $1.36 million.
The lowest is Hamilton Centre, where the average sale price of a home was $678,000 at the end of January — up 38 per cent year over year.
New listings across the RAHB went up significantly month over month, to 40.9 per cent, but dropped by just over 20 per cent compared to January 2021.