The million-dollar price tag for the average Hamilton-area home continued to climb month over month in February, topping $1.1 million.
In February, the Realtors Association of Hamilton-Burlington (RAHB) said the median price is up a whopping 30 per cent year over year and about 4 per cent month to month.
Total sales, at 1,228, were up 71 per cent month over month but off four per cent compared to a year ago.
In the RAHB monthly update, President Lou Piriano revealed last month kept pace with what was happening in the Hamilton-Burlington area this time last year but new listings surpassed each
February over the last 10 years.
“In acknowledging that the average sale price can be concerning to buyers, at the time of this release, there were more than 100 residential detached properties of 500 available that were listed under $700,000,” Piriano said.
Burlington had the highest average price across the RAHB’s locale, $1.41 million, while Niagara North hit $1.14 million.
A detached home was worth about 34 per cent more in the city of Hamilton at an average of $1.13 million this past February compared to the average price of around $848,000 recorded during the same month last year.
Apartment-style residences in the city are also up about 38 per cent year over year to $606,728, compared to last February’s average of $439,000.
Meanwhile, the price of a detached home was up slightly month over month by about three per cent and an apartment recovered the full six per cent lost in January.
February’s sales activity in Hamilton year over year was up one per cent while new listings were down six per cent compared to the same month in 2021.
Flamborough continued to have the highest average price for Hamilton proper, checking in at around $1.45 million, a two-per cent increase year over year.
Ancaster was up 30 per cent to just under $1.38 million.
The lowest is Hamilton Centre, where the average sale price of a home was $719,500 at the end of February — up 21 per cent year over year.
New listings across the RAHB went up month over month, 84.2 per cent, but only slightly year over year by one per cent compared to February 2021.
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