Hamilton, ON (September 3, 2019) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,067 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in August 2019. August sales are down from July and June of this year, as well as August of 2018; however, the 2019 year-to-date number of sales is up 10.2 per cent over 2018. The average price for residential properties increased by 6.4 per cent from August 2018 to $599,589.
“The year-to-date number of sales is higher in 2019 compared to 2018 because we had a stronger spring,” says RAHB President Bob Van de Vrande. “If the average price continues to increase and inventory stays low, we may shift out of the balanced market we’ve been experiencing over the last year and a half as we move into a busy fall.”
The number of sales for detached single family properties within the entire RAHB market decreased by 0.7 per cent compared to the same month last year, and the average sale price increased by 5.7 per cent. Townhouse sales activity across the entire RAHB market area decreased from August 2018 by 1.7 per cent, and the average townhouse sale price increased by 10.4 per cent to $519,895. Apartment-style property sales increased by 14.6 per cent from August 2018, and the average price increased by 10.6 per cent.
“Single family homes, townhouses and apartment-style properties all saw increases in average price in each of our four main market areas in August 2019,” adds Van de Vrande. “But only apartment-style properties saw an increase in number of sales, which could indicate that buyers are continuing to choose more affordable options.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.
*Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local REALTOR®.