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Hamilton, ON (August 1, 2019) – The REALTORS® Association of Hamilton-Burlington (RAHB)reported 1,170 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in July 2019. This is a 10.3 per cent increase from July last year; however, a 2.7 per cent decrease over June 2019 and a 12.9 per cent decrease from May 2019. The average price for residential properties increased by 0.9 per cent from July 2018 to $593,702.

 

“A yearly real estate cycle sees peaks in spring and fall, with a typically slower summer,” says RAHB President Bob Van de Vrande. “Average prices have stayed fairly stable since the spring high, which could point towards a healthy fall market when we could see the number of sales edge higher again.”

The number of sales for single family properties within the entire RAHB market increased by 13.1 per cent compared to the same month last year, and the average sale price increased by 7.2 per cent. Townhouse sales activity across the entire RAHB market area decreased from July 2018 by 4.5 per cent, and the average townhouse sale price increased by 1.8 per cent to $496,230. Apartment-style property sales increased by 38.5 per cent from July 2018, and the average price decreased by 8 per cent.

 

“Single family detached properties saw increases across both number of sales and average price; however, the most significant gain was in apartment-style condominiums,” says Van de Vrande. “An increase in sales of 38.5 per cent at a price point that is fairly stable, is a very affordable option for first-time home buyers and seniors looking to downsize.”

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®.

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