Hamilton, ON (January 3, 2020) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 585 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in December 2019. This years December sales are up 3.9 per cent over December 2018; however, are down from both November and October of this year. The average price for residential properties increased by 7.6 per cent from December 2018 to $581,566.
“With the holidays and cold weather, sales tend to dip in December when compared to the previous months. It’s a trend we see almost every year,” says RAHB President Kathy Della-Nebbia. “A decrease in new listings and an increase in sales can equal less inventory on the market. With increased competition for the properties available, this looks to be an opportune time to sell your property.”
The number of sales for single family properties within the entire RAHB market increased by 6.8 per cent compared to the same month last year, and the average sale price increased by 8.2 per cent. Townhouse sales activity across the entire RAHB market area decreased from December 2018 by 7.6 per cent, and the average townhouse sale price increased by 1.4 per cent to $502,981. Apartment-style property sales increased by 14.8 per cent from December 2018, and the average price increased by 10.2 per cent.
“For the past few months, townhouses within the RAHB market area have experienced an increase in the number of sales and a decrease in the number of listings,” says RAHB CEO Carol Ann Burrell. “This, paired with increases in average price each month of 2019, shows that this is a popular property type for buyers – most likely due to its affordable price point.”
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®.