AVERAGE PRICE HOLDS STEADY IN RAHB MARKET AREA AS INVENTORY REMAINS AT RECORD LOWS
Aug 5, 2021| Press Releases
Hamilton, ON (August 4, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,275 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in July 2021. Sales were down 20 per cent since last month, and they were down 20 per cent since July 2020. New listings were down 24 per cent since last month and down 20 per cent since last July. The average price for residential properties was $847,104 which was a decrease of two per cent from last month and up 22 per cent from July 2020. The inventory available at the end of the month remained at 0.8.
“Since the pandemic began, the RAHB market area has been anything but predictable and each new month has brought historic highs and lows. Overall this month, we are seeing the number of sales and active listings slightly decrease compared to the previous four months which is inline with seasonal trends, ” says RAHB President Donna Bacher. “We are continuing to experience high demand coupled with record low inventory in almost all property types which is driving sale prices.”
The number of sales of detached properties in the RAHB market area decreased by 17 per cent in July 2021 compared to June 2021. The number of new listings was down 26 per cent, and the average sale price decreased by four per cent to $933,927 from last month. The number of active listings for detached homes has increased by 17 per cent compared to June 2021.
“Detached homes in the RAHB market area saw a slight decrease in the average price compared to last month. July and August tend to have slower sales activity due to fewer properties being listed,” says Bacher.
Bacher adds, “For anyone who wants to buy or sell a home in the Hamilton-Burlington area, our RAHB REALTORS® have access to the best technology, along with a commitment to follow strict safety protocols, ensuring safe and successful showings and sales. Whether you’re a buyer or seller, working with one of RAHB’s more than 3,500 members will help ensure you are not only getting the best service and data, but also that your real estate transactions will be both successful and safe.”
**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®.