04 Feb Hamilton Burlington Real Estate Update – January 2020
THE JANUARY 2020 REAL ESTATE MARKET UPDATE AND STATISTICS FOR HAMILTON AND BURLINGTON ARE HERE!
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In January 2020, the REALTORS® Association of Hamilton-Burlington (RAHB) reported 692 sales of residential real estate located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System. January sales are up 5% from January 2019, and up 18.3% over last month (December 2019). The average price for residential properties increased by 11.9% from January 2019 to $617.496.
STATISTICS BY PROPERTY TYPE AND AREA
Detached homes sold for approximately 13.7% more than 2019. The number of new listings was down 12.7%, and average days on the market was down 2.9%.
Semis and townhomes saw a 17.7% increase in the average sale price, a 14.3% decrease in the number of new listings, and a 41.6% decrease in days on market.
Apartment-style homes saw a 8.9% increase in the average sale price, a 23.8% decrease in the number of new listings, and a 43.9% decrease in days on market.
Continuing the trend we saw in November, lower inventory meant that homes on the market sold quicker and for more money than last year.
Detached homes sold for approximately 9.6% more than the average sale price in 2019. The number of new listings was down by 16.5%, and average days on market decreased by about 15.9%.
Semis and townhomes saw a 16.4% increase in the average sale price, 24% increase in the number of new listings and a 44% decrease in days on market.
Apartment-style homes saw a 27% increase in the average sale price, a 21% decrease in the number of new listings, and a 4.9% increase in days on market.
Specific neighbourhoods within the RAHB 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 REALTORS® have the experience, knowledge and tools to help you make those decisions.
Average sale price can help establish long-term trends but doesn’t necessarily mean that a specific property’s value has changed. Talk to your local REALTOR®.
Feel free to reach out anytime to discuss real estate in the Hamilton and Burlington areas.