02 Aug Hamilton Burlington Real Estate Update – July 2019
Hamilton Burlington REAL ESTATE UPDATE – JULY 2019
The latest real estate market update and statistics for Hamilton and Burlington are here!
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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 percent increase from July last year; however, a 2.7 percent decrease over June 2019 and a 12.9 percent decrease from May 2019. The average price for residential properties increased by 0.9 percent 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.”
statistics by property type
The number of sales for single family properties within the entire RAHB market increased by 13.1 percent compared to the same month last year. The average sale price increased by 7.2 percent.
Townhouse sales activity across the entire RAHB market area decreased from July 2018 by 4.5 percent. The average townhouse sale price increased by 1.8 percent to $496,230.
Apartment-style property sales increased by 38.5 percent from July 2018, and the average price decreased by 8 percent.
“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 percent at a price point that is fairly stable, is a very affordable option for first-time homebuyers and seniors looking to downsize.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire 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 shouldn’t be used as an indicator that specific property values have increased or decreased. Talk to your local REALTOR®.
Source: Realtors Association of Hamilton-Burlington