Posted on April 6, 2021 at 5:31 p.m.
If you live in the Hamilton area, you know how huge the housing market has become.
If you haven’t experienced it firsthand, you probably know someone who has competed with dozens of offers within hours of putting a home on the market, only to see it sell. $ 200,000 above demand.
The average selling price of a home in Hamilton has fallen from $ 607,939 to $ 804,223 over the past 12 months, according to data released Tuesday, April 6 by the Hamilton-Burlington Association of REALTORS (RAHB).
In March 2020, the average house was on the market for 22 days.
In March 2021, the average number of days a home spent on the market was 12, according to the association.
It turns out that the vaccine rollout and a more relaxed attitude towards COVID-19 have driven a lot of activity over the past month.
“The RAHB market area was close to record activity with a 63% increase in sales, a 65% increase in new listings and an overall increase in inventory of 27% from last month,” said the president of RAHB, Donna Bacher.
“With the housing market springing up and vaccine rollouts accelerating, it seems more and more homeowners are feeling comfortable listing their homes and we have started to see an upturn in active listings. We have to recognize that the impact of the COVID-19 pandemic skews housing statistics when comparing March 2021 to March 2020. ”
Burlington has seen the average cost of a home drop from $ 840,628 to $ 1.08 million in 12 months.
If you are planning to travel to the Niagara region to capitalize on cheap real estate, you will want to reconsider your decision. Niagara North has seen a jump of $ 607,939 to $ 804,233 since March 2020.
“Compared to last month, single-family homes saw the largest increase in inventory between different property types at 36%. In addition, we have seen a sharp increase in the number of sales and new listings. Due to an increase in supply to compensate for existing demand, the average price saw a modest increase of 2% month over month, ”says Bacher.
The number of stylish apartment sales in the RAHB market area increased 68% in March 2021 compared to the same month in 2020. The average sale price increased 16% to reach $ 519,586.
The association says apartment-style properties continue to experience a sellers market, with the sales to new listings ratio hovering around 75% in March 2021.
“Apartment style properties continue to be part of a buyer’s market and the average price is just over $ 500,000. These two factors make condos very attractive to buyers and investors in the Hamilton-Burlington area.
The most expensive real estate in Hamilton is currently in the Flamborough area. The average cost of a home has increased by almost half a million dollars in just 12 months and stands at $ 1.34 million, according to the RAHB.
The cheapest neighborhood to buy a home is downtown Hamilton, where you’ll pay an average of $ 604,057.
Meanwhile, competition for Toronto homes remained intense in March as prices continued to rise steadily and sales nearly doubled from last year, the Toronto Regional Real Estate Board reported on Tuesday.
The average home price on the market climbed 16.5% year-on-year to nearly $ 1.1 million, while home sales climbed 97% to 15,652, the council said. ‘administration.
-with files from The Canadian Press
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