05 Sep HAMILTON BURLINGTON REAL ESTATE UPDATE – AUGUST 2019
THE August 2019 REAL ESTATE MARKET UPDATE AND STATISTICS FOR HAMILTON AND BURLINGTON ARE HERE!
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In August 2019, the REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,067 sales of residential real estate located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System. August sales are down from July and June of this year, as well as August of 2018; however, the 2019 year-to-date number of sales is up 10.2 percent over 2018. The average price for residential properties increased by 6.4 percent from August 2018 to $599,589.
“The year-to-date number of sales is higher in 2019 compared to 2018 because we had a stronger spring,” says RAHB President Bob Van de Vrande. “If the average price continues to increase and inventory stays low, we may shift out of the balanced market we’ve been experiencing over the last year and a half as we move into a busy fall.”
Statistics by Property Type
The number of sales for detached single family properties decreased by 0.7 percent compared August 2017. The average sale price increased by 5.7 percent.
Townhouse sales activity across the entire RAHB market area decreased from August 2018 by 1.7 per cent. The average townhouse sale price increased by 10.4 percent to $519,895.
Apartment-style property sales increased by 14.6 percent from August 2018, and the average price increased by 10.6 percent.
“Single family homes, townhouses and apartment-style properties all saw increases in average price in each of our four main market areas in August 2019,” adds Van de Vrande. “Only apartment-style properties saw an increase in number of sales, which could indicate buyers are continuing to choose more affordable options.”
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®.