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Sales and new listings climb in February

March 4, 2022 | Comments Closed | , , , , , , , , , , , ,
February Housing Statistics

Hamilton, ON (March 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,228 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in February 2022. Sales were up by 71 per cent month over month, and down by 4.4 per cent compared to February 2021. There were 1,675 new listings in February, which was up 84.2 per cent month over month, but compared to February 2021, there was only a 1.2 per cent increase. The average price for residential properties across the RAHB market area was $1,104,163, which was an increase of 4.2 per cent over the previous month, and an increase of 30.3 per cent compared to February 2021. The inventory of listings remains low at 0.6 months. 

“The number of sales and new listings rose substantially month over month, and kept pace with the feverish demand of February 2021. However, while the number of new listings surpassed each February over the last ten years, the demand continued to impact inventory and fuel the residential average sale price to a new record-high,” says RAHB President Lou Piriano. “In acknowledging that the average sale price can be concerning to buyers, at the time of this release, there were more than 100 residential detached properties of the 500 available that were listed under $700,000. Therefore, if homeownership is on your bucket list, you should consult a local RAHB REALTOR® to help you navigate the market.” 

There were 815 sales of residential detached properties in the RAHB market area reported in February, up 81.5 per cent month over month, and down five percent compared to February 2021. There were 1,142 new residential detached properties listed, which is an increase of 91.2 per cent month over month, and an increase of 3.6 per cent compared to February 2021. The average sale price for detached properties across the RAHB market area was a record of $1,250,027, up 2.3 per cent month over month, and an increase of 31.8 per cent compared to February 2021. The number of active listings for detached homes has increased 73.7 per cent month over month, but it came in nearly ten per cent lower over February 2021 levels. The inventory of single detached properties remained at 0.6 months. 

“In February, there was a flurry of sales and new listings of residential detached properties posted over the previous month. The inventory available coupled with the steady demand kept the average sale price high, with Hamilton coming in at $1,134,153, rising over four per cent month over month, and Burlington inching up to $1,823,451, an increase of over three per cent month over month. As a result, single detached properties have experienced the largest average sale price increase year over year than any other property category,” says Piriano.

There were 221 sales of townhomes reported in the RAHB market area in February, which was up 74 per cent month over month, and down 11.2 per cent compared to February 2021. There were 319 new townhomes listed in February, which increased 98.1 per cent over the previous month, and decreased 9.4 per cent over February 2021. The average sale price of townhomes across the RAHB market area was $940,582, up 5.4 per cent month over month, and an increase of 28.9 per cent compared to February 2021. The inventory of townhomes was 0.6 months. 

“Townhomes were the only property category that did not keep up with the pace set for new listings and sales in February 2021, but the figures were above average when compared to the last ten years. On the flip side, townhomes also saw the greatest average price increase month over month compared to detached or apartment-style properties,” said Piriano. 

There were 186 sales of apartment-style properties in the RAHB market area in February, which was up by 38.8 per cent month over month, and up by 10.1 per cent compared to February 2021. There were 207 new apartment-style listings in February, which increased 47.8 per cent month over month, and increased 8.4 per cent compared to February 2021. The average sale price in this property category was $669,306 in February, a decrease of 2.4 per cent month over month, and an increase of 30 per cent compared to February 2021. The inventory of apartment-style properties was 0.5 months. 

“After the first two months of 2022, the number of sales of apartment-style properties were up compared to last year. In addition, approximately one of every three apartments purchased this year had a price of $600,000 or less,” says Piriano. “Of all the residential categories, apartment-style properties had the lowest level of inventory in February, despite the increase in new listings.” 

Specific neighbourhoods within the overall RAHB market see results that often differ from the entire RAHB market area. Neighbourhoods vary and 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.

Piriano adds, “RAHB REALTORS® are equipped with the best tools and systems to help you navigate the complexity of the market whether you are looking to buy or sell. It’s never too early to talk to a member of the REALTORS® Association of Hamilton-Burlington about your real estate and investment goals.” 

**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®.

For more detailed statistical information about a specific RAHB geographic area, please contact Crystal Henderson at crystalh@rahb.ca.

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