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Strong listings and sales activity in March

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Hamilton, ON (April 5, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,637 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in March 2022. Sales were up by 33.3 per cent month over month, and down by 21.1 per cent compared to March 2021. There were 2,542 new listings in March, which was up 51.7 per cent month over month, but compared to March 2021, there was a decrease of 6.2 per cent. The average sale price for residential properties across the RAHB market area was $1,073,342, which was down 2.7 per cent over the previous month, and up 22.8 per cent compared to March 2021. The inventory of listings remains low at 0.7 months. 

“The overall number of residential transactions in March was the second-highest recorded in ten years. After the first quarter, sales activity is on pace to surpass the 15,000 mark for the second consecutive year,” says RAHB President Lou Piriano. “Across the RAHB market area, there was a slight dip in the residential average sale price, although it did remain over the $1,000,000 mark. We do not see the dip in the average sale price after one month of change as a trend or permanent circumstance. The residential market for all dwelling types continues to have less than one month of inventory which means it would take approximately 20 days to sell all the properties available. We are still experiencing a seller’s market fueled by high demand and low supply. A balanced market typically has two to three months of inventory.”

There were 1,101 sales of residential detached properties in the RAHB market area reported in March, up 35 per cent month over month, and down 21.7 per cent compared to March 2021. There were 1,680 new residential-detached properties listed, which is an increase of 47.1 per cent month over month, and a decrease of 9.7 per cent compared to March 2021. The average sale price for detached properties across the RAHB market area was $1,187,068, down five per cent month over month, and an increase of 22.2 per cent compared to March 2021. The inventory of single-detached properties increased from 0.6 months to 0.7 months. 

“In March, single-family detached properties experienced the greatest price correction, with Hamilton dropping nearly four per cent month over month and Burlington falling nearly 12 per cent. However, the average sale price in both major markets remains 20 per cent higher over March 2021,” says Piraino. 

There were 321 sales of townhomes reported in the RAHB market area in March, which was up 45.2 per cent month over month, and a decrease of 26.4 per cent compared to March 2021. There were 528 new townhomes listed in March, which increased 65.5 per cent over the previous month, and decreased 1.3 per cent over March 2021. The average sale price of townhomes across the RAHB market area was $929,901, down 1.1 per cent month over month, and up 26.3 per cent compared to March 2021. The inventory of townhomes was 0.7 months. 

“The average sale price of townhomes changed the least month over month over every other property category. In March, the average sale price of townhomes came at $875,309 in Hamilton, $1,058,412 in Burlington, $615,778 in Haldimand County and $909,572 in Niagara North,” said Piriano. 

There were 206 sales of apartment-style properties in the RAHB market area in March, which was up by 10.7 per cent month over month, and down 5.9 per cent compared to March 2021. There were 322 new apartment-style listings in March, which increased 55.5 per cent month over month, and increased 10.3 per cent compared to March 2021. The average sale price in this property category was $692,400 in March, an increase of 3.4 per cent month over month, and an increase of 32.3 per cent compared to March 2021. The inventory of apartment-style properties increased from 0.5 months to 0.9 months. 

“Apartment-style properties experienced the highest increase in inventory, and it was also the only property category to show an increase in average sale price month over month,” says Piriano. “The number of new listings to market even out-performed March 2021 by over ten per cent. Apartment-style properties continue to be a popular investment for buyers and investors due to the attractive price point and the advantage of a low maintenance lifestyle.” 

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, “It’s never too early to talk to a member of the REALTORS® Association of Hamilton-Burlington about your real estate and investment goals. Whether you are buying or selling, RAHB REALTORS® have the best tools and systems to help you navigate the market.” 

**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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