05 Dec 2021
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Supply continues to drop in November

December 5, 2021 | Comments Closed | , , , , , , , , , , , ,

Hamilton, ON (December 2, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,199 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in November 2021. Sales decreased by nearly ten per cent since last month, and they were down three per cent since November 2020. New listings also decreased by ten per cent since last month and they were also down three per cent since last November. The average price for residential properties was $911,673 which was a decrease of one per cent from last month compared to an increase of nearly 27 per cent from November 2020. The inventory available dropped even further to 0.5 months of inventory. 

“Following a record average residential sale price in October, the average sale price held strong in November dipping by only one per cent,” says RAHB President Donna Bacher. “This month we experienced fewer properties changing hands and fewer new listings coming to the market overall, which is not unusual as we move closer to the end of the year. We have also never seen inventory this low as the level of active listings and months of inventory available continue to fall. We expect the same story in December which typically sees lower activity levels in general.”

The number of sales of detached properties in the RAHB market area decreased by 11 per cent in November 2021 compared to last month. The number of new listings decreased by 12 per cent, and the average sale price remained relatively unchanged at $1,023,561 following last month’s record. The number of active listings for detached homes has decreased by 19 per cent compared to October 2021.

“Single family detached properties continue to be one of the tightest segments of the market with active listings and months of inventory at the lowest levels on record. While the average single family sale price remained at over $1,000,000 across the RAHB market area in November 2021, the City of Hamilton’s average single family sale price was $911,896, whereas the City of Burlington’s average single family sale price came in at $1,535,491,” says Bacher.

The number of sales of townhomes in the RAHB market area decreased by 14 per cent in November 2021 compared to October 2021, and the number of new listings of townhomes decreased by 13 per cent. The average sale price increased by four per cent in November 2021 to $792,056, whereas the number of active listings for townhomes decreased by nearly 31 per cent compared to last month.

“The average sale price of townhomes spiked to a new record in November 2021 coming in just shy of $800,000. This property category saw only 53 active listings across the entire RAHB marketplace at the end of November with supply dropping to the lowest levels of 0.3 months of inventory,” said Bacher. 

The number of sales of apartment-style properties in the RAHB market area remained unchanged in November 2021 compared to last month with 177 properties changing hands. The number of new listings decreased by two per cent compared to last month and the average sale price decreased by six per cent over last month to $564,827. 

“Apartment-style properties continue to be an attractive investment with strong demand with the same number of sales occurring month over month,” says Bacher. “The average sale price for apartment-style properties attract both first-time buyers looking to get into the market and seniors looking to reduce their square footage and lower their maintenance costs overall.”

Specific neighbourhoods within the overall RAHB market see results that often differ from the average of 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.

Bacher adds, “Whether you’re the buyer or seller, RAHB has over 3,700 members to choose from to help you navigate the market. RAHB REALTORS® have access to the best training, systems and tools to help facilitate safe and successful showings and sales.” 

**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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