Hamilton home prices rose nearly 10 per cent in 2015
Median home sale price in Hamilton and Burlington up significantly over 2014
The official numbers are in for Hamilton's gangbusters real estate market of 2015.
The Realtors Association of Hamilton-Burlington released new numbers showing the median price for residential real estate across the region was up 9.8 per cent compared to 2014.
That increase added up to more than $7.3 billion dollars changing hands on real estate deals of all types — up 20 per cent from the year before.
Looking at just Hamilton, the median price for a residential sale was $334,000 in 2015, up 9.9 per cent from $304,000 in 2014.
- After record-breaking 2015, look for Hamilton housing to stay hot this year
- Is Hamilton's housing market at risk of overheating?
- A heritage lover hunts for a house to buy in Hamilton's hot housing market
Sales were up 11 per cent from the year before on the residential side, breaking all-time records for five months of the year. Homes sold more quickly in 2015, too — spending an average of 34 days on the market compared to 39 days in 2014.
While prices were up compared to 2014, they were fairly stable month-to-month in 2015, the realtors association said.
"It looked as though we kept seeing big increases every month, but that was only in comparison to the previous year," said George O'Neill, CEO of the association.
"There's no doubt we've seen an increase over last year, but we didn't see big changes from month-to-month throughout the year."
For 2016, the RAHB expects the same factors that resulted in a strong 2015 market to continue.