Home prices in Hamilton rise, number of new listings decreases
Availability of new listings in the city fell by 8 per cent this year
The average price of a house in Hamilton is up nine per cent from last October, according to a release from the Realtors Association of Hamilton-Burlington (RAHB).
A house in Hamilton now costs an average of $544,980 according to the RAHB's latest report, compared to an average price of $499,598 in October of 2018.
The continued price hike — into October — is a bit unusual, according to RAHB CEO Carol Ann Burrell. "Historically, a move toward colder weather means activity slows ... this October saw an increase in sales over September."
The number of homes sold in the city also increased by nine percent from last year, with a total of 752 units sold as of October, compared to 689 sold last year.
"The RAHB market area experienced more activity in October with an increase in number of sales from last month, as well as from the previous year, which is good news for sellers," said RAHB President Bob Van de Vrande.
Buyers — on the other hand — were left with fewer choices.
As sales increased, the city saw a decrease in new listings on the market by eight per cent this year, compared to October 2018. Availability of new properties fell 12 per cent since just last month.
Ancaster had the highest recorded average house price of all Hamilton neighbourhoods at $859,582, up from $701,233 at this time last year. Hagersville had the lowest price at $379,490, up only just slightly from $379,438.
Here's a breakdown of property price changes across the entire RAHB market area:
- Average sale price for detached single family properties increased by 6.6 per cent from last year
- Townhouses also increased in average sale price by 8.7 per cent from last October
- Apartment-style properties increased in average price by 3.4 per cent since last year
"Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging," the release said.