Cold February didn't chill Hamilton housing market
Sales and prices up in February year-over-year; housing starts down
Home sales in February were up 14 per cent compared to the same month a year ago, according to new numbers released by the Realtors Association of Hamilton-Burlington.
The median sale price for all homes sold in February in Hamilton and Burlington was $365,000, up 7.4 per cent compared to $340,000 in February 2014. Prices for condos alone rose, too — the median was $287,000 in February, up nearly 5 per cent from the same month a year ago.
The number of days homes sat on the market dropped significantly. A detached house took an average of 43 days to sell last February, but only 36 days last month.
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The strong demand kept the pace steady for homebuilders constructing single-family detached homes in Hamilton in February. But a "particularly cold February" contributed to an overall dip in home-building activity led by weaker multi-unit building construction, according to numbers released Monday by the Canada Mortgage and Housing Corporation.
The average price for the homes sold in February was 9.7 per cent higher in Hamilton West (average $365,379 in February) and 9.6 per cent higher in Hamilton Centre (average $207,686) than the average sales price in February 2014.
The biggest price jumps out of the 14 sub-regions in the RAHB numbers were in Dundas and Burlington. Average prices for homes sold in February were 28 per cent higher in Dundas ($450,207) and 15 per cent higher in Burlington ($553,662) than the average price for sales there in February 2014.
Average prices tend to reflect general market trends but outlier expensive or inexpensive sales on either end can skew the numbers for a particular month.