Welcome to 2021!
And welcome to our first market update of the year for Hamilton-Burlington. While the real estate market did slow down from November to December, we still saw solid year-over-year price growth throughout the area.
Here’s a closer look at what happened in December:
Hamilton Market Activity
|Months of Inventory||0.6||1.8||-1.2|
|Median Days on Market||11.0||24.5||-13.5|
|Average Days on Market||20.5||37.6||-17.1|
Burlington Market Activity
|Months of Inventory||0.7||1.9||-1.2|
|Median Days on Market||10.0||20.5||-10.5|
|Average Days on Market||25.6||33.2||-7.6|
The RAHB reported 913 residential property sales for the month, down 25.95% from November but up 41.6 over December 2019.
This month-to-month dip in sales is not unusual — winter tends to be a slower season for real estate, especially leading up to the holidays. Add in the COVID-19 restrictions that were put in place throughout the month, and a decrease in sales was expected.
Keep in mind that this was still a fantastic December for the real estate market; those year-over-year statistics really tell the story here.
Compared to December 2019, Burlington’s new listings rose 81% to 136 and Hamilton’s new listings increased by 25%.
Year-over-year, new listings for single-family properties were up 34%, new townhouse listings increased 48.7%, and new apartment-style listings increased 44.5%.
Burlington’s active listings were down 38% year-over-year in December, while Hamilton’s active listings fell 56%.
Months of Inventory
Burlington and Hamilton’s months of inventory both fell 1.2% in December. Burlington currently has 0.7 months of inventory while Hamilton has 0.6.
As we saw throughout the year, the lack of housing inventory has continued to put pressure on the market, resulting in more buyer competition and higher sale prices.
Average Days on Market
In Hamilton, listings spent an average of 20.5 days on the market and Burlington homes typically sold in 25.6 days.
Across the region, homes are selling quicker year-over-year as demand rises.
From November to December, the average price for a residential property in the Hamilton-Burlington area rose 1.04% to $729,853.
That’s a 25.4% increase in price from December 2019.
In Hamilton, the average home price rose 25% year-over-year from $528,525 to $661,783.
Home prices in Burlington also experienced a significant hike, rising 23% year-over-year from $780,202 to $961,908.
Detached homes, semi-detached homes, and condo apartments saw annual price increases in Hamilton. In Burlington, detached and semi-detached home prices also increased, while the price for a condo apartment fell.
A Look at What’s to Come
2020 ended up being our team’s best year to date in terms of resale home sales, and we’re expecting 2021 to be even better.
Our local real estate market has held steady year-over-year, and consumer confidence is extremely high right now. With low interest rates staying as-is and the current roll-out of the COVID-19 vaccine, we expect to see continued growth in the market this year.