While prices and sales of homes in the Hamilton-Burlington region continued to soar last month, the number of available homes on the market also saw an increase. Buyers were eager to enter the market, and with more inventory available, we saw a 73% increase in sales completed compared to this time last year.
Here’s a closer look at what happened in March:
Hamilton Market Activity
|Months of Inventory||0.5||1.4||-0.9|
|Median Days on Market||7.0||12.0||-5.0|
|Average Days on Market||12.0||22.3||-10.3|
Burlington Market Activity
|Months of Inventory||0.5||1.3||-0.8|
|Median Days on Market||6.0||7.5||-1.5|
|Average Days on Market||9.5||12.7||-3.1|
According to The RAHB, there was close to record-breaking activity in the market last month with a 63% increase in sales compared to February 2021.
This amounts to 2,074 home sales completed in March 2021, which is a 73% increase compared to the same period last year.
Compared to March 2020, sales of detached homes in the RAHB region increased by a staggering 74% year-over-year.
Sales of townhomes saw the largest increase among property types, with a 73% increase in sales year-over-year, and an 80% increase compared to February 2021.
The RAHB region saw a significant uptick in new listings in March 2021, with a 65% month-over-month increase from February 2021. This is a 53% increase compared to March 2020.
This development is great for encouraging market stability, as more inventory provides greater opportunities for people to enter the real estate market.
Active listings increased in March this year throughout the RAHB market, with an average increase of 20% from February 2021.
Months of Inventory
Overall, there was a 27% increase in inventory in the RAHB region from February 2021 to March 2021; however, year-over-year, there has been a decrease in available properties by 39%.
Month-over-month, the largest inventory increase of all residence types appeared in detached home listings.
Average Days on Market
Listed homes spent significantly less time on the market in March 2021 compared to 2020, with an average of 11 days. This is down 50% from the average of 22 days that homes spent on the market in the previous year.
This year, townhomes spent an average of 24 days less on the market compared to March 2020, despite the modest price increases for this type of property.
This speaks to the fact that many buyers are finding compromise with wanting more space than apartment-style properties offer, while still being able to enter the market at a more affordable price range.
The average price for residential properties in the Hamilton-Burlington area was $872,368 in March 2021. This is a 3% increase from the month before, and a 32% increase from March 2020.
The average price of a detached home in Hamilton increased to $874,766, up 24% from 2020. Detached home prices throughout the RAHB market saw a 34% year-over-year increase, bringing the average sale price to $987,030.
Townhomes saw the lowest month-over-month increase in average price among property types at 0.7%.
A Look at What’s to Come
It’s important to note that the effects of the COVID-19 pandemic have distorted the market statistics when comparing year-over-year prices. To ensure you’re making the best financial decision, consult a real estate professional who will assess market trends for you, and provide you with an accurate understanding of your position before you get started.