The Hamilton real estate market kept its positive momentum going in February, following January’s trend of rising prices and increasing sales.
Here’s a closer look at what we saw last month:
There was an 11% year-over-year increase in new listings in February, while active listings fell 9% to 859.
Sales activity was on the rise, up 27% to 664 sales. We reached a 44% increase in dollar volume, and finished the month off at $390,974,351.
Hamilton real estate continues to sell quickly, with homes spending an average of 24.2 days on the market, down 10 days when compared to last month.
How Much Are Homes Selling For?
Prices are continuing to climb in the city. The average sales price in Hamilton overall was $588,817, up 14% year-over-year from $518,259.
- Detached homes sold for $637,246
- Semi-detached homes sold for $539,195
- Apartment-style homes sold for $346,250
While the prices of detached homes and semi-detached homes rose, the price of an apartment-style home fell a couple thousand dollars year-over-year from $348,888.
The action of the spring real estate market came early this year, and we’re only just beginning.
Many experts are comparing our current real estate market with that of 2016, which was one of the busiest on record for the Hamilton-Burlington Real Estate Board.
What’s to Come
We’re expecting a steady spring market ahead as buyers continue to compete over listings and sellers see fast, lucrative results.