2019: A MODEST SELLERS’ MARKET
Hamilton, ON (January 16, 2020) – The REALTORS® Association of Hamilton-Burlington (RAHB)
reported 12,866 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in 2019. This is 10.1 per cent more sales than in 2018. The average price of a residential property in 2019 was $587,745. This is up 4.9 per cent from 2018, and 95.3 per cent higher from 10 years ago. New residential listings were down 4 per cent compared to the previous year.
“The RAHB residential market has balanced out from the high activity experienced in 2016 and 2017; however, increases in average price and number of sales, paired with a decrease in new listings, indicates that 2019 favoured sellers more than in 2018,” says RAHB CEO Carol Ann Burrell.
“Buyers in 2019 were able to take more time to find their preferred, and in many cases more affordable, property compared to previous years, and so the sellers’ market was not as noticeable.”
When the residential statistics are broken out into the four main RAHB market areas, Hamilton experienced a 1.7 per cent increase in listings, a 13.3 per cent increase in sales, and a 6.2 per cent increase in average price to $525,843; Burlington saw a decrease in listings by 5.7 per cent, an increase in sales by 5.7 per cent, and an increase in average price by 2.8 per cent to $755,639;
Haldimand saw a 5.3 per cent increase in listings and a 7.4 per cent increase in average price to $465,271, while the number of sales remained essentially the same; and Niagara North saw a 1.7 per cent increase in listings, a 10.9 per cent increase in sales, and an increase in average price by 6.6 per cent to $581,733.