Looking back through the month of October has shown us that although we did experience a slight increase in sales compared to last month, new listings are still decreasing causing the price of residential homes to soar, with that being said these are tough times that seem to be never ending, I know it seems discouraging but with some luck we’re nearing the end of these days, and good news is on the horizon!
Let us take a closer look at the stats. The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,329 sales of residential properties located within the RAHB market area. Sales increased 8 per cent since last month and down nearly 18 per cent since last October. New listings decreased by 9 per cent since September and they were down 23 per cent since last October. The average price for residential properties – $922,297, an increase of nearly five per cent from last month compared to an increase of 27 per cent from October 2020.
“Following September’s momentum, October posted a new average sale price record for residential properties, the number of sales are down significantly from last October’s highs and up slightly from the typical activity we usually experience in October. The level of active listings and months of inventory available remains concerning as demand continues to drive the market. We do not anticipate this to change as 2021 comes to a close.” says RAHB President Donna Bacher.
Detached properties sales in the RAHB market area increased by nearly 13 per cent in October 2021 compared to last month. New listings decreased by 8 per cent, causing the average sale price to increase by 5 per cent over last month to $1,033,169. The number of active listings for detached homes has decreased by 18 per cent compared to September last year.
“Single family detached properties continue to be the most competitive property type as the number of listings and inventory both experienced a drop after increases in September. The real story is that the average sale price reached a new record, coming in at over $1,000,000 for the first time across the RAHB market area,” says Bacher.
Townhome sales in the RAHB market area increased by nearly 8 per cent in October 2021 compared to September 2021, while the number of new listings decreased by 7 percent. The sale price for these homes didn’t change much this October standing at 756,684.
Apartment-style properties sales in the RAHB market area decreased by 1 per cent and the number of new listings decreased by 11 per cent as well, compared to last month. Average sale price decreased by four per cent over last month to $600,912.
“Apartment-style properties are attractive to a variety of buyers due to the price point coming in well below detached homes and townhouses, with new listings and active listings decreasing month over month, we expect the competition in this market to remain tight.” says president Donna Bacher.
It seems like we’re on a never ending roller coaster of highs and lows with no sure sign of stopping in sight. All of the ever changing data is a lot to keep up with, the best thing for you to do is ask questions, so please never hesitate to call, text or email me at any time.