2020 Real Estate Market Review in Hamilton – Burlington
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 14,863 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in 2020.
This is 8.4 % more sales than in 2019.
The average price of a residential property in 2020 was $690,002.
This is up 16.8% from 2019.
The average price in 2010 was $310,258 which represents a 125.4% increase.
New residential listings were down 7.6% compared to 2019.
Hamilton, ON (January 26, 2021) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 14,863 sales of residential properties processed through the Multiple Listing Service® (MLS®) System in 2020. This is an 8.4 per cent increase from 2019. The average price of a residential property in 2020 was $690,002. This is up 16.8 per cent from 2019. The average price in 2010 was $310,258 which represents a 125.4 per cent increase. New residential listings were down 7.6 per cent compared to 2019.
“After a slight slowdown in March and April, the RAHB real estate market rebounded with abundance, creating record break numbers throughout 2020,” says RAHB’s 2021 President, Donna Bacher. “The 2020 real estate market was faced with uncertainly; however, RAHB REALTORS® worked together to ensure that the buying process was done safely and efficiently. Looking to 2021, we don’t know what the future holds; we do know for certain that RAHB REALTORS® will continue to work diligently to keep both buyers and sellers safe.”
When the residential statistics are broken out into the four main RAHB market areas, Hamilton experienced a 9 per cent decrease in listings, a 10 per cent increase in sales, and a 18 per cent increase in average price to $629,961; Burlington saw a decrease in listings by 4 per cent, an increase in sales by 6 per cent, and an increase in average price by 16 per cent to $878,372; Haldimand saw a 19 per cent decrease in listings and a 18 per cent increase in average price to $547,355, while the number of sales increased by 7 per cent; and Niagara North saw a 11 per cent decrease in listings, a 11 per cent increase in sales, and an increase in average price by 15 per cent to $664,921.
Broken down further by community, Ancaster and Dunnville experienced the highest percentage increase of sales at 26.7 and 22.4 per cent, respectively, and the Hamilton Mountain saw the highest total number of sales at 2,113. The largest drop in number of sales was experienced by Dundas, falling from 323 to 304 sales.
The highest average sale price was held by Flamborough at $969,322, and the largest percentage increase was held by Seneca at 29.7 percent, from $631,242 to $819,178. No communities experienced a drop in average price and 19 communities saw double-digit increases in average price.
“When interpreting the statistics, it is important to remember that communities can have many different types of properties – large and small, as well as urban, suburban and rural,” says RAHB President Donna Bacher. “For example, one large farm sale could skew the average price up more than what was experienced in that overall area. That’s why it is so important to work with a local REALTOR® when selling or buying your home – they know the market trends for your neighbourhood and have the tools to help you.”
With respect to property style, single-family properties experienced an increase in the number of sales in Hamilton and Haldimand County by 2.7 per cent and 1.8 per cent, respectively. Single-family properties in Burlington saw a decline of 3.8 per cent and single-family properties in Niagara North saw no change. Apartment-style property sales were up across most of the RAHB market area. Apartment-style property sales increased the largest in Niagara North compared to 2019 – 56.2 per cent. Townhouse sales in Hamilton saw the largest increase – 10.4 per cent. Detached homes, townhouses and apartment-style properties in all of the RAHB market areas experienced an average price increase.
“The clear trend for 2020 was that detached properties and townhomes outperformed apartment-style properties; however, this year we did see apartment-style properties still performing well. Buyers are still leaning towards the detached market that offers them more utility and space,” says Bacher.
Commercial properties within the RAHB market area experienced an increase in number of sales, as well as average price. Hamilton saw the highest number of sales at 96 and the highest dollar volume at $91,915,100.
The total dollar volume of all sales made by RAHB Members (residential and commercial) within the RAHB market area was $145,534,032 – up $21,866,032 — representing a 17.6 per cent increase from 2019.
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. RAHB REALTORS® have the local experience, knowledge and tools to help buyers and sellers make those big decisions.
*Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local RAHB REALTOR®.