Hamilton Area Statistics for February 2021
Here's What Happened This Month!
Hamilton and surrounding areas are slowly opening up under the COVID-19 Pandemic Guidelines and hopefully soon many people will have their vaccine to help protect them. Open Houses are still not allowed and showing home practices are continuing to be in place to keep everyone safe during these times and that includes Buyers and their agents signing a COVID questionnaire before having access granted to come into a Sellers home. There is a maximum of 3 people allowed in the house (The Buyer’s Agent and up to 2 Buyers – No Children). There are usually 30-minute time slots available for showings, however, in some areas, there are only 15-minute time slots and overlapping appts are not allowed. Keep this in mind if you are wanting to see some properties as it is now more challenging to find a time slot available, especially if you have a few homes to see and would like to go to them in some sort of logistical order. Digital signatures are now the norm for all and are very simple to use. Our main concern is still and always will be, the health and well-being of you and your family.
The February 2021 Real Estate Market has remained HOT in and around Hamilton Ontario! Even with the snow, there was an increase in the number of listings that came on the market. There is a continued high demand for properties from an ever-increasing number of Buyers, and therefore the supply is still too low though, which further increased the Average Prices in most areas in and around Hamilton Ontario, but we did see a decrease in a few spots! February 2021 had 1497 Total Residential Listings come through the Hamilton Real Estate Board, which is up from 1352 in January 2020, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 977 of those (up from 885 in 2020) and Burlington’s share was 375 which is also up from February 2020, which saw 241 new listings.
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 1271 Properties are up from February 2020 by 14.9% and also up 54% over last month, January 2022. The overall average price for residential properties increased from last month by 7.7% to $848,719 which is up 29.5% from February 2020. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 745, up 10% from 679 in February 2020, with an average price of $769,774 up 30% from the same month last year. Burlington had 309 Sales which is up 28% from 241 last year, with an average price of $1,067,867 which is up 27% from February 2020.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced shows only 512 Active Residential Listings giving Hamilton 0.7 months (less than a month) of inventory, down 55% from January 2020. Burlington has only 134 Active Residential Listings which also gives it less than 1 month with 0.7 months of inventory, which is down 44% from the same time last year. Overall, the number of Active Listings Available at the end of the month was 44.1% lower than the previous year. The average days on the market have also significantly dropped again from 26.2 to 13.3 in Hamilton and also went down in Burlington from 17.5 to 14.2. This is largely due to the List Below Market Value Strategy being used by many Sellers and their Real Estate Agents, so don’t be fooled by a price that looks too good to be true! Here are a few examples of sales over the last couple of weeks to give you an idea of what this can look like comparing the Listing Price to the Selling Price…
Downtown Central Hamilton – Listing Price $399,990 – Selling Price $620,500
Hamilton Mountain – Listing Price $499,999 – Selling Price $720,000
Dundas – Listing Price $999,900 – Selling Price $1,215,000
Ancaster – Listing Price $949,900 – Selling Price $1,420,820
Burlington – Listing Price $1,199,900 – Selling Price $1,485,000
Right now the Hamilton-Burlington Area is still experiencing a Strong Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 85%. In other words, 8.5 homes are sold for every 10 new listings.
Buyers Market Below 40%
Balanced Market Between 40% and 60%
Sellers Market Above 60%
(Ratio of homes sold to homes listed)
Year To Date Average Prices for Hamilton
The map below shows the current Year to Date Average Residential Prices. Some of the areas not included in the map are to the right:
When looking at the Average Prices in and around Hamilton, it is important to note how they have changed significantly over the last year and even now from month to month. If you are thinking of selling your house or condominium, get the most up to date, LOCAL information. A Market Evaluation and/or a Mortgage Pre-Approval done even a couple of months ago MUST be updated!
|Burlington – $1,021,646 – Down|
|Flamborourgh – $1,390,699 – Down|
|Waterdown – $945,412 – Down|
|Grimsby – $775,735 – Up|
|Caledonia – $689,219 – Up|
|Cayuga – $657,300 – Down|
|Dunnville – $655,075 – Up|
Take note that “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.” What that means is, not every house or condo has increased in price by the same percentage. It is really important to talk to an experienced local REALTOR® to see EXACTLY what is happening in your particular neighbourhood. It is also important to find out what you can do to your house to get the highest amount possible when you are ready to sell!
In this Market, it is important that you know about the houses getting listed Immediately! Click Here to get set up on the Instant Listings Notification Search, otherwise, you will only know about listings once they are reported to the public sites. If you wait till you see it on Realtor.ca or other sites, it's too late, and is probably already SOLD!
MLS® Property Listings in February 2021
|RAHB Market Activity||Number Of Sales Feb 2021||Number of Sales Feb 2020||Average Sale Price Feb 2021||Average Sale Price Feb 2020|
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS®) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.