Jan to June 2021 Year-To-Date Statistics & Analysis

Here’s What Happened In The Last 6 Months!

Supply VS Demand – January to June 2021

At this time last year, we were just ending our third full month of the Covid-19 Pandemic. Sales and Listings were sporadic as the Real Estate industry navigated the changes that were happening. No open houses, virtual showings, no overlapping showings, only 2 adults plus their Realtor for showings, 30-minute showings and in some cases only 15-minute showings. Potential home sellers re-evaluated their need to sell and many chose to stay put and renovate or “make-do” instead of risking the possibility of having people enter their home, especially the most vulnerable and the elderly owners. Our normal “Spring Market” where we see many properties come up for sale in March, April, May and June, did not happen. This led to a shortage of inventory that only now is starting to subside. Listings decreased and Buyers increased. More and more people were forced to work from home so living close to work for a shorter commute was no longer a priority, which led to a steady influx of buyers from the Greater Toronto Area to seek out more affordable housing opportunities in the Hamilton-Burlington Areas. Travel Restrictions and limited public outdoor activities increased the demand for pools and personal outdoor space to enjoy. Extended Online learning for students and more parents either working from home or not working at all led to the need for homes with larger square footage to accommodate everyone being home. As the year progressed and the effects of the Pandemic changed peoples priorities and the pent up demand for housing grew, the stage was set for a very different Real Estate Market.

When comparing the first 6 months of this year to the first six months of 2020 we see how those changes were reflected. Freehold listings in 2020 were 6654 compared to 9588 in the first half of this year. The Average Freehold Price increased from $670,705 in 2020 to $885,521 in 2021! Freehold Sales jumped from 4716 to 7280. Days on the market dropped from an average of 27 to 11. With the extreme jump in prices for Freehold Properties, the demand grew for Condominiums. There were 1737 listed in the first half of 2020 compared to 2376 in 2021. The Average Condominium Price increased from $481,103 to $581,429. Condominium sales went from 1134 in 2020 to 1888 in 2021. Average Days on the market dropped from 24 to 16. When Supply is Low and Demand is High (Fewer Listings vs Higher Sales) we experience a Sellers Market and that means Average Prices Increase. We use a formula of Total Sales divided by Total Listings to determine whether we are experiencing a Buyers Market, a Balanced Market, or a Sellers Market. Buyers Market is below 40%, Balanced Market is between 40-60%, and Sellers Market is above 60%. So far in 2021, we are sat 76% and continuing to be in a Sellers Market.

**See below for Average Price charts and maps for districts and neighbourhoods throughout Hamilton !** 

June 2021 vs June 2020 Statistics

We can feel a shift happening as the third wave of Covid-19 lessens its grip and the promise of Ontario entering Step 3 Economic Reopening is just days away. It will be interesting to see what effect this will have in the coming months on the Real Estate Market, especially since we are still seeing historic low Interest Rates for Mortgages. June 2021 had 1839 Total Residential Property Listings come through the Hamilton Real Estate Board, which is just slightly lower than the 1842 Listings in June 2020 as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1198 of those (up from 1177 in 2020) and Burlington’s share was 424, down from 465 in June 2020. Overall New Listings were down 11% since last month and up only 10% over June 2020.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 1607 Properties are up 23% from June 2020, however, down 11% over last month, May 2021. The overall average price for residential properties increased by 2% from last month to $865,339, and up by 28% from June 2020. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 966, up only 12% from 865 in June 2020, with an average price of $787,758 up 28% from the same month last year. Burlington had 326 Sales which is down 4% from 339 last year, with an average price of $1,126,765 which is up 29% from June 2020. The end of month inventory shows 745 Active Residential Listings giving Hamilton 0.8 months (less than a month) of inventory, down by 31% from June 2020. Burlington has only 207 Active Residential Listings which gives it 0.6, or a little over half a months worth of inventory, which is down 44% from June 2020. Overall, the number of Active Listings Available at the end of the month was 0.8% LOWER than last month. The average days on the market are still low and have dropped again from 23.1 to 13.7 in Hamilton (slightly higher than last month) and also went down in Burlington year over year from 20.0 to 14.1, also slightly higher than last month. 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 87.4%, up from 75.3% last month. In other words, 8.7 homes are sold for every 10 new listings.

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Hamilton’s Average Year to Date Prices

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 June 2021

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.

10 Years Ago vs. Now in 2021

Other Areas Around Hamilton