Hamilton Area Statistics for March 2021
Here's What Happened This Month!
We are back in lockdown in Hamilton and the surrounding areas under the COVID-19 Pandemic Guidelines as of April 3rd. Vaccines are starting to roll out, but slowly. 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 March 2021 Real Estate Market has continued to be HOT in and around Hamilton Ontario and hopefully, soon the weather will be as warm! March 2021 had 2520 Total Residential Listings come through the Hamilton Real Estate Board, which is up significantly from 1664 in March 2020, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). This is not too surprising as the Pandemic had just shut things down a year ago, and Real Estate slowed down for a little bit. Hamilton had 1701 of those (up from 1081 in 2020) and Burlington’s share was 597, also up from March 2020, which saw 423 new listings. Even with the increased amount of Listings, there was still a shortage of Supply. new Listings were up 65% since last month and up 53% over last March.
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 2074 Properties are up from March 2020 by 73.1% and also up 63% over last month, February 2021. The overall average price for residential properties increased from last month by 7.7% to $872,719 which is up 32% from March 2020 and up 3% from February 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 1302, up 73% from 753 in March 2020, with an average price of $804,223 up 32% from the same month last year. Burlington had 447 Sales which is up 61% from 278 last year, with an average price of $1,088,670 which is up 30% from March 2020.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced shows only 650 Active Residential Listings giving Hamilton 0.5 months (only half a month) of inventory, down 57% from March 2020. Burlington has only 236 Active Residential Listings which also gives it half a month, with 0.5 months of inventory, which is down 35% from the same time last year. Overall, the number of Active Listings Available at the end of the month was 39% lower than the previous year. The average days on the market have also significantly dropped again from 22.3 to 12 in Hamilton and also went down in Burlington from 12.7 to 9.5. 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! Sellers are listing less than market value, and holding off taking offers for up to a week, therefore creating a bidding war atmosphere and hopefully getting many offers and selling for much higher than the asking price. This can be hundreds of thousands over the List Price, so make sure you talk to your Realtor and try to get a better idea of what the actual Market Value currently is.
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 82.3%. In other words, 8.2 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)
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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 – $1,059,419 – Up |
| Flambourgh – $1,400,374 – Up |
| Waterdown – $958,503 – Up |
| Grimsby – $800,207 – Up |
| Caledonia – $716,709 – Up |
| Cayuga – $716,709 – Down |
| Dunnville – $692,209 – 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 March 2021
| RAHB Market Activity | Number Of Sales Mar 2021 | Number of Sales Mar 2020 | Average Sale Price Mar 2021 | Average Sale Price Mar 2020 |
|---|---|---|---|---|
| West Hamilton | 117 | 49 | $692,227 | $552,526 |
| East Hamilton | 147 | 75 | $623,700 | $466,549 |
| Central Hamilton | 155 | 96 | $604,057 | $453,194 |
| Hamilton Mountain | 293 | 174 | $737,114 | $560,236 |
| Flamborough | 37 | 26 | $1,348,714 | $893,138 |
| Dundas | 45 | 30 | $915,220 | $822,114 |
| Ancaster | 100 | 72 | $1,142,559 | $774,044 |
| Waterdown | 83 | 38 | $969,468 | $766,217 |
| Stoney Creek | 241 | 143 | $840,308 | $627,894 |
| Glanbrook | 84 | 50 | $910,686 | $644,089 |
| Burlington | 447 | 278 | $1,088,670 | $840,628 |
| Dunnville | 28 | 23 | $714,393 | $460,447 |
| Cayuga | 5 | 5 | $654,640 | $566,828 |
| Caledonia | 18 | 13 | $730,328 | $546,038 |
| Hagersville | 8 | 9 | $620,190 | $428,489 |
| Seneca | 2 | 2 | $807,500 | $588,750 |
| Rainham | 6 | 2 | $570,650 | $390,000 |
| Grimsby | 93 | 46 | $852,526 | $612,206 |
| Smithville | 18 | 10 | $818,952 | $572,419 |
| West Lincoln | 6 | 1 | $1,022,667 | $459,900 |
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.