The Real Estate Association of Hamilton-Burlington (RAHB) have released their February 2020 statistics. In this article we will review and summarize these statistics. It was reported that for February 2020, there were a total of 998 sales of residential properties within the RAHB market area.
Sales were up 30% compared to January 2020 and up 25.5% over February 2019. It was also reported that the average price of a residential property increased by 4.5% to $649,667. And that there was an increase of 15.5% from the same month last year.
When we take a look at the above chart, Residential Market Activity for RAHB Areas, we can see that Stoney Creek had the second most number of sales with 106. It was also reported that there was an average sale price of $583,460. The area with the most number of sales for February 2020 was the Hamilton Mountain. With 150 sales for the month and with an average price of $542,382. To get a better idea of each area did for the month of February, we can take a look at the map below as it breaks down each area for us.
When we take a look at the map, Average Residential Price by District, we can clearly see that it illustrates each area in Hamilton. It shows us how many sales there were of residential properties and the average sale price for each district within the city. Sub areas to take note that had the highest number of sales were; 42, 50 and 51.
Now let's review the areas that had the highest average property prices. The top 3 areas for the month of February 2020 were Ancaster, Flamborough and Dundas. The average price of a residential property in Ancaster was $866,101 and this area reported a total of 55 properties sold. Flamborough had an average price of $868,929, with a total of 26 sales. And Dundas saw an average property price of $740,538 with a total of 17 sales. Now let's turn out attention to the chart below and review the comparisons to February 2019 for the Hamilton Real Estate Market.
Our last chart to look at today is the, Hamilton Residential Table. It shows us that there was a 27% increase in sales activity and 664 sales. And there were a reported 894 new listings, that's an 11% increase compared to the same time last year. Hamilton saw a 14% increase in the average price of a residential property to $588,817.
And it was also reported that the number of days a property is on market was 24.2 days. That's 9.9 days less than the same time last year. But what else can we learn from all these statistics and what do they mean? Read more below about RAHB statistics for February 2020.
RAHB Statistics for February 2020
In February 2020 there were a total of 998 sales of residential properties within the RAHB market area. We saw sales increase by 30% over the last month and there was an increase of 25.5% compared to February 2019. We also need to note that the average price of a residential property, which increased to $646,667. That's an increase of 4.5% when compared to the same month last year.
It was also reported that the number of sales for single family properties increased by 27%. And the average sale price of these properties increased by 16%. Townhouse sales saw a 21.2% increase with an average sale price increasing by 19.4% to $584,944. And when it comes to Apartment-Style property sales, they saw an increase of 19.8%.
"The RAHB market is quite active with a significant increase in number of sales compared to last month and last year. We experienced similar activity at the beginning of 2016, which was on of our busiest markets on record. With the increase in average price and new listings, overall we are firmly in a seller's market; however, there is a greater demand at certain price points - such as below $600,000" - RAHB President Kathy Della-Nebbia
For More Information About These Statistics
If you're looking for a more in-depth matrix of these statistics, please refer to Hamilton Real Estate Statistics for February 2020
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