The Real Estate Association of Hamilton-Burlington (RAHB) have released their January 2020 statistics. In this article we will review and summarize these statistics for you. It's always important to note the number of sales that there were in a month. For January 2020, there were a reported 692 sales of residential properties within the RAHB market area.
It was reported that there was a 5% increase in sales compared to the same month last year. And there was an 18.3% increase over December 2019, it was also reported that the average price of residential properties increased by 11.9% from January 2019 to $617,496.
In the above chart, Residential Market Activity for RAHB Areas, we can see that the area with the most sales of residential properties with a total of 111 sales, was the Hamilton Mountain. And with an average property price of $518,368. This is a clear increase in the average property price for the area when compared to the same time last year.
Another area we can turn our attention to is Stoney Creek, which saw 89 sales of residential properties. With a reported average sale price of $591,600. We can now take a look at the map below and see a more details about each sub area in the Hamilton real estate market.
The above map, Average Residential Price by District, illustrates the average cost of a property in each individual area. This map also shows us how many residential properties were sold in January 2020. Sub areas to take note of that had the highest number of sales were, 16, 17, 42 and 51.
Areas with the highest price of residential properties were Ancaster and Flamborough. Ancaster had an average residential property price of $762,957. Making it the most expensive area on our RAHB map and with a total of 42 sales. Flamborough had an average residential property price of $703,324 and with a total of 17 sales. Let's now take a look at the chart below and learn more about the Hamilton Residential Table.
Our last chart, Hamilton Residential Table, shows us that there was a 15% increase in sales compared to January 2019. And that there were a total of 485 sales in the Hamilton area with 733 new listings. However, there was a 13% decrease over January 2019 but that we also saw a 13% increase in the average cost of a residential property to $562,235.
We can also take a look at the numbers of days a property was on the market. The average days for January 2020 decreased to 34.1 days, that's 7.9 days less than the same time last year. These statistics are always helpful when we want to better understand the real estate market.
RAHB Statistics for January 2020
In January 2020 there were a reported 692 sales of residential properties. And it was reported that sales were up by 5% over the same time last year. With an 18.3% increase in sales over December 2019. And it was reported that the average price of a properties within the RAHB market area was up by 11.9% to $617,496.
The number of sales for a single family property saw an increase of 10% compared to January 2019. And the average price of a family property increased by 9.4% in January 2020. Townhome sales activity saw a decrease of 6.2% with the average price increasing by 10.8% to $518,361. And finally, apartment-style properties also saw a decrease in sales by 1.4% but saw an increase in the average price by 9.6%.
"Our market area experienced a reduction in activity and average price in December, as is the case for that typically slower month; however, we bounced back in January. Buyers seem to be coming out early, so sellers shouldn't feel the need to wait for the spring market to get a great value for their property. We expect the spring market will be strong with more competition between sellers, as many wait for the flowers to bloom to market their homes." - 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 RAHB's Hamilton Real Estate Statistics for January 2020.
Contact a Sales Representative at Judy Marsales
Have questions about these January 2020 statistics? You can contact one of our sales representatives at any of our three locations today and they would be happy to help you. And if you've been wondering what your home is worth, you can try our What's My Home Worth calculator and find out.