Home sales skyrocket in Hamilton, with average price hitting $872,368 in March: RAHB

Home sales in Hamilton and Burlington skyrocketed last month, jumping 73 per cent compared to the same time last year. Meanwhile, the average price of a residential property in the area climbed to $872,368.

That's according to the most recent report from the Realtors Association of Hamilton-Burlington (RAHB), which found the average price for a residential property is up three per cent from last monthand 32 per cent compared to March 2020.

RAHB reported 2,704 sales last month a 63 per cent jump compared to February.

At the same time, the association says, the inventory available by the end of March was 39 per cent lower thanthe the same month last year.

"The RAHB market area was close to record-breaking activity with a 63 per cent increase in sales, a 65 per cent increase in new listings and an overall increase in inventory by 27 per cent since last month," saidRAHBpresident Donna Bacher in a media release.

Bacher pointed to the COVID-19 vaccine rollout as a possible factor in the shift.

"It appears more homeowners are feeling comfortable listing their home and we have started to observe an upturn of active listings," she said. "We have to acknowledge that the impact of the COVID-19 pandemic distorts housing statistics when comparing March 2021 to March 2020."

The rise in sales included detached properties, which increased by 74 per cent last month when contrasted with the year before.

The number of new listings rose by 53 per cent and the average price landed at $987,030 an increase of 34 per cent over the same time last year, according to the RAHB.

Bacher described the price increase month-over-month as "modest," noting it rose by two per cent compared to February.

Townhome sales leapt 73 per cent over last year, with new listings up 64 per cent and the average price rising 29 per cent to$734,970.

That price is a 0.7 per cent increase over February 2021, making townhouses the property type with the lowest increase, according to the RAHB, but they sawan 80 per centincrease in sales over the same period.

Apartments also saw sales rise last month, increasing by 68 per cent compared to March 2020 and theRAHBfound the average price jumped 16 per cent to$519,586.