Hamilton/Burlington Real Estate News - OCT 2021
HAMILTON-BURLINGTON REAL ESTATE UPDATE
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,226 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in September 2021.
Sales increased two per cent since last month, and they were down nearly 30 per cent since September 2020. New listings increased by 14 per cent since last month and they were down 26 per cent since last September.
The average price for residential properties was $881,656 which was an increase of nearly five per cent from last month compared to an increase of 22 per cent from September 2020. The inventory available remained unchanged from August 2021 at 0.8 months of inventory.
“After months of relatively flat prices, September’s historically low listing and inventory levels have moved the average sale price to a new record,” says RAHB President Donna Bacher.
“The demand remains strong and the supply remains low. Overall, we need more supply on the market to meet the demands of buyers and investors. There’s nothing on the horizon to indicate that October will be any different.”
The number of sales of detached properties in the RAHB market area held steady with 798 sales in September 2021 compared to 795 in August 2021.
The number of new listings increased by 14 per cent, and the average sale price increased by five per cent over last month to $981,678. The number of active listings for detached homes has increased by nine per cent compared to August 2021.
“Single family detached properties continue to be in high demand with families looking for space to grow. We saw listings and inventory levels increase in September which is typically the norm.
The average price for single family detached properties is creeping back up to the record high that we recorded earlier this year,” says Bacher.
The number of sales of townhomes in the RAHB market area dipped by nearly four per cent in September 2021 compared to August 2021.
The number of new listings of townhomes increased 17 per cent, and the average sale price increased by nearly two per cent to $758,338 from last month.
The number of active listings for townhomes has decreased by one per cent compared to August 2021.
“More townhomes came to the market in September following the typical summer slowdown and the average sale price of townhomes hit a high of over $758,000,” said Bacher.
The number of sales of apartment-style properties in the RAHB market area increased by nearly ten per cent month over month.
September 2021 saw the number of new apartment-style listings increase by 15 per cent compared to last month. The average sale price increased by 18 per cent over last month to $626,794.
“The 18 per cent increase in average sale price of apartment-style properties recorded in September is a bit misleading and should not be taken at face value. September saw above average sales volume in luxury apartment-style properties in premium Burlington locations,” says Bacher.
“Average sale prices continue to remain strong in the Hamilton-area with an average sale price remaining in the $480,000 mark. For a wide variety of buyers, apartment-style properties remain attractive across the RAHB market.”
KELLER WILLIAMS AWARDS 2021
A Big Thank You to All Our Amazing Clients and Friends that have Trusted Us to Handle All Their Real Estate Needs. We are So Grateful for Your Past and Continued Support!!!
Our Success Comes from Your Success!!!!!
GET AN EVALUATION...ON THE HOUSE!
Pricing your property is both an art and a science and if you’re looking to sell your home, it’s critical that you get it right from the start rather than adjusting the price later on.
A comparative market analysis (CMA) is a report that estimates your home's value by comparing it to similar properties that have recently sold in your neighbourhood.
In addition to homes that have recently sold, homes currently on the market are researched along with homes that didn’t sell in order to give you a better understanding of current market conditions.
It’s important to compare homes that are similar in style, age, square footage, etc. Adjustments should be made for features such as a fully-finished basement, a double car garage and any recent updates or renovations that can affect a home’s value.
Online home evaluations are quick and easy but they’re not always accurate as it’s hard to capture the nuances that make your home unique. It's therefore best to have an agent do a walkthrough so they can see your home firsthand.
A professionally done CMA is essential for setting a competitive asking price that will lead to a successful sale. Even in today’s highly competitive market, if you set the price too high, you might end up scaring buyers off and redirecting their interest to other homes that seem more reasonably priced.
Aside from setting a price that will attract the maximum amount of interest from buyers, a CMA will also be a valuable tool during negotiations as concrete facts of past sales will help justify your asking price.
You don’t have to necessarily be ready to sell your home to receive a CMA. If you’re thinking about renovating your home for instance, a CMA can help give you a better idea of how much value certain renovations will add to your home so that you can move forward with confidence.
A properly done CMA is a crucial tool in helping you get top dollar should you decide to sell whereas incorrectly pricing your home is a mistake that could end up costing you thousands of dollars and months of frustration.
Please don’t hesitate to get in touch if you’d like to get a better idea of what your home’s currently worth or even if you’re just curious about the latest local market trends – it’d be great to hear from you!
CLICK HERE to Book a CMA
HALLOWEEN TIPS FOR HOMEOWNERS
There will likely be a bit more foot traffic around your home than you’re used to so it’s important to put safety first.
Here are a few tips that will help keep the kids safe when they come knocking on your door:
Loose Ends
Repair any loose railings on your porch and steps.
Bright Idea
Have a spare light bulb on hand in case your porch light burns out.
The Shining
Use a light stick or flashlight in your jack-o'-lantern instead of candles.
Doggone It
Halloween can be a scary time for dogs so keep them secured in a separate room.
Lighten Up
Halloween is supposed to be dark and spooky but it’s important to ensure the path to your front door is well lit.
It’s easy to get caught up in the fun and festivities that surround Halloween but we also need to keep things safe for the little ones.
Halloween is an occasion where children form lifelong memories so it's important that we do our best to ensure they have a safe and happy time.
DUDE, WHERE'S MY CAR?
The truth is though, you’re more likely to be a victim of an opportunistic thief who’s looking for loose valuables that are left in unlocked cars.
However, some thieves are far more sophisticated as they use modern-day methods such as relay technology that boosts the signal of a key fob that’s in the owner’s home. This then allows the thief to simply unlock the car and drive off.
Auto theft can happen anywhere and at any time so it’s important to be proactive. Here are a few helpful tips that'll make your car less of a target:
- park your vehicle in a secure garage
- equip your vehicle with GPS tracking
- use a steering clamp to deter thieves
- store key fobs in a frequency shielding bag
Imagine if you went to hop in your car and instead found an empty parking spot. A few proactive steps such as the ones above can help you avoid that horrible feeling as the more time and effort it takes for a thief to steal your car, the more likely they are to move on.
