Hamilton-Burlington Real Estate Market
It doesn’t come as new information at this point that the Hamilton-Burlington real estate market is on fire. With the average price of a residential property having an increase of 54 per cent in February and new listings up by 61.9 per cent since January 2021.
There’s a lot that attracts people to this area such as the beautiful Royal Botanical Gardens, various beachs, waterfront properties, historic areas and incredible restaurants. Home buyers have been seeking the Burlington and Hamilton area to escape the busy cities like Toronto for something with more room to move. Especially during this time in our lives when COVID-19 is having us at home more often.
Real Estate Statistics for February 2021
The REALTORS® Association of Hamilton-Burlington (RAHB) reported that sales in the market area were 25 per cent higher-year over -year. With the average cost of a residential property being $787,840, an 8 per cent increase compared to the previous year. The average cost of a residential property in Burlington was reported to be up by 27 per cent to $1,067,867. Burlington also saw 375 new listings and an average of 14 days on the market.
“In the RAHB market area, we saw an above average increase of 7.7 per cent in the average price of a home month over month. There are several pandemic related factors which have contributed to the high demand for housing combined with the low supply levels we have experienced in our market area. The good news is the number of new listings broke a 10-year record for February and our active listings increased by 28 per cent from January 2021. As we recover from these ultra low inventory numbers, buyers should start to see more selection and a bit less competition. Additionally, new listing numbers should stay strong and inventory levels should continue to increase to a more normal level as more of the RAHB market area moves out of lockdown and control zones.” – RABH President President Donna Bacher
Why The Hamilton-Burlington Market Is Attractive
It has been reported that unemployment is declining and in January 2021 there were 1,600 employment opportunities within the region. This fact alone makes the area more attractive to potential buyers. There are excellent schools and job opportunities in the area only adding to the rush of buyers looking for their next dream home.
Burlington’s most sought after neighbourhood Milcroft saw 85 sales in February, with an average residential property price of $983,974. There are many great reasons to purchase your home in Burlington and the time is now. COVID-19 has played a role in why the market is the way it is.
“COVID-19 continues to place logistical hurdles on families trying to get their home onto the market; however, as spring weather arrives and if COVID-19 restrictions are eased, families should be in a better position to leave their home to accommodate necessary showings which should increase the number of active listings in the RAHB market area,” – RABH President President Donna Bacher
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