Residential property sales in Hamilton-Burlington grew by 10.9% annually last month, a trend largely propelled by strong performances in the condo and townhouse segments, according to the region’s real estate professionals group.
Latest data from the Realtors Association of Hamilton-Burlington – which covers the two locales, along with Haldimand County and Niagara North – indicated that 1,344 home sales transpired through its MLS System in May.
Said volume was 9.6% higher than April’s numbers, and 30.2% higher than March. Townhouses had a 21.8% year-over-year increase in transactions last month, and apartment-style residences enjoyed 20% sales growth during the same time frame.
Meanwhile, supply continued to contract with a 5.2% drop in the overall number of listings.
This decline “can indicate the start of a seller’s market wherein prices could increase,” RAHB President Bob Van de Vrande told CBC News.
“Such a trend would have to continue for this to be the case but it’s certainly a sign that we have a very strong market.”
RAHB data also showed that the average home price in its jurisdiction ticked up by 0.9% annually in May, settling at $593,702. By asset class, condo values shot up 8.3%, and townhouse prices grew by 3.7%.
“More affordable areas, like Hamilton centre and Hamilton east, are having more activity, because people are choosing to live there,” RAHB communications manager Wendy Stewart noted.