RAHB says average price of home in January was $1,058,756

The Realtors Association of Hamilton-Burlington (RAHB) says January saw record-high home prices.

The group says the average price for residential properties was $1,058,756, which was an increase of 13.6 per cent from December, and an increase of 34.7 per cent compared to January 2021.

RAHB says 718 homes were sold last month which is 13.5 per cent fewer than the same month last year.

New listings were up by 40.9 per cent month over month, but compared to January 2021, there was a decrease of 11 per cent.

The inventory of listings remained low with homes often selling in less than a month.

“This is the first time that the average sale price has topped $1,000,000,” says RAHB President Lou Piriano in a press release. “If we look at the average sale price by area, Hamilton came in at $976,423; Burlington was $1,369,337; Niagara North was $1,045,801, and Haldimand County was $873,280.”

Piriano said specific neighbourhoods in each area often see differing averages.