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Real Estate Market Statistics for June 2022
The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 995 sales in June 2022 of residential properties within the RAHB market area. The statistics in this blog include the entire RAHB real estate market area and the Burlington real estate statistics. When it came to the number of sales, there was a 19.2 per cent decrease in sales month over month and a 37.8 per cent decrease when compared to the same time last year.
RAHB reported that there were a total of 2,543 new listings in June 2022. This means there was a 3.2 per cent decrease month over month and a 27.1 per cent increase when compared to June 2021.
When it came to the average price of a residential property in the entire RAHB market area, it was reported to have been $946,026 in June 2022. This was a decrease of five per cent when compared to the previous month and a nine per cent compared to the same time last year.
Let’s now take a look at the first chart below and review the different areas with the Hamilton and Burlington areas. We’ll be able to compare the average price of a residential property and the number of sales to June 2021. Then we can take a closer look at the Burlington real estate statistics.
Residential Market Activity
When we review the above chart, Residential Market Activity, we can get a closer look at the Hamilton and Burlington real estate market. We can see what the average price of a residential property was in each area and compare that price to the previous year. The chart also allows us to see how many sales there were in each area and again, we can compare it to the same time last year.
It was reported by RAHB that the Hamilton Mountain had the greatest number of residential sales within the Hamilton area, with a total of 145 sales. The average price of a residential property in this area was reported to have been $775,744 in June 2022.
Hamilton Centre had a total of 43 sales in June 2022 with an average residential property price of $716,372. While it appears the number of sales saw a decrease, the property price had a clear increase when we compare it to the same time last year.
Finally, we can take a look at the Burlington area, where there were a total of 198 sales, this is the greatest number of sales overall. The average price of a residential property in Burlington in June 2022 was reported to have been $1,250,673. Once again we can see that while there was a decrease in the number of sales, there was an increase in the average price of a property when compared to June 2021. We can now turn our attention to the map below and get a better look at each area within the Burlington real estate market.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates each area within the Burlington real estate market. This way we can see what the total number of sales were for the month of June 2022 and the average price of a residential property. The sub areas that we need to take note of, that had the greatest number of sales were; 32, 34, and 35.
It becomes clear that area 35, located in the most sought after neighbourhood in Burlington, Milcroft, had the greatest number of sales. With a total of 63 sales for June 2022 and an average residential property price of $1,129,387.
Another sub area we can take note of was area 38, this area had a highest average residential property pice of $2,134,750. Area 38 had a total of 4 sales for the month of June 2022. In order to get a better look at how the overall Burlington real estate market did in June 2022 we can take a look at the final chart, Burlington Residential Table.
Burlington Residential Table
The final chart that we’ll review in this blog is the above chart, Burlington Residential Table, it allows us to see the overall real estate statistics. It was reported by RAHB that there were a total of 198 sales in June 2022, this was a decrease of 39.1 per cent when compared to the same time last year.
When it came to the number of new listings, it was reported that there were a total of 517 in June 2022. This was an increase of 21.6 per cent when compared to the same time last year. The average price of a residential property in Burlington was reported to have been $1,250,673 in June 2022, an increase of 9.9 per cent compared to the previous year.
RAHB reported that the median price of a residential property in Burlington was reported to have been $1,020,000. This was an increase of 3.9 per cent when compared to June 2021. It’s interesting to review these numbers because we can get a good idea of where the market is and in some cases guess where it might be headed. Let’s now learn more about Detached, townhouse and apartment-style properties within the RAHB market area.
Detached, Townhouse and Apartment-Style Properties
There were a reported 689 sales of detached homes within the entire RAHB real estate market area. This was a decrease of 19.2 per cent when compared to the previous month and a decrease of 35.3 per cent compared to June 2021. RAHB reported that the average price of this type of property was $1,054,851. This was a 7.5 per cent increase when we compare it to June 2021.
The total of 182 sales of townhouses in the entire RAHB real estate market area in June 2022. This was a decrease of 23.8. per cent when we compare it to the previous month and a decrease of 40.5 per cent to the same time last year. Townhouse style properties had a total of 434 new listings, which was an increase of 25.8 per cent compared to the same time last year. The average price of a townhouse in the RAHB market area was reported to have been $775,511, an increase of 8.4 per cent compared to the same time last year.
Apartment-style properties had a total of 114 sales in June 2022, which was a decrease of 47.7 per cent compared to the same time last year. There were 295 new listings, an increase of 13.9 per cent compared to June 2021. The average price of this type of property was $582,798, an increase of 9.1 per cent compared to the same time last year. Next we’ll summarize the real estate statistics that we just reviewed in this blog.
The REALTORS® Association of Hamilton-Burlington June 2022 Statistics
To summarize, the REALTORS® Association of Hamilton-Burlington reported a total of 995 sales of residential properties. This was a 37.8 per cent decrease when compared to the same time last year. This was within the entire RAHB market area in June 2022, with a total of 2,543 new listings.
RAHB reported that when it came to the number of residential sales within the entire market area, we saw that was a 19.2 per cent decrease in sales month over month. The average price of a residential property was reported to have been $946,026. This was 27.1 per cent increase when we compare it with the same time last year.
“Similar to May, sales activity in June was below the five and ten-year historical averages. This was the experience for all dwelling types and sub-regions across the RAHB market area. In June, mortgage rates increased by 0.5 per cent, and as a result, some potential buyers have likely delayed their purchase because they may be taking a “wait and see” approach to the market or they can no longer qualify. The overall residential average sale price across the RAHB market area fell five per cent from May to $946,026, while the months of inventory climbed above the two-month mark for the first time in over two years. The increase in active listings signals a more balanced market where buyers have greater negotiation power and more options.” – RAHB President Lou Piriano.
For More Information About These Statistics
If you want a more in-depth matrix of these statistics, please refer to the Burlington Real Estate Statistics for June 2022.
Contact Lori VanDinther and Team
You might have some questions about the Burlington real estate statistics for June 2022. Please feel free to contact Lori or one of her fantastic team members today. They would be more than happy to help answer any questions and work with you to find the right property.
There’s a chance you might have been wondering what your home might be worth, give our What’s My Home Worth calculator a try and find out! Lori and her team have been working in the Burlington and surrounding areas for decades and are here Helping You Make The Right Moves!
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