Real Estate Market Statistics for February 2022
The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 1,228 sales in February 2022 of residential properties within the RAHB market area. When it came to the number of sales, RAHB reported an increase of 71 per cent month over month. However, when compared to February 2021, there was a 4.4 per cent decrease.
RAHB reported that new listings had an 84.2 per cent increase month over month. When we compare the new listings to the same time last year, there was a slight decrease of 1.2 per cent.
The average price of a residential property price within the RAHB market area for February was reported to be $1,104,163. This was a 4.2 per cent increase compared to the previous month. This property price was also a 30.3 per cent increase when compared to the same time last year.
Residential Market Activity
When we take a look at the above chart, Residential Market Activity, we’re able to see what the average price of a property was. Then we can compare it to the previous year. It also allows us to see other areas within the RAHB market area.
Hamilton West reported a total of 76 sales of residential properties in February 2022. We can clearly see that this was an increase when compared to the same time last year. When it came to the average price of a residential property, it was reported to be $801,129, this was an increase when compared to the same time last year.
Let’s take a look at Hamilton Centre, for February it was reported that there were a total of 108 residential property sales. The average price of a residential property in this area was reported to be $719,540. This was an increase when we look at what the price was in February 2021.
Finally we’ll take a look at Burlington, it was reported that for February 2022 there were a total of 254 sales. This was a slight decrease when we compare it to the same time last year. RAHB reported that the average price of a residential property was $1,413,836, while in 2021 it was reported to have been $1,065,038. We can now take a look at the below map and get a closer look at each area within Burlington.
Average Price by District
We can take a look at the above map, Average Price by District, and really get a good look at each area within Burlington. You will notice that there are sub area allowing us to see more targeted areas. We can see what their average residential property price was an how many sales there were for the month.
Sub areas that we should take note of for February 2022 are 30, 31, 33 and 35. Each of these sub areas had the greatest number of sales. Area 35 is located in the most sought after neighbourhood in Burlington. This neighbourhood is called Millcroft and it had the greatest number of sales. Millcorft a total of 69 sales, with an average residential property price of $1,329,921.
Another area of note to take a look at is area 38, this area had the highest average residential property price. It was reported to be $3,033,888. This area had a total of 8 residential property sales for the month of February 2022. The next and final chart that we’ll take a look at is the blow chart, Burlington Residential Table.
Burlington Residential Table
Finally, we’ll take a look at the above chart, Burlington Residential Table, illustrates a more in-depth look at the real estate statistics. We can clearly see that for the month of February there were a total of 254 sales of residential properties. This was a decrease of 17.5 per cent when compared to the same time last year.
It was also reported that there were a total of 349 new listings. Which was a 7.2 per cent decrease compared to February 2021. When it came to the average price of a residential property. It was reported to be $1,413,836, this was a 32.9 per cent increase compared to the same time last year.
The median price of a property was reported to have had a 34.9 per cent increase to $1,306,000. It’s always interesting to take a look at these numbers and can get a better understanding of the Burlington real estate market. Now we can summarize and get a closer look at what the REALTORS® Association of Hamilton-Burlington think about these statistics.
The REALTORS® Association of Hamilton-Burlington February 2022 Statistics
When we summarize the statistics for the real estate market in February 2022, we can see that the REALTORS® Association of Hamilton-Burlington reported a total of 1,228 sales. These sales were reported to have been within the RAHB market area.
The sales of residential properties saw a 71 per cent increase month over month. While the average price of a property was reported to have been $1,104,163. This was an 4.2 per cent increase compared to previous month, and a 30.3 per cent increase compared to February 2021. There were a reported 1,675 new listings within the entire RAHB market area, which was an 84,2 per cent increase month over month.
We can also take a closer look at the number of detached home sales for February 2022. RAHB reported that there were a total of 815 sales, with an average price of $1,250,027, this was a 2.3 per cent increase. There were also 1,142 new detached home listings in February 2022, thats a 91.2 per cent increase month over month.
There were 221 townhouse sales in February 2022 and 186 sales of apartment-style properties. For apartment-style properties this was a 10.1 per cent increase compared to the same time last year. For townhouse this was an 11.2 per cent decrease when compared to February 2022.
“The number of sales and new listings rose substantially month over month, and kept pace with the feverish demand of February 2021. However, while the number of new listings surpassed each February over the last ten years, the demand continued to impact inventory and fuel the residential average sale price to a new record-high. In acknowledging that the average sale price can be concerning to buyers, at the time of this release, there were more than 100 residential detached properties of the 500 available that were listed under $700,000. Therefore, if homeownership is on your bucket list, you should consult a local RAHB REALTOR® to help you navigate the market.” – RAHB President Lou Piriano.
For More Information About These Statistics
If you’re interesting in learning more about these February 2022 real estate market statistics, please refer to the Burlington Real Estate Statistics for February 2022. You’re also able to contact Lori VanDinther and her team as well.
Contact Lori and Team
Do you have any questions about the Burlington real estate statistics for February 2022? Lori and her team are waiting and able to help answer any that you might have. If you’ve been wondering what your home might be worth, please give our What’s My Home Worth calculator a try.
Lori VanDinther and her team would love to connect with you and help you find the right home. If you’re interested please feel free to reach out via phone at (905) 632-2199, or by email at info@loriv.com.