The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,613 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in July 2020. Sales are up 23.7 per cent over last month and up 27.8 per cent over July of last year. New listings are up 15.5 per cent over June 2020 and up 8.8 per cent over last July. The average price for residential properties was $692,999, which is up 2.6 per cent from last month and up 16.3 per cent from July 2019. The number of active listings for the month was down 21.4 per cent over last year.
“As we can see from the data, activity has resumed to pre-COVID-19 levels, and is actually surpassing the levels we would typically see in the summer due to pent-up demand over the last several months,” says RAHB President Kathy Della-Nebbia. “What is also affecting the market – and more specifically the increase in average price – is the low number of active listings. With less available, buyers have limited choice and the market favours sellers.”
The number of sales for single family properties within the entire RAHB market decreased by 18.1 per cent compared to the same month last year, the number of new listings was down by 2.6 per cent over last year, and the average sale price increased by 20 per cent. Townhouse sales activity across the entire RAHB market area increased from July 2019 by 35.6 per cent, new listings were up 30.4 per cent, and the average townhouse sale price increased by 17.3 per cent to $583,351. Apartment-style property sales decreased by 74.1 per cent from July 2019, new listings increased by 76.8 per cent, and the average price increased by 11 per cent.
“The RAHB market area moved into stage three in July, and open houses were permitted to continue. Although this improves consumer confidence, it doesn’t mean it’s business as usual,” says Della-Nebbia. “If you are entering the market as either a buyer or seller, COVID-19 has changed real estate and many other businesses, and we are operating within a new norm. Working with a local RAHB REALTOR® will help ensure your real estate transaction is both successful and safe.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.
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*Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local REALTOR®.
*Please note: The overall RAHB residential average price is calculated by dividing the sum of all residential sale prices by the total number of residential sales.
Credit Source: RAHB