COVID-19 Affects RAHB Market Area

https://www.rahb.ca/April2020

COVID-19 AFFECTS RAHB MARKET AREA IN APRIL AND REALTORS® WORK VIRTUALLY TO SLOW THE SPREAD

Hamilton, ON (May 4, 2020) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 482 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in April 2020. Sales are down 63.4 per cent over April 2019 and 56 per cent over last month. The average price for residential properties was $614,412, which is up 4.3 per cent from April last year, but down 6.6 per cent from last month.

“The beginning of the year was quite active and we were anticipating a busy Spring; however, the number of new listings and sales within the RAHB market area for April were down compared to the previous month and year as a result of the measures that were taken by the province and my fellow REALTORS® to slow the spread of COVID-19,” says RAHB President Kathy Della-Nebbia. “RAHB REALTORS® have been working remotely where possible to assist their clients to buy and sell properties when the need is vital. This includes virtual open houses and showings, and abiding by the provincial and public health guidelines to ensure everyone is healthy and safe.”

The number of sales for single family properties within the entire RAHB market decreased by 60.8 per cent compared to the same month last year, and the average sale price increased by 2 per cent. Townhouse sales activity across the entire RAHB market area decreased from April 2019 by 67.1 per cent, and the average townhouse sale price increased by 8.8 per cent to $545,821. Apartment-style property sales decreased by 70.9 per cent from April 2019, and the average price decreased by 3.8 per cent.

“When we break our market down into the four main communities and look at the trends weekly since the beginning of March, we can see that there was a drop in activity once Premier Ford announced school closures and we started working with RAHB REALTORS® to cancel in-person open houses,” says Della-Nebbia. “In Hamilton, where we have the most activity, there was a larger drop in the average price week-over-week, but it began to increase nearing the end of the month. The other main communities had slight dips in average price, but it was primarily stable.”

*The above graphs/trends are calculated from data collected through RAHB”s MLS®.

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.