The on-going coronavirus pandemic had virtually no effect on home sales in July as transactions were up and prices were also up month over month and year over year, according to the Realtor’s Association of Hamilton-Burlington (RAHB).
The agency reported the sale of 1,613 residential properties in July, which is 23.7 per cent more compared to June and 27.8 per cent more than in July of last year.
RAHB also said new listings were up 15.5 per cent over June and up 8.8 per cent over last July.
The average home price in the Hamilton-Burlington area was $692,999, a 2.6 per cent increase from last month and up 16.3 per cent from July 2019.
However, active listings went down 21.4 per cent compared to July 2019.
RAHB President Kathy Della-Nebbia says the numbers appear to be surpassing typical projected summer levels and believes “pent-up demand” is the reason for the uptick.
“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,” Della-Nebbia says.