The latest real estate statistics for Hamilton and Burlington show the market continues to cool off after a red hot summer.
The Realtors Association of Hamilton-Burlington (RAHB) says 1,233 homes were sold in November, down 24 per cent from October, but up 17 per cent compared to November of last year.
The average price for a home in the area is now $722,317, 0.11 per cent higher than last month and a 21 per cent jump from November 2019.
Realtors Association President Kathy Della-Nebbia says there are a number of reasons for the slowdown in activity, including the rising cases of coronavirus and Hamilton being placed in the province’s COVID-19 red zone, as well as the colder weather.
“What we can initially see is that the market has slowed from last month, and this is due to the colder weather, the COVID-19 cases increasing throughout the province, and Hamilton/Burlington moving to Red Zone as of November 16 where open houses are now banned,” says RAHB President Kathy Della-Nebbia. “An extremely low number of active listings at the end of each month is continuing to drive average prices higher. It’s a vicious cycle of sellers not listing their homes until they are confident they will find another home to buy.”
RAHB says new listings were down nearly 29 per cent over October 2020 and up 16 per cent over last November.
The number of active listings available at the end of the month was 40.8 per cent lower compared to the previous year.
The number of sales of single-family properties in the RAHB market decreased in November 2020 by 3.8 per cent compared to the same month last year, the number of new listings was down 10.5 per cent over last year, and the average sale price increased by 24.4 per cent to $812,912.
Townhouse sales activity across the entire RAHB market area increased from November 2019 by 15.2 per cent, new listings were up 19 per cent, and the townhouse average sale price increased by 17.6 per cent to $606,367.
“The activity for single-family properties was slower, and this is most likely because fewer sellers chose to list their homes during this time,” says Della-Nebbia. “We can also see that towns and apartments are still quite active, but their average price did not increase as much as single-family properties, and so this could indicate that single-family properties are still much more in demand — this would make sense during these times as we see a movement towards homes with more elbow room and outdoor space.”