Last month of an unprecedented year in Real Estate
The Hamilton Real Estate Market Trend Report brought to you by Team Bush Home Selling Team. Statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 913 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in December 2020. Sales were down 25.95 per cent over last month, but up 41.6 per cent over December of last year. New listings were down 47.87 per cent over November 2020 and up 34 per cent over last December. The average price for residential properties was $729,853, which was up 1.04 per cent from last month and up 25.4 per cent from December 2019. The number of active listings available at the end of the month was 52.2 per cent lower compared to the previous year.
“We can see that the market has slowed from November, which is normal due to the holiday season, as well as increasing COVID-19 cases throughout the province, and more regions in Ontario placed into lockdown throughout December,” says RAHB President Donna Bacher. “Despite being in either the Red Zone (Control) or Grey Zone (Lockdown) throughout December, we do not see the effects on the number of sales and new listings that we did in the spring lockdown. This activity could be the result of continued low interest rates, coupled with increasing consumer confidence due to the approval of the COVID-19 vaccine in Canada.”
The number of sales of single family properties within the entire RAHB market increased in December 2020 by 37.8 per cent compared to the same month last year, the number of new listings was up 34 per cent over last year, and the average sale price increased by 29.3 per cent to $829,226. Townhouse sales activity across the entire RAHB market area increased from December 2019 by 52.8 per cent, new listings were up 48.7 per cent, and the townhouse average sale price increased by 23.3 per cent to $615,775. Apartment-style property sales increased by 43 per cent from December 2019, new listings increased by 44.5 per cent, and the average price increased by 9.7 per cent to $472,330.
“The combination of record December sales and normal December listing activity resulted in lower listing inventory, putting upward pressure on house prices in the RAHB market area. The continued shift in demand to single-family homes has also contributed to the strong price growth,” says Bacher. “In December, townhomes saw the largest increase in the number of sales and new listings. For buyers seeking more living space, townhomes are often the most affordable option.”
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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.
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