Find Out What Happened in Real Estate in November
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,233 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in November 2020. Sales were down 24.12 per cent over last month, but up 17 per cent over November of last year. New listings were down 28.98 per cent over October 2020 and up 16.3 per cent over last November. The average price for residential properties was $722,317, which was up 0.11 per cent from last month and up 21.2 per cent from November 2019. The number of active listings available at the end of the month was 40.8 per cent lower compared to the previous year.
“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.”
The number of sales of single family properties within the entire 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. Apartment-style property sales increased by 14.8 per cent from November 2019, new listings increased by 37.3 per cent, and the average price increased by 1.4 per cent to $455,238.
“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.”
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. Team Bush has the experience, knowledge and tools to help buyers and sellers make those big decisions. These unprecedented times are where the services of our experience Realtors are invaluable. We will continue to work to ensure housing needs are met, while working to keep clients safe and healthy.
LIVE MARKET REPORTS
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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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Team Bush has the experience, knowledge, and tools to help buyers and sellers make those big decisions.