Find Out What Happened in Real Estate in October
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,615 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in October 2020. Sales were down 7.6 per cent over last month and up 23.7 per cent over October of last year. New listings were down 12.8 per cent over September 2020 and up 5.5 per cent over last October. The average price for residential properties was $721,523, which was up 0.02 per cent from last month and up 19.8 per cent from October 2019. The number of active listings available at the end of the month was 39.8 per cent lower compared to the previous year.
“The trends this Fall are not reminiscent of what we would normally see – with October activity slowing slightly compared to September – and this is due to 2020 not being a typical year,” says RAHB President Kathy Della-Nebbia. “As a result of COVID-19, we experienced a delayed Spring market and a surge in record activity over the Summer months when the province began to reopen. As a result of this unstable year, active listings at the end of each month are some of the lowest we’ve seen, exacerbating low inventory levels and continuing to drive average price.”
The number of sales for single family properties within the entire RAHB market increased in October by 13.3 per cent compared to the same month last year, the number of new listings was down 14.7 per cent over last year, and the average sale price increased by 19.4 per cent to $795,415. Townhouse sales activity across the entire RAHB market area increased from October 2019 by 18 per cent, new listings were up 9.1 per cent, and the townhouse average sale price increased by 16.6 per cent to $603,229. Apartment-style property sales increased by 32.8 per cent from October 2019, new listings increased by 78.8 per cent, and the average price increased by 9.7 per cent to $475,945.
“If demand remains high and the economy doesn’t shut down, we may not experience the slow down we saw with the first wave. The activity more likely to slow down is new listings, which will cause a further problem with supply and demand, and prices will continue to increase,” says Della-Nebbia. “These unprecedented times are where the services of a local RAHB REALTOR® are invaluable. We will continue to work with clients to ensure their housing needs are met, and will continue to use virtual technology and sanitary measures to combat COVID-19.”
LIVE MARKET REPORTS
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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 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.