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Market Report August 2020 Main Photo

Market Report August 2020

Covid recovery continues
Posted: September 04, 2020 by Ron Hunter

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,272 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in August 2020. Sales are down 21.14 per cent over last month and up 12.7 per cent over August of last year. New listings are down 16.1 per cent over July 2020 and up 7.3 per cent over last August. The average price for residential properties was $694,690, which is up 0.24 per cent from last month and up 16.3 per cent from August 2019. The number of active listings for the month was down 18.6 per cent over last year.

“This month’s activity was in line with what we would typically see for August; however, due to COVID-19 the trends for the year are not what we would normally experience. Over the Spring, we saw lower than normal activity, but a balance between supply and demand. Into the Summer months we saw an increase in activity where we would normally see a decrease,” says RAHB President Kathy Della-Nebbia. “As we move into the Fall, we would expect a return to higher activity. With the potential for a second wave of the virus we don’t want to make any predictions, but RAHB REALTORS® will continue to find houses for buyers and buyers for sellers in a healthy and safe way.”

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