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MARKET REPORT SEPTEMBER 2020 Main Photo

MARKET REPORT SEPTEMBER 2020


Low Inventory continues to drive higher prices
Posted: October 04, 2020 by Ron Hunter

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,751 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in September 2020. Sales are up 37.67 per cent over last month and up 53.9 per cent over September of last year.

New listings are up 32.67 per cent over August 2020 and up 8.5 per cent over last September. The average price for residential properties was $721,354, which is up 3.8 per cent from last month and up 19.8 per cent from September 2019. The number of active listings available at the end of the month was 40.4 per cent lower compared to the previous year.

“September is typically a busy month as we move into the Fall market; however, activity was some of the highest we have seen. Sales significantly increased in September over last month and last year, and average price was up 10 to 20 per cent in all of our major RAHB communities for those same time periods,” says RAHB President Kathy Della-Nebbia. “We also saw an increase in new listings in our area; however, there is a low number of active listings, which was down in September by over 40 per cent compared to the same month last year. This low inventory is driving the average price higher.”



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