Unusually brisk Fall activity; low inventory drives prices up
Posted: November 03, 2020 by Ron Hunter
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.”