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".