Hamilton: The REALTORS® Association of Hamilton-Burlington (RAHB) reported 852 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in May 2020.
Sales are down 42.2 per cent over May 2019, and up 43.4 per cent over last month. The average price for residential properties was $655,418, which is up 10 per cent from May last year, and up 6.3 per cent from last month.
“New listings and sales are understandably down compared to May 2019; however, the average sale price has held fairly steady week-over-week during COVID-19 due to a balance of buyers and sellers,” says RAHB President Kathy Della-Nebbia.
“The province moving safely into phase one of re-opening has improved consumer confidence, leading to an increase in activity compared to April. If progress continues and the weather cooperates, we should expect higher activity in June.”
The number of sales for single family properties within the entire RAHB market decreased by 42.5 per cent compared to the same month last year, and the average sale price increased by 11.6 per cent.
Townhouse sales activity across the entire RAHB market area decreased from May 2019 by 42.1 per cent, and the average townhouse sale price increased by 9.3 per cent to $555,716. Apartment-style property sales decreased by 35.1 per cent from May 2019, and the average price decreased by 6.4 per cent.
“COVID-19 is unprecedented and changes from week-to-week, and residential real estate activity within the RAHB market has responded accordingly,” says Della-Nebbia.
“If you are buying or selling a property during this time, local RAHB REALTORS® have the information and resources to do so virtually, as well as keep you healthy should there need to be an in-person showing. They know the data trends, have the experience and know our communities to help you.”
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. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions, it was stated.