Typical August Market In A Year That Is Not For Hamilton-Burlington Realtors

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The Realtors Association of Hamilton-Burlington office. Picture: RAHB

HAMILTON: 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 percent 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 increase inactivity 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.”

The number of sales for single-family properties within the entire RAHB market increased by 10.8 per cent compared to the same month last year, the number of new listings was up by 4.7 per cent over last year, and the average sale price increased by 19.9 per cent.

Townhouse sales activity across the entire RAHB market area increased from August 2019 by 6.6 per cent, new listings were up 2.6 per cent, and the townhouse average sale price increased by 12.5 per cent to $583,762.

Apartment-style property sales increased by 52.5 per cent from August 2019, new listings increased by 33.1 per cent, and the average price decreased by 0.4 per cent.

“As of July, open houses were permitted to continue and consumer confidence increased as the economy opened up; however, it doesn’t mean it’s business as usual,” says Della-Nebbia.

“RAHB REALTORS® have worked hard over the last six months to ensure consumers were able to buy and sell properties and utilized virtual technology and sanitary measures to combat COVID-19.

“If you are entering the market as either a buyer or seller, working with a local RAHB REALTOR® will help ensure your real estate transaction is both successful and safe.” Trends are calculated from data collected through RAHB’s MLS® 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.

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 3,000 real estate brokers and sales representatives from Hamilton, Burlington and outlying areas.

Members of the Association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics

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