Find Out What’s Happening in the Real Estate Market.
[embedyt] https://www.youtube.com/watch?v=2Ec4v018QLE[/embedyt]The Hamilton Real Estate Market Trend Report brought to you by Team Bush Home Selling Team. Statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,304 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in June 2020. Sales are up 53 per cent over last month, and are down only 0.2 per cent over June of last year. The average price for residential properties was $675,223, which is up 13.7 per cent from June 2019, and up 3 per cent from last month.
“With the reopening of the province, and the increased confidence in both the economy and the health of our communities, we are seeing higher activity in both sales and new listings throughout the RAHB market area. Typically, spring is busier than summer; however, COVID-19 seems to have pushed the market back by a few months,” says RAHB President Kathy Della-Nebbia. “Throughout the pandemic, the average price of residential properties in our market has held steady. If Ontario’s recovery from COVID-19 continues, we shouldn’t see a decrease; however, we are cautious that any relapse or a second wave could slow activity and affect average price.”
The number of sales for single family properties within the entire RAHB market decreased by 0.2 per cent compared to the same month last year, and the average sale price increased by 13.7 per cent. Townhouse sales activity across the entire RAHB market area increased from June 2019 by 10 per cent, and the average townhouse sale price increased by 13.5 per cent to $563,849. Apartment-style property sales decreased by 13.5 per cent from June 2019, and the average price increased by 6.8 per cent.
“COVID-19 has changed real estate and many other businesses, and we are operating within a new norm. As a profession, REALTORS® are working with caution to ensure our safety, as well as the safety of our communities,” says Della-Nebbia. “If you are thinking of purchasing or selling a home, local RAHB REALTORS® have the data trends and information to generate a real estate transaction that is both successful and safe.”
WEEKLY TRENDS MARCH TO JUNE 2020
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*Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Call Team Bush Home Selling Team at 905-297-4885 to find out how much your property is worth!
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