The Realtors Association of Hamilton-Burlington (RAHB) reported 1,613 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in July 2020. Sales are up 23.7 per cent over last month and up 27.8 per cent over July of last year. New listings are up 15.5 per cent over June 2020 and up 8.8 per cent over last July. The average price for residential properties was $692,999, which is up 2.6 per cent from last month and up 16.3 per cent from July 2019. The number of active listings for the month was down 21.4 per cent over last year.
“As we can see from the data, activity has resumed to pre-COVID-19 levels, and is actually surpassing the levels we would typically see in the summer due to pent-up demand over the last several months,” says RAHB President Kathy Della-Nebbia. “What is also affecting the market – and more specifically the increase in average price – is the low number of active listings. With less available, buyers have limited choice and the market favours sellers.”