Hamilton real estate on the move again after months of uncertainty
A recent report shows that Hamilton real estate is on the move again following months of uncertainty due to COVID-19.
The Realtors Association of Hamilton-Burlington (RAHB) reported that there were 1,304 sales of residential properties located within its market area (which encompasses Hamilton, Burlington, Haldimand, and Niagara North) processed through the Multiple Listing Service (MLS) System in June 2020.
This means that sales are up 53 per cent over the previous 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 three per cent from last month, the report finds.
"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," said RAHB president Kathy Della-Nebbia.
"Typically, spring is busier than summer; however, COVID-19 seems to have pushed the market back by a few months."
According to the report, 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.
"Throughout the pandemic, the average price of residential properties in our market has held steady," Della-Nebbia said.
"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."
For more information on the real estate market in the Hamilton-Burlington area, visit RAHB's website.
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