December 02, 2020, Press Releases
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,233 sales of residential properties located within the RAHB market area in November 2020.
Real estate sales in Hamilton-Burlington were down 24.12 % over last month, but up 17 % over November of last year. The average price for residential properties was $722,317, which was up 0.11 % from last month and up 21.2 % from November 2019. The number of active listings available at the end of the month was 40.8 % lower compared to the previous year.
Kathy Della-Nebbia, RAHB president said that the market has slowed from last month due to the colder weather, the COVID-19 cases increasing throughout the province, and Hamilton/Burlington moving to Red Zone as of November 16 where open houses are now banned.
“An extremely low number of active listings at the end of each month is continuing to drive average prices higher. It’s a vicious cycle of sellers not listing their homes until they are confident they will find another home to buy”, she added.
What does this mean?
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