December 02, 2020, Press Releases
The REALTORSÂ® 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.
â€œAn extremely low number of active listings at the end of each month is continuing to drive average prices higher. Itâ€™s a vicious cycle of sellers not listing their homes until they are confident they will find another home to buyâ€, she added.
Inventory is low and demand is high in November
What does this mean?
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