Home prices continue to climb in Hamilton as number of new listings drops


Published December 5, 2020 at 6:04 pm

In November, Hamilton’s real estate market saw another month where the price of homes was up significantly from 2019 but buyers were hard-pressed to find properties that were for sale.

According to the monthly report from the Realtors Association of Hamilton-Burlington (RAHB), there were 1,233 sales of propertied processed through MLS last month.

Sales were down approximately 24 per cent over October but up by 17 per cent over November 2019.

“What we can initially see is that the market has slowed from last month, and this is 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,” said RAHB President Kathy Della-Nebbia in the report.

“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.”

The number of new listings was down 28.98 per cent over October 2020 and up 16.3 per cent over last November.

The average price for residential properties was $722,317 across the RAHB area (which encompasses Hamilton, Burlington, Haldimand and Niagara North) which was up 0.11 per cent from last month and up 21.2 per cent from November 2019.

The number of active listings available at the end of the month was 40.8 per cent lower compared to the previous year, the report noted.

The number of sales of single-family properties within the entire RAHB market decreased in November 2020 by 3.8 per cent compared to the same month last year, the report finds, and the number of new listings was down 10.5 per cent over last year, and the average sale price increased by 24.4 per cent to $812,912.

“The activity for single-family properties was slower, and this is most likely because fewer sellers chose to list their homes during this time,” said Della-Nebbia.

So where is the most expensive area in Hamilton to buy right now?

According to the RAHB data, the average price for a home in Flamborough was $977,048 last month, more than $200,000 more than the average property price in 2019.

Central Hamilton had the lowest average price in November at $508,608 but it was among the busiest areas in Hamilton in terms of property sales last month.

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