Here's What Happened For November 2020
Hamilton and surrounding areas are still following the current COVID-19 Pandemic Guidelines especially since the numbers continue to rise. We are currently sitting very close to a lockdown status. Open Houses are not allowed and showing home practices are continuing to be in place to keep everyone safe during these times and that includes Buyers and their agents signing a COVID questionnaire before having access granted to come into a Sellers home. In most cases, there is a maximum of 3 people allowed in the house (The Buyers Agent and up to 2 Buyers – No Children). There are 30-minute time slots available for showings and overlapping appts are usually not allowed. Keep this in mind if you are wanting to see some properties as it is now more challenging to find a time slot available, especially if you have a few homes to see and would like to go to them in some sort of logistical order. Digital signatures are now the norm for all and are very simple to use. Our main concern is still and always will be, the health and well being of you and your family.
With only 1 month left in 2020, here is a look at how the Real Estate Market is performing in the eighth full month of statistics since the March shutdown from COVID-19. November’s Real Estate Market has certainly remained HOT in and around Hamilton Ontario! Usually, at this time of year we see fewer new listings come on the market, however thankfully, this year they went up. With the continued high demand for properties from an ever-increasing number of Buyers, the supply is still too low though, which further increased the Average Prices in almost every area in and around Hamilton. November 2020 had 1227 Total Residential Listings come through the Hamilton Real Estate Board, which is up from 1063 in November 2019, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 848 of those (up from 720 in 2019) and Burlington’s share was 261 which is also up from November 2019, which saw 230 new listings.
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 1233 Properties are up from November 2019 by 17%, however down 24.12% over last month, October 2020. The overall average price for residential properties increased from last month by 0.11% to $722,317 which is up 21.2% from November 2019. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 779, up 16% from 669 in November 2019, with an average price of $651,744 up 21% from the same month last year. Burlington had 271 Sales which is up 19% from 227, with an average price of $928,479 which is up 19% from November 2019.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced shows only 669 Active Residential Listings giving Hamilton 0.9 months (less than a month) of inventory, down 45% from November 2019. Burlington has 236 Active Residential Listings which also gives it less than 1 month with 0.9 months of inventory, which is down 27%. The average days on the market have also significantly dropped from 32.5 to 17.2 in Hamilton and also went down in Burlington from 26 to 20.3. Right now the Hamilton-Burlington Area is experiencing the strongest Sellers Market yet this year, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 100.5%. In other words, 10 homes are sold for every 10 new listings. This increased from last month from 94.1%.
Homes Sold to Homes Listed Ratio: Buyers Market is below 40%, Balanced Market is between 40-60%, and Sellers Market is above 60%.
Hamilton's Average Year To Date Prices
The map below shows the current Year to Date Average Residential Prices. Some of the areas not included in the map are to the right:
When looking at the Average Prices in and around Hamilton, it is important to note how they have changed significantly over the last year and even now from month to month. If you are thinking of selling your house or condominium, get the most up to date, LOCAL information. A Market Evaluation and/or a Mortgage Pre-Approval done even a couple of months ago MUST be updated!
Take note that “Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value.” What that means is, not every house or condo has increased in price by the same percentage. It is really important to talk to an experienced local REALTOR® to see EXACTLY what is happening in your particular neighbourhood. It is also important to find out what you can do to your house to get the highest amount possible when you are ready to sell!
In this Market, it is important that you know about the houses getting listed Immediately! Click Here to get set up on the Instant Listings Notification Search, otherwise, you will only know about listings once they are reported to the public sites. If you wait till you see it on Realtor.ca or other sites, it's too late, and is probably already SOLD!
MLS® Properties SOLD in November 2020
|RAHB Market Activity||Number Of Sales 2020||Number of Sales 2019||Average Sale Price 2020||Average Sale Price 2019|
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS®) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.