Here's What Happened For October 2020

Hamilton and surrounding areas are still following the current COVID-19 Pandemic Guidelines especially as the numbers continue to rise. Open Houses are being discouraged 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 and 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 2 months left in 2020, here is a look at how the Real Estate Market is performing in the seventh full month of statistics since the March shutdown. October’s Real Estate Market has remained HOT in and around Hamilton Ontario! As is typical in a Fall Market, listings were up, however only slightly from last year, and with the continued high demand for properties from an ever-increasing number of Buyers the supply is still too low, which further increased the Average Prices in most areas in and around Hamilton. October 2020 had 1716 Total Residential Listings come through the Hamilton Real Estate Board, which is up from 1642 in October 2019, as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1123 of those (up from 1117 in 2019) and Burlington’s share was 422 which is also up from October 2019, which saw 353 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 1615 Properties are up from October 2019 by 23.7%, however down 7.6% over last month, September 2020. The overall average price for residential properties also increased only slightly from last month by 0.02% to $721,523 which is up 19.8% from October 2019. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 983, up 22% from 803 in October 2019, with an average price of $662,511 up 21% from the same month last year. Burlington had 376 Sales which is up 35% from 278, with an average price of $892,183 which is up 14% from October 2019.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced shows only 823 Active Residential Listings giving Hamilton 0.8 months (less than a month) of inventory, down 45% from October 2019. Burlington has 323 Active Residential Listings which also gives it less than 1 month with 0.9 months of inventory, which is down 22%. The average days on the market have also significantly dropped from 31.8 to 18.8 in Hamilton and also went down in Burlington from 28.2 to 17.1. Right now the Hamilton-Burlington Area is experiencing an extremely strong Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 94.1%. In other words, 9.4 homes are sold for every 10 new listings. This increased from last month from 79.6%. 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!

Burlington $864,744

Flamborough $967,793

Waterdown $744,702

Grimsby $667,298

Caledonia $586,654

Cayuga $608,048

Dunnville $483,467

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 October 2020

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.