Hamilton-Burlington real estate sales slow down in November
The latest real estate statistics for Hamilton and Burlington show the market continues to cool off after a red hot summer.
The Realtors Association of Hamilton-Burlington (RAHB) says 1,233 homes were sold in November, down 24 per cent from October, but up 17 per cent compared to November of last year.
The average price for a home in the area is now $722,317, 0.11 per cent higher than last month and a 21 per cent jump from November 2019.
Realtors Association President Kathy Della-Nebbia says there are a number of reasons for the slowdown in activity, including the rising cases of coronavirus and Hamilton being placed in the province’s COVID-19 red zone, as well as the colder weather.
“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,” says RAHB President Kathy Della-Nebbia. “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.”