RAHB reports 'historically low' active real estate listings in October

Real estate sales in Hamilton and Burlington dropped 7.6 per cent and the number of new listings fell by 12.8 per cent in October compared to the month before.

The Realtors Association of Hamilton-Burlington (RAHB) reported 1,615 residential property sales during the month, according to a media release from the organization that pointed to "historically low active listings" continuing in October.

RAHB presidentKathy Della-Nebbiasaid the trends this fall aren't similarto what's been seen in the past, noting the pandemic means 2020 is not a typical year.

"As a result of COVID-19, we experienced a delayed spring market and a surge in record activity over the summer months when the province began to reopen," she said in a media release. "As a result of this unstable year, active listings at the end of each month are some of the lowest we've seen, exacerbating low inventory levels and continuing to drive average price."

Home sales last month were actually up 23.7 per cent over October 2019and the average home price rose by 19.8 per cent to $721,523.

The RAHBsays sales for single family properties in its market jumped up by 13.3 per cent in October compared to the same month last year, while the number of new listings plummeted 14.7 per cent over the same time period. The average price for a single family property home increasedby 19.4 per cent to $795,415.

Townhouse sales across the area rose18 percent over October 2019 with new listings increasing by 9.1 per cent and the average sale price seeing a bump of 16.6 per cent to $603,229.

Apartment sales saw a large increase, climbing 32.8 percent during the month compared to October last year with new listings rocketing up 78.8 per cent. The RAHB says the average price for an apartment also rose by 9.7 per cent to $475,945.

"If demand remains high and the economy doesn't shut down, we may not experience the slow down we saw with the first wave," wrote Della-Nebbia.

"The activity more likely to slow down is new listings, which will cause a further problem with supply and demand, and prices will continue to increase."