July's real estate action in Burlington was way up from last year

 

Last month, Burlington’s real estate market was as hot as weather as the regional realtor's association marked a more than 25 per cent uptick in action from last year at the same time.

The Realtors Association of Hamilton-Burlington (RAHB) reported 1,613 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service (MLS) System in July 2020.

This means that sales were up 23.7 per cent over the month of June and up 27.8 per cent over July of last year.

New listings were up 15.5 per cent over June 2020 and up 8.8 per cent over last July.

The average price for residential properties in July was $692,999, which is up 2.6 per cent from June and up 16.3 per cent from July 2019. The number of active listings for the month was down 21.4 per cent over last year.

"As we can see from the data, activity has resumed to pre-COVID-19 levels, and is actually surpassing the levels we would typically see in the summer due to pent-up demand over the last several months," said RAHB President Kathy Della-Nebbia in a report detailing RAHB's findings.

"What is also affecting the market - and more specifically the increase in average price - is the low number of active listings. With less available, buyers have limited choice and the market favours sellers."

The report notes that the number of sales for single-family properties within the entire RAHB market -- with encompasses Hamilton, Burlington, Haldimand and Niagara North -- decreased by 18.1 per cent compared to the same month last year, the number of new listings was down by 2.6 per cent over last year, and the average sale price increased by 20 per cent.

Townhouse sales activity across the entire RAHB market area increased from July 2019 by 35.6 per cent, new listings were up 30.4 per cent, and the average townhouse sale price increased by 17.3 per cent to $583,351.

Apartment-style property sales decreased by 74.1 per cent from July 2019, new listings increased by 76.8 per cent, and the average price increased by 11 per cent.

"The RAHB market area moved into stage three in July, and open houses were permitted to continue. Although this improves consumer confidence, it doesn't mean it's business as usual," said Della-Nebbia.

"If you are entering the market as either a buyer or seller, COVID-19 has changed real estate and many other businesses, and we are operating within a new norm."

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