With colder weather, a rise in COVID-19 cases, and open house restrictions, the Hamilton-Burlington real estate market slowed down from October to November. But with the combination of low housing inventory and high demand, sold prices continued to climb.
Here’s a closer look at what happened in November:
Hamilton Market Activity
|Months of Inventory||0.9||1.8||-1.0|
|Median Days on Market||10.0||22.0||-12.0|
|Average Days on Market||17.2||32.5||-15.3|
Burlington Market Activity
|Months of Inventory||0.9||1.4||-0.5|
|Median Days on Market||11.0||17.0||-6.0|
|Average Days on Market||20.3||26.0||-5.6|
The RAHB reported 1,233 residential property sales for the month, down 24.12% from October but up 17% over November 2019.
As always, we’re focused on the long-term picture of our real estate market and seeing year-over-year increases in sales and prices.
Compared to November 2019, Burlington’s new listings rose by 13% and Hamilton’s new listings increased by 18%.
Fewer detached homes came on the market in November compared to 2019, while townhomes and condos both experienced an increase in new listings. This is in line with what we’ve seen from buyers who are moving up from those smaller spaces into larger homes to accommodate remote work and schooling.
Burlington’s active listings were down 27% year-over-year in November, while Hamilton’s fell 45%.
Months of Inventory
With the slim number of listings in the area, both Burlington and Hamilton hit 0.9 months of inventory.
In November 2019, Burlington and Hamilton had 1.4 and 1.8 months of inventory, so we’re seeing just below what we’d expect from a typical year.
Average Days on Market
In Hamilton, listings spent an average of 17.2 days on the market and Burlington homes typically sold in 20.3 days.
On average, Hamilton homes sold one day faster in November versus October, but Burlington homes spent a couple more days on the market.
From October to November, the average price for a residential property in the Hamilton-Burlington region rose 0.11% to $722,317.
That’s a 21.2% increase in price from November 2019.
In Hamilton, the average home price increased 21% year-over-year to $651,744.
Home prices in Burlington also increased year-over-year, rising 19% to $928,479.
Again, the region’s low inventory levels are a driving force behind the rising sale prices we’re seeing across the area.
A Look at What’s to Come
Like any typical winter season, we’re expecting a slight cool down in the market in terms of activity.
If further COVID-19 restrictions are placed on the Hamilton-Burlington area, this could have additional impacts, with fewer sellers wanting to put their
homes on the market.
No matter what comes our way over the next few months, we are confident in our market and its long-held pattern of year-over-year growth.