Looking back, September was our busiest month for re-sale sales in our team’s history and an incredibly busy month for the real estate market as a whole.
Home sales and average prices in the Hamilton-Burlington market have hit record levels, while active listings have remained low, driving prices even higher.
Here’s a closer look at what happened in September:
Hamilton Market Activity
|Months of Inventory||0.9||2.3||-1.5|
|Median Days on Market||11.0||19.0||-8.0|
|Average Days on Market||19.8||30.4||-10.6|
Burlington Market Activity
|Months of Inventory||0.9||1.8||-0.9|
|Median Days on Market||11.0||14.0||-3.0|
|Average Days on Market||19.7||23.7||-3.9|
The RAHB reported 1,751 residential property sales for the month, up 37.67% over August and up 53.9% over September 2019.
In a typical year, September is a busy month for the real estate market—but this September was anything but typical. We experienced some of the highest sales activity our market has ever seen.
Burlington’s new listings were up 18% compared to September 2019, while Hamilton’s new listings saw a 2% year-over-year increase.
The number of active listings fell in both cities in September: Hamilton saw a 44% decline year-over-year and Burlington’s active listings fell 25%.
This is an even steeper drop from last month, and with demand for real estate continuing to increase, the lack of active listings is causing prices to skyrocket as homes see multiple offers and regularly sell for over-asking.
Months of Inventory
Hamilton and Burlington both experienced a drop in months of inventory. Hamilton and Burlington now both sit at 0.9 months of inventory.
Average Days on Market
Residential homes sold faster in September 2020 than in a typical fall market, especially compared to September 2019.
In Hamilton, listings spent an average of 19.8 days on the market and Burlington homes typically sold in 19.7 days.
This is definitely in line with what our team experienced during September, as we consistently sold homes at record speed.
From August to September, the average price for a residential property in the Hamilton-Burlington region rose 3.8% to $721,354.
That’s a 19.8% increase in price from September 2019.
In Hamilton, this amounted to the average home price increasing 22%, year-over-year, to $664,330.
Home prices in Burlington also increased year-over-year, rising 18% and bringing the average to $912,794.
A Look at What’s to Come
While we are seeing a steady climb in sales and prices—and an increase in consumer confidence across the country—let’s not forget that COVID-19 cases are also on the rise, which could impact the market as we go further into the fall season.
We will continue to take health and safety precautions with our clients and adjust our strategies as needed to ensure their utmost success.
Overall, the real estate market remains robust and active, and we look forward to achieving even more record-breaking results for our buyers and sellers in the Hamilton-Burlington region as we move forward.