Home sales still down from COVID-19 but prices rise in May

Homeowners are slow to list their properties during COVID-19 - but those who do are selling them at higher prices than this time last year.

Residential sales in Hamilton-Burlington were down 42 per cent in May compared with the same month last year, but the average price for single-family homes rose nearly 12 per cent.

The most recent report from the Realtors Association of Hamilton-Burlington (RAHB) also noted that the residential market showed improvement from April to May, with sales increasing 43 per cent as Ontario has relaxed some pandemic restrictions.

There were 852 total residential properties in the area sold last month.

The province moving safely into phase-one of reopening has improved consumer confidence, leading to an increase in activity compared to April," said RAHB president Kathy Della-Nebbia in a news release.

COVID-19 is unprecedented and changes from week-to-week ... If progress continues and the weather co-operates, we should expect higher activity in June."

The number of new residential listings in Hamilton plummeted in May 2020 compared with May 2019, from 1,530 to 762 and in Burlington from 557 to 283.

The most affordable home-buying areas in the city are Hamilton Centre with an average sale price in May of $435,159 and Hamilton East at $464,062. Hamilton Mountain's average price was $561,221.

Meanwhile, out toward Niagara, in West Lincoln, only one home sold in May: for $1.3 million. In May 2019, four homes sold in that area, with an average price of $751,250.

Reach The Spectator newsroom at 905-526-3420 or news@thespec.com