(September 3, 2015 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,300 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in August. Sales were 7.2 per cent higher than the same month last year and 12.4 per cent higher than the 10-year average.
There were 1,833 properties listed in August, an increase of 16.9 per cent compared to August of last year.
“Despite the increase in number of properties listed, end of month listing inventory was still 9.5 per cent lower than last year,” said RAHB CEO George O’Neill. “There is slightly over two and a half months of listing inventory – more than at the end of last month, but still low enough to leave our area in a seller’s market.”
Seasonally adjusted* sales of residential properties were 8.2 per cent higher than the same month of the previous year, with the average sale price up 16.7 per cent for the month. Seasonally adjusted numbers of new listings were 13.9 per cent higher than the same month the year prior.
Seasonally adjusted data for residential properties for the month of August, 2015:
Actual overall residential sales of 1,251 units were 7.9 per cent higher than the same month last year, and set a new record for sales in the month of August. Residential freehold sales were 8.1 per cent higher than last August while sales in the condominium market increased by 7.2 per cent.
The average price of freehold properties showed an increase of 19.4 per cent compared to the same month the previous year; the average sale price in the condominium market increased by 1.2 per cent when compared to the same period.
The average sale price is based on the total dollar volume of all properties sold by RAHB members. Average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value.
“The increase in average sale price for residential properties overall and for freehold properties is a bit misleading,” noted O’Neill. “We report on all activity processed through our Multiple Listing Service®, and some of those properties are not located in our market area. As it happened this last month, there were a couple of very high end properties in Oakville which were listed by our members and which sold for around $10 million. Those kinds of numbers can really skew our statistics. Looking at the median sale price is more helpful – the median for all residential sales was $365,000 and $393,500 for freehold – a big difference from the average of $501,830 for freehold properties.”
“This is why it is important to consult with a REALTOR® when you are looking for information about the value of properties in any given area,” he added.
The average days on market decreased from 41 to 36 days in the freehold market and from 39 to 38 days in the condominium market when compared to the same month the previous year.
Year to date, sales are 11.6 per cent higher compared to the same period last year; listings are 7.2 per cent higher than last year and the average sale price is nine per cent higher for the period.
Every community in RAHB’s market area has its own localized residential market. Please refer to the accompanying chart for residential market activity in select areas in RAHB’s jurisdiction.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.
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