(January 6, 2015 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 796 property sales processed through the RAHB Multiple Listing Service® (MLS®) system in December. This represents a 7.6 per cent increase in sales compared to December of the previous year.
There were 695 properties listed in December, an increase of 15.4 per cent compared to the same month the year prior. End-of-month listing inventory was 13 per cent lower.
“We saw a very strong real estate market in December,” said RAHB President Donna Bacher. “Listings and sales were both above average for the month; we haven’t seen a December market like this since 2009.”
Seasonally adjusted* sales of residential properties were 4.4 per cent higher than the same month of the previous year, with the average sale price up 4.5 per cent for the month. Seasonally adjusted numbers of new listings were 11.3 per cent higher than the same month the year prior.
Seasonally adjusted data for residential properties for the month of December, 2014:
Actual overall residential sales were 8.2 per cent higher than the previous year at the same time. Residential freehold sales were 9.8 per cent higher while sales in the condominium market saw an increase of 2.1 per cent.
“With more properties selling than were listed in December, we may be in for an interesting January,” added Bacher. “Statistically speaking, we’ve now sold some of the listing inventory, leaving us with considerably fewer listings going into the new year. The low inventory and December’s strong sales mean we remain in a seller’s market.”
The average price of freehold properties showed an increase of 5.4 per cent compared to the same month the previous year; the average sale price in the condominium market decreased by 2.2 per cent when compared to the same period.
The average sale price is based on the total dollar volume of all properties sold in the RAHB market area. 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 average days on the market decreased from 51 to 45 days in the freehold market and increased from 47 to 53 days in the condominium market when compared to the same month the previous year.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.