April Market Update
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,649 sales were processed through the RAHB Multiple Listing Service®(MLS®) System in April. Sales were 2.7 per cent lower than the same month last year yet 13 per cent higher than the 10-year average.
There were 2,053 properties listed in April, a decrease of 14.5 per cent compared to April of last year, and 9.4 per cent lower than the 10-year average.
“It’s not a big surprise that sales decreased compared to last year,” said RAHB CEO George O’Neill. “April 2015 was the first of the all-time record-breaking months we had last year. April 2016 sales were still relatively high, at 13 per cent above the 10-year average.”
Seasonally adjusted* sales of residential properties were three per cent lower than the same month last year, with the average sale price up 16.2 per cent for the month. Seasonally adjusted numbers of new listings were 11.1 per cent lower than April of 2015.
Seasonally adjusted data for residential properties for the month of April, 2016:
Actual overall residential sales of 1,563 units were 4.5 per cent lower than the same month last year. Residential freehold sales were 3.1 per cent lower than April of 2015 while sales in the condominium market decreased by 10.4 per cent.
The median price of freehold properties increased by 14.4 per cent over the same month last year while the median price for condominium properties increased by 10.6 per cent compared to the same period.
The average price of freehold properties showed an increase of 14.5 per cent compared to April of last year; the average sale price in the condominium market increased by 12.7 per cent when compared to the same period.
Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS®System. Average sale price 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. Contact a REALTOR® for information about your area or property.
The average days on market decreased from 27 to 25 days in the freehold market and from 33 to 25 days in the condominium market, compared to April of last year.
“With only a little over a month of inventory and a high list-to-sell ratio in the residential market, our area continues to be hot,” noted RAHB President Kim Alvarez, “Residential median and average sale prices have risen over 14 per cent since the beginning of the year – a substantial increase over only four months.”
Every community in RAHB’s market area has its own localized residential market. Please refer to the accompanying chart.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.