May Market Update
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,844 sales were processed through the RAHB Multiple Listing Service®(MLS®) System in May. Sales were two per cent higher than the same month last year and set a new record for the month of May.
There were 2,265 properties listed in May, a decrease of 13.4 per cent compared to May of last year, and 4.1 per cent lower than the 10-year average.
“Record sales for the month combined with relatively few new listings has left us with only a little over a month’s worth of residential inventory,” said RAHB CEO George O’Neill. “This seller’s market shows no signs of slowing down.”
Seasonally adjusted* sales of residential properties were 8.5 per cent lower than the same month last year, with the average sale price up 10.1 per cent for the month. Seasonally adjusted numbers of new listings were 17.9 per cent lower than May of 2015.
Seasonally adjusted data for residential properties for the month of May, 2016:
Actual overall residential sales of 1,777 units were 1.5 per cent higher than the same month last year. Residential freehold sales were 2.1 per cent higher than May of 2015 while sales in the condominium market decreased by almost one per cent.
The median price of freehold properties increased by 12.1 per cent over the same month last year while the median price for condominium properties increased by 13.6 per cent compared to the same period.
The average price of freehold properties showed an increase of 11.1 per cent compared to May of last year; the average sale price in the condominium market increased by 11.5 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 32 to 22 days in the freehold market and from 31 to 25 days in the condominium market, compared to May of last year.
“Using a REALTOR® for a home sale or purchase is always a good idea but it’s especially important in a market this hot,” noted RAHB President Kim Alvarez. “A REALTOR® has the expertise and skills to help sellers and buyers get the best outcome on such a huge investment.”
Every community in RAHB’s market area has its own localized residential market. Please refer to the accompanying chart, and contact a REALTOR® for more information.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.