(November 3, 2016, Hamilton, Ontario)
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,418 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in October. Sales were 0.3 per cent higher than the same month last year, and broke the monthly sales record for October, set just last year.
There were 1,771 properties listed in October, a decrease of 3.2 per cent compared to October of last year.
“Sales are still strong as we move into Fall,” said RAHB CEO George O’Neill. “October’s sales were 22 per cent higher than the 10-year average, while new listings were only 1.6 per cent above the average. We are continuing to experience the low inventory that has characterized the market all year, with the end-of-month listing inventory only about a third of what it was last year at this time.”
Seasonally adjusted* sales of residential properties were one per cent lower than the same month last year, with the average sale price up 15.6 per cent for the month. Seasonally adjusted numbers of new listings were 4.6 per cent lower than October of 2015.
Seasonally adjusted data for residential properties for the month of October, 2016:
The median price of freehold properties increased by 13.8 per cent over the same month last year while the median price for condominium properties increased by 22.9 per cent compared to the same period.Overall residential sales of 1,342 units were one per cent lower than the same month last year. Residential freehold sales were 0.3 per cent lower than October of 2015 while sales in the condominium market were 3.9 per cent lower than the same month last year.
The average price of freehold properties showed an increase of 15.4 per cent compared to October of last year; the average sale price in the condominium market increased by 19.1 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 number of days on market decreased from 35 to 22 days in the freehold market and from 35 to 24 days in the condominium market, compared to October of last year.
“The shorter time listings are on the market shows there are still plenty of buyers who are interested in owning property in the Greater Hamilton-Burlington area,” noted RAHB President Kim Alvarez. “It’s not a surprise, as this area has lots to offer – buyers from the area want to stay and buyers from outside the area are recognizing its charms.”
Every community in RAHB’s market area has its own localized 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.