(September 9, 2013 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1203 properties sold through the RAHB Multiple Listing Service® (MLS®) in August. This represents an 8.8 per cent increase in the number of sales over August of last year. The average sale price of $383,561 was an increase of five per cent over the previous August.
There were 1640 properties listed in August, an increase of eight per cent over August of last year. End-of-month listing inventory is 2.6 per cent lower than last year.
“We saw more new listings than we did last year at the same time,” said RAHB CEO Ross Godsoe. “yet new listings are still below average for the month. Sales, however, are about one per cent higher than the ten-year average.”
Seasonally adjusted* sales of residential properties were 8.8 per cent higher than the same month last year, with the average sale price up three per cent for the month. Seasonally adjusted numbers of new listings were 8.8 per cent higher than the same month last year.
Seasonally adjusted data for residential properties for the month of August, 2013:
Actual overall residential sales were 8.5 per cent higher than the previous year at the same time. Residential freehold sales were 13.7 per cent higher than last year while the condominium market saw a decrease of 11.2 per cent in sales. The average sale price of freehold properties showed an increase of one per cent over the same month last year; the condominium market saw an increase of 13.6 per cent when compared to the same period last year.
The average sale price is based on the total dollar volume of all residential properties sold. 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 market remained constant at 45 days in both the freehold and condominium markets.
Year to date, listings are down less than one per cent compared to the same period last year, while sales are 1.2 per cent lower. The average sale price for the first half of the year is 7.7 per cent higher than the same period last year.
Every community in RAHB’s market area has their own localized residential market. Please refer to the accompanying chart for residential market activities in select areas of RAHB’s jurisdiction.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.