The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1219 property sales processed through the RAHB Multiple Listing Service® (MLS®) system in August. This represents a 1.9 per cent increase in sales compared to August of last year.
There were 1556 properties listed in August, a decrease of 5.5 per cent from the same month last year. End-of-month listing inventory was 10.1 per cent lower than last year at the same time.
“Overall, sales are up a bit for the month of August, compared to August of last year,” said RAHB CEO Ross Godsoe. “Compared to the results for the month of August over the last ten years, however, sales are six per cent higher than average. We have certainly seen a strong market this summer.”
Seasonally adjusted* sales of residential properties were 3.7 per cent higher than the same month last year, with the average sale price up 5.3 per cent for the month. Seasonally adjusted numbers of new listings were 1.1 per cent lower than the same month last year.
Actual overall residential sales were 1.7 per cent higher than the previous year at the same time. Residential freehold sales were less than one per cent lower than last year while the condominium market saw an increase of 12.6 per cent in sales. The average price of freehold properties showed an increase of 6.8 per cent compared to the same month last year; the average sale price in the condominium market increased 2.7 per cent when compared to the same period last year.
“There was some relief for buyers of residential units in August as sale prices eased a bit compared to the previous few months,” said Godsoe. “It’s hard to say at this point if this is a trend that will continue into the fall.”
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 45 to 41 days in the freehold market and from 45 to 39 days in the condominium market when compared to the same month last year.
Year to date, listings are 1.8 per cent higher than the same January-to-August period a year ago. Sales are 6.4 per cent higher and the average sale price is 5.4 per cent higher for the period.
“The seller’s market has persisted throughout 2014,” added Godsoe, “and with the continued low listing inventory and continued low interest rates, there’s no indication it will end anytime soon.”
Every community in RAHB’s market area has its own localized residential market. Please refer to the accompanying chart for residential market activity in select areas in RAHB’s jurisdiction.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.