The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1286 property sales processed through the RAHB Multiple Listing Service® (MLS®) system in September. This represents a seven per cent increase in sales compared to September of last year.
There were 2017 properties listed in September, an increase of 2.3 per cent over the same month last year. End-of-month listing inventory was 10.3 per cent lower than last year at the same time.
“Sales were the highest we’ve seen for the month of September, ever,” said RAHB President Tim Mattioli. “The strong market seen through the summer is continuing into the fall.”
Seasonally adjusted* sales of residential properties were less than one 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 1.7 per cent lower than the same month last year.
Seasonally adjusted data for residential properties for the month of September, 2014:
Actual overall residential sales were 6.7 per cent higher than the previous year at the same time. Residential freehold sales were four per cent higher than last year while sales in the condominium market saw an increase of 19.9 per cent.
“The condominium market in particular saw a big jump in sales,” said Mattioli. “With new listings at about the same level as last year and sales being almost 20 per cent higher than last year, there were considerably fewer condo listings in inventory at the end of the month.”
The average price of freehold properties showed an increase of 4.8 per cent compared to the same month last year; the average sale price in the condominium market increased 17 per cent when compared to the same period last year.
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 44 to 38 days in the freehold market and increased from 42 to 44 days in the condominium market when compared to the same month last year.
Year to date, listings are 1.9 per cent higher than the same January-to-September period a year ago. Sales are 6.4 per cent higher and the average sale price is 5.5 per cent higher for the period.
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.