The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1338 property sales through the RAHB Multiple Listing Service® (MLS®) for the month of June. RAHB also reported a six per cent increase in average sale price for the month compared to June of last year.
Seasonally adjusted* sales of residential properties were 9.7 per cent lower than the same month last year, with the average sale price increasing 7.3 per cent for the month. Seasonally adjusted numbers of new listings were 17.4 per cent lower than the same month last year.
Seasonally adjusted data for residential properties for the month of June:
There continues to be a decline in the number of new listings and end-of-month listing inventory.
Average sale prices rose across the board, with the freehold market seeing the highest increase at 7.5 per cent.
“Residential houses prices are up seven per cent from last year, which is likely due to lower inventory this year,” said RAHB President Cameron Nolan. “In the residential freehold market, we are seeing about 21 percent fewer listings than last year at this time and in the condo market, 33 per cent fewer.”
Year to date, numbers of sales of residential properties are down 2.2 per cent compared to the same six-month period last year and new listings are down almost 16 per cent. The average sale price for residential units is 7.6 per cent higher for the first half of this year compared to the same period last year.
Every community in RAHB’s marketing 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.