The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 1128 units sold in the association’s jurisdiction* in the month of March, according to Multiple Listing Service® (MLS®) statistics released today. This represents a 12.1 per cent decrease in sales from the same month last year.
Total unit sales for the first three months of the year are reported at 9.5 per cent lower than the same period last year, while new unit listings are at almost the same level as the first quarter of 2010. While sales activity is down for the first three months of 2011, the average sale price increased by 3.5 per cent.
“I know I’m beginning to sound like a broken record, but comparing this year’s listings and sales to last year’s is comparing a normal market to an unusually active market,” said Ann Forbes Arndt, RAHB President. “When we look at how the market has performed over the last 10 years, this March performed at just about average.”
The number of residential properties sold during March totalled 1092, and included 869 freehold properties and 223 condominiums. Commercial sales for March, including industrial, farm, vacant land and business, totalled 36 units.
The average sale price of freehold residential properties in the association’s jurisdiction in the month of March was $335,117, an increase of 4.2 per cent over March, 2010. The average sale price reflects the dollar volume of freehold residential sales divided by the number of total freehold residential units sold.
In the condominium market, the average unit price was $220,179, which is virtually flat to March of last year.
“The spring market is proving to be what we would call a normal, more balanced market,” added Arndt. “In this kind of market, we still see a good number of properties coming on the market and a good number of sales going through. There is time for buyers to shop and compare before they buy.”
Figures quoted are for sales and average sale prices of units located in the jurisdiction* of the REALTORS® Association of Hamilton-Burlington and processed through RAHB’s Multiple Listing Service® (MLS®). Unit sales reflect “all property types” including residential, condominium, commercial property, farm, vacant land and business, unless otherwise specified.
*RAHB’s jurisdiction includes Burlington, Waterdown, Flamborough and Dundas in the north; Hamilton, Ancaster, Stoney Creek, and Grimsby along Lake Ontario; and extends down to the shores of Lake Erie, including Glanbrook, West Lincoln, Smithville, Dunnville, Cayuga, Caledonia, and Hagersville.