The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1397 property sales processed through the RAHB Multiple Listing Service® (MLS®) system in March. This represents a 10.9 per cent increase in sales compared to March of last year.
There were 2170 properties listed in February, an increase of 14.2 per cent compared to the same month the year prior. End-of-month listing inventory was 7.7 per cent lower than last March.
“The spring market is definitely upon us,” said RAHB CEO Ross Godsoe. “In March we saw increases in listings and sales over last year, as well as in comparison to the average for the last ten years.”
Seasonally adjusted* sales of residential properties were 10.9 per cent higher than the same month of the previous year, with the average sale price up 9.6 per cent for the month. Seasonally adjusted numbers of new listings were 1.9 per cent higher than the same month the year prior.
Seasonally adjusted data for residential properties for the month of March, 2015:
Actual overall residential sales were 11.1 per cent higher than the previous year at the same time. Residential freehold sales were 11.9 per cent higher than last March while sales in the condominium market saw an increase of eight per cent.
“It’s still a tight market in the Greater Hamilton-Burlington market,” added Godsoe. “While we saw more listings come on the market in March, we still have a relatively low inventory of listings. The seller’s market continues in our area.”
The average price of freehold properties showed an increase of 7.6 per cent compared to the same month the previous year; the average sale price in the condominium market increased by 7.4 per cent when compared to the same period.
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 market decreased from 37 to 34 days in the freehold market and from 39 to 34 days in the condominium market when compared to the same month the previous year.
Year to date, sales are 6.8 per cent higher compared to the same quarter last year; listings are 5.8 per cent higher than last year and the average sale price is 9.2 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.
