The REALTORS® Association of Hamilton-Burlington (RAHB)reported 1,748 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in August, which is 5.4 per cent higher than the same month last year and 4.2 per cent higher than the 10-year average.
All property sales were 18.4 per cent lower than the same month last year, and 3.2 per cent lower than the 10-year average.
“The tendency toward a more balanced market that we have seen over the last few months has continued into August,” said RAHB CEO George O’Neill. “The sales to new listings ratio is at just over 65 per cent, which is still in the low end of a seller’s market, but much closer to balance than earlier this year.”
Seasonally adjusted* sales of residential properties were 18.3 per cent lower than the same month last year, with the average sale price up 11.7 per cent for the month. Seasonally adjusted numbers of new listings were 6.1 per cent higher than August of 2016.
The median price of freehold properties increased by 13.2 per cent over the same month last year while the median price for condominium properties increased by 20.9 per cent compared to the same period.
The average price of freehold properties showed an increase of 11.7 per cent compared to August of last year; the average sale price in the condominium market increased by 14.6 per cent compared to the same period.
“The median and average prices continued to rise,” noted O’Neill. “There had been speculation that with more listings on the market and fewer sales, prices would decrease as a result. That is not the experience in our market area – at least not so far.”
Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price 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. Contact a REALTOR® for information about your area or property.
The average number of days on market increased to 33 days from 27 days in the freehold market and increased to 29 days from 27 days in the condominium market, compared to August of last year. Compared to last month, average days on market rose from 25 days for both freehold properties and condominiums.
Every community in RAHB’s market area has its own localized market. Refer to the accompanying chart, and please ensure you contact a local REALTOR® for professional advice.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.