Do you use Market Watch in the regional Matrix system?

Q:  When you follow Market Watch on your Matrix home page, you may notice that once you log in, the number of new listings, back on market listings, price changes, etc. doesn’t necessarily go up and down through the day.  Does that mean there are no changes to the listing inventory?

A:  The short answer:  No.  Changes are occurring all the time as members add listings, cancel listings, sell homes or change a listing’s status in other ways. You can see those changes when you look at the detail in the lists of listing changes. You just won’t see a change in the total  showing in the Market Watch widget.

There’s a long explanation of why the Market Watch numbers don’t change, and it has to do with the default 24-hour time period and how the totals on the widget don’t refresh. The more important issue, though, is: are you missing new listings and listing changes because you have been watching the totals on your home page all day?

The best way to make sure you know about all changes to listings is to click on the link to see the hotsheet layout of changes and see what’s new – that way you won’t miss anything.

In this fast-paced market, you need the most up-to-date information available, so be sure to go to the lists of changes to find the most recent changes.

Important change to preemptive (“bully”) offer process

To help clarify the steps you must take if your Sellers change their minds about “no offers until”, the Board of Directors approved several changes to Section 2 of the MLS® Rules and Regulations.

The chart below shows the original wording of Section 2, Subsection 2.15 of the MLS® Rules and Regulations in the left column, and the new wording in the right.

Note the changes to the first parts (2.15 and 2.15 (a)) have been amended by the addition of the words in bold, and section 2.15 (b), shown in all bold text, has been re-worded from the original to provide more clarity.

The complete rewriting of Section 2.15 (b) is based on the Registrar’s Bulletin from February 21, 2017, titled Written direction for multiple offers.  The Bulletin provided an excellent overview of how to convey offers to your clients in a preemptive offer situation and stressed the importance of using a fair and transparent process.

These changes are now in effect.

Bully offer

Preemptive Offers (UPDATED)

 

Useful links

  • Read the Registrar’s Bulletin (February 21, 2017) titled Written direction for multiple offers. Not only does it talk about how to deal with preemptive offers, but also discusses multiple offer situations generally.
  • View a video tutorial for OREA’s Seller’s Direction re: Property/Offers Form #244

________________________________________________________________________________________________

As always, if you have any questions, please contact our MLS® Department at 905.667.4650 or mls@rahb.ca. Our staff will be happy to assist you.

Record March Sales; Low Inventory Continues

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,803 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in March. The month’s all-property sales set a new high for the month of March, surpassing the record set just last year by 22.2 per cent.

There were 2,197 properties listed in March, an increase of 17.5 per cent compared to March of last year and 6.5 per cent higher than the 10-year average for new listings in the month.

“This is the sixth month in a row – beginning October of last year – that we’ve seen a new monthly record for sales,” said RAHB CEO George O’Neill. “While there was a good increase in new listings, it doesn’t quite balance the number of sales, so the end-of-month listing inventory is 35 per cent lower than last year at this time – that’s less than a month of inventory.” 

Seasonally adjusted* sales of residential properties were 16.6 per cent higher than the same month last year, with the average sale price up 29.5 per cent for the month. Seasonally adjusted numbers of new listings were 10.2 per cent higher than March of 2016.

Seasonally

Overall residential sales of 1,702 units were 20.2 per cent higher than the same month last year. Residential freehold sales were 17.4 per cent higher than March of 2016 while sales in the condominium market were 32.8 per cent higher than the same month last year.

The median price of freehold properties increased by 28.5 per cent over the same month last year while the median price for condominium properties increased by 24.2 per cent compared to the same period.

The average price of freehold properties showed an increase of 28.7 per cent compared to March of last year; the average sale price in the condominium market increased by 28 per cent compared to the same period.

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 decreased from 28 to 20 days in the freehold market and from 27 to 19 days in the condominium market, compared to March of last year.

“Year to date, residential sales are up by 18.4 per cent and the average sale price by 22.9 percent over the same period last year and listing inventory is 35 per cent less than a year ago,” noted O’Neill.  “In this market, where homes are selling quickly and buyers are competing for so few listings, a buyer’s and seller’s best ally is a REALTOR® – a real estate professional who can offer the best advice for navigating the market.“

Comparison

Every community in RAHB’s market area has its own localized market. Please refer to the accompanying chart, and contact a REALTOR® for more information.

RAHB Market Activity for Mar

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.

___________________________________________________________________________________________

About the REALTORS® Association of Hamilton-Burlington
Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 3,000 real estate brokers and sales representatives from Hamilton, Burlington and outlying areas. Members of the Association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The Association operates the local Multiple Listing Service® (MLS®) System and provides ongoing professional education courses for its members. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at REALTOR.ca. More information about RAHB is available at rahb.ca.

RAHB Area Maps – March 2017

RAHB Average Price by District – (#) Residential Unit Sales

Hamilton
Hamilton West,  10 – 12
Hamilton East,  23, 24, 27 – 29
Hamilton Centre,  13, 14, 20 – 22
Hamilton Mountain,  15 – 18, 25 & 26

Ham 1
Burlington
30 – 36, 38

Burl 1

 

Outlying

Flamborough, 40, 43 – 45
Dundas, 41
Ancaster, 42
Waterdown, 46
Stoney Creek, 50 – 52
Glanbrook, 53
Grimsby, 54 -55
West Lincoln, 56
Smithville, 57
Dunnville, 61
Cayuga, 62
Calendonia/Hagersville, 63 & 70
Onieda/Seneca, 71 & 64
Rainham, 65
Canborough/Dunn, 60

Outlying 1

RAHB Area Maps – February 2017

RAHB Average Price by District – (#) Residential Unit Sales

Hamilton
Hamilton West,  10 – 12
Hamilton East,  23, 24, 27 – 29
Hamilton Centre,  13, 14, 20 – 22
Hamilton Mountain,  15 – 18, 25 & 26

Ham 1
Burlington
30 – 36, 38

 

Burl 1

Outlying

Flamborough, 40, 43 – 45
Dundas, 41
Ancaster, 42
Waterdown, 46
Stoney Creek, 50 – 52
Glanbrook, 53
Grimsby, 54 -55
West Lincoln, 56
Smithville, 57
Dunnville, 61
Cayuga, 62
Calendonia/Hagersville, 63 & 70
Onieda/Seneca, 71 & 64
Rainham, 65
Canborough/Dunn, 60

Outlying 1

Hot Market Continues

PRESS RELEASE – For immediate release

March 3, 2017 (Hamilton, Ontario)

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,311 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in February. Total property sales were 16.4 per cent higher than the same month last year and, for the second month in a row, set a new high for that month.

There were 1,496 properties listed in February, a decrease of 2.7 per cent compared to February of last year and 8.4 per cent lower than the 10-year average for new listings in the month.

“February’s sales were what we’d expect to see during the spring or fall markets, typically the busier times,” said RAHB CEO George O’Neill.   “With the number of available properties down and record sales, we are left with a low inventory at the end of the month.  In the residential market, there is less than one month of available properties right now.  We continue to be deep into a seller’s market.”

Seasonally adjusted* sales of residential properties were 18.1 per cent higher than the same month last year, with the average sale price up 27.5 per cent for the month. Seasonally adjusted numbers of new listings were 2.5 per cent higher than February of 2016.

Seasonally

Overall residential sales of 1,257 units were 16.7 per cent higher than the same month last year.  Residential freehold sales were 15.3 per cent higher than February of 2016 while sales in the condominium market were 23.2 per cent higher than the same month last year.

The median price of freehold properties increased by 23.2 per cent over the same month last year while the median price for condominium properties increased by 19.7 per cent compared to the same period.

The average price of freehold properties showed an increase of 22.3 per cent compared to February of last year; the average sale price in the condominium market increased by 22.8 per cent compared to the same period.

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 decreased from 31 to 22 days in the freehold market and from 34 to 21 days in the condominium market, compared to February of last year.

“The first two months of 2017 have been blockbusters”, noted O’Neill.  “Residential sales for 2017 are already 17.1 per cent higher than they were last year for the same period, and both median and average sale prices are up around 19 per cent. The spring market has started early.”

Comparison 

Every community in RAHB’s market area has its own localized market. Please refer to the accompanying chart, and contact a REALTOR® for more information.

RAHB Market Activity for Feb

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.

 

About the REALTORS® Association of Hamilton-Burlington
Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 3,000 real estate brokers and sales representatives from Hamilton, Burlington and outlying areas. Members of the Association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The Association operates the local Multiple Listing Service® (MLS®) System and provides ongoing professional education courses for its members. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at REALTOR.ca. More information about RAHB is available at rahb.ca.

 

RAHB Matrix Update!

On Friday, March 3, all members received an update about RAHB’s Matrix MLS® System from RAHB CEO George O’Neill.

In his email, the Association CEO advised that the upgrade from Fusion to Matrix is on schedule, and a contract with ORTIS to share MLS® data should be finalized within the next 30-45 days.  Once the contract is in place, 60 days will be required for CoreLogic to program an interface to facilitate data sharing between the regional Matrix system and RAHB’s Matrix system.

Following consultation with the RAHB Board of Directors and Brokers of Record and Managers, it was decided the best course of action was to wait to launch Matrix until a data sharing contract and interface are in place.  The advantage to waiting is that members will then have uninterrupted access to both RAHB and regional listings in the RAHB Matrix system.

Watch for more details.

Hot Real Estate Market to Start the Year

February 3, 2017 (Hamilton, Ontario)

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 911 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in January. All property sales were 17.4 per cent higher than the same month last year and set a new high for the month of January.

There were 1,139 properties listed in January, a decrease of 9.7 per cent compared to January of last year and 30 per cent less than the 10-year average for new listings in the month.

“January’s record sales topped the previous high from 2006 by more than 11 per cent,” said RAHB CEO George O’Neill.   “That’s quite remarkable for a January, when sales are typically slower.  At the same time as we had such high sales, new listings are down for the month, compared to both last year and the 10-year average.”

Seasonally adjusted* sales of residential properties were 4.3% per cent higher than the same month last year, with the average sale price up 15.2 per cent for the month. Seasonally adjusted numbers of new listings were 14.1 per cent lower than January of 2016.

Seasonally

 

Overall residential sales of 864 units were 18 per cent higher than the same month last year.  Residential freehold sales were 12 per cent higher than January of 2016 while sales in the condominium market were 50.5 per cent higher than the same month last year.

The median price of freehold properties increased by 11.7 per cent over the same month last year while the median price for condominium properties increased by 33.3 per cent compared to the same period.

The average price of freehold properties showed an increase of 14.2 per cent compared to January of last year; the average sale price in the condominium market increased by 27.7 per cent compared to the same period.

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 decreased from 49 to 31 days in the freehold market and from 50 to 28 days in the condominium market, compared to January of last year.

“With the sales-to-listing ratio at 83 per cent in the residential market, the average days on market down to 31 days at this time of year and only a little over a month of residential listing inventory, this hot seller’s market just keeps rolling on,” added O’Neill. “We keep stressing the importance of using a REALTOR® at any time, but now, in this market, it’s especially important to use a professional who can help buyers and sellers achieve the best results in the purchase or sale of their home. A reduced average number of days on the market does not necessarily mean it is easier to sell properties.”

ComparisonEvery community in RAHB’s market area has its own localized market. Please refer to the accompanying chart, and contact a REALTOR® for more information.

RAHB Market Activity for Jan

 

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.

 

_______________________________________________________________________________________________ 

About the REALTORS® Association of Hamilton-Burlington
Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 3,000 real estate brokers and sales representatives from Hamilton, Burlington and outlying areas. Members of the Association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The Association operates the local Multiple Listing Service® (MLS®) System and provides ongoing professional education courses for its members. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at REALTOR.ca. More information about RAHB is available at rahb.ca.

RAHB Area Maps – January 2017

RAHB Average Price by District – (#) Residential Unit Sales

Hamilton
Hamilton West,  10 – 12
Hamilton East,  23, 24, 27 – 29
Hamilton Centre,  13, 14, 20 – 22
Hamilton Mountain,  15 – 18, 25 & 26

 

Ham
Burlington
30 – 36, 38

Burl

Outlying

Flamborough, 40, 43 – 45
Dundas, 41
Ancaster, 42
Waterdown, 46
Stoney Creek, 50 – 52
Glanbrook, 53
Grimsby, 54 -55
West Lincoln, 56
Smithville, 57
Dunnville, 61
Cayuga, 62
Calendonia/Hagersville, 63 & 70
Onieda/Seneca, 71 & 64
Rainham, 65
Canborough/Dunn, 60

Outlying