The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1207 properties sold through the RAHB Multiple Listing Service® (MLS®) system in October. This represents a 9.4 per cent increase in the number of sales over October of last year.
The average sale price of $397,403 was an increase of 3.9 per cent over the previous October. There were 1730 properties listed in October, an increase of five per cent over October of last year. End-of-month listing inventory is 6.3 per cent lower than last year.
“Listings and sales through October were better than last year for the same month and higher than the 10-year average for the month,” said RAHB CEO Ross Godsoe. “We continue to see lower inventory, which again translates into a seller’s market for the area in the month of October.”
Seasonally adjusted* sales of residential properties were 11.7 per cent higher than the same month last year, with the average sale price up 5.6 per cent for the month. Seasonally adjusted numbers of new listings were 6.5 per cent higher than the same month last year.
Seasonally adjusted data for residential properties for the month of October, 2013:
Actual overall residential sales were 10.2 per cent higher than the previous year at the same time. Residential freehold sales were 11.6 per cent higher than last year and the condominium market saw an increase of five per cent in sales. The average sale price of freehold properties showed an increase of 2.6 per cent over the same month last year; the average sale price in the condominium market increased 13.7 per cent when compared to the same period last year.
The average sale price is based on the total dollar volume of all residential properties sold. 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 46 to 42 days in the freehold market and increased from 44 days to 47 in the condominium market.
Year to date, listings are up 1.7 per cent compared to the same period last year, while sales are 2.2 per cent higher. The average sale price for the period is 7.3 per cent higher than the same period last year.
Every community in RAHB’s market 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.