The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1572 property sales were processed through the RAHB Multiple Listing Service® (MLS®) system in June. This represents a 15.6 per cent increase in sales compared to June of last year.
There were 2215 properties listed in June, an increase of 11.5 per cent over the same month last year. End-of-month listing inventory was five per cent lower than last year at the same time.
“June’s sales were good by any measure,” said RAHB CEO Ross Godsoe. “They were not only up over last year, but were 10 per cent higher than the average for the month.”
Seasonally adjusted* sales of residential properties were 7.6 per cent higher than the same month last year, with the average sale price up 4.8 per cent for the month. Seasonally adjusted numbers of new listings were 8.2 per cent higher than the same month last year.
Seasonally adjusted data for residential properties for the month of June, 2014:
Actual overall residential sales were 16.7 per cent higher than the previous year at the same time. Residential freehold sales were 15.5 per cent higher than last year while the condominium market saw an increase of 22.1 per cent in sales. The average price of freehold properties showed an increase of five per cent compared to the same month last year; the average sale price in the condominium market increased 4.6 per cent when compared to the same period last year.
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.
“We’ve seen more listings come on the market over the last two months, which gives buyers more options,” added Godsoe. “That doesn’t seem to be translating into a more balanced market, however; we are still seeing a fairly high sales-to-listing ratio, which indicates the seller’s market is continuing in our market area.”
The average days on the market decreased from 37 to 35 days in the freehold market and from 46 to 37 days in the condominium market.
Year to date, listings are almost two per cent higher than the same January-to-June period a year ago. Sales are 4.5 per cent higher and the average sale price is five 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.