The Hamilton-Burlington area real estate market showed a total of 750 unit sales in February, indicating a 27.6 per cent decrease over the same period last year, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB). New units listed are less than one per cent lower when compared to February 2008.

The total unit sales, when compared to January, were 58 per cent higher in February.

“When looking back for comparable real estate sales, December 94 and January 95 are the closest to the conditions experienced in December 08 and January 09,” said Bruce King, RAHB President. “However, in 1995 the market slowdown continued into February; last month’s numbers, I believe bode reasonably well for the market under the circumstances.”

Residential properties sold during February totalled 717 which included 596 freehold properties and 121 condominiums. Commercial sales for February, including industrial, farm, vacant land and business, totalled 33 units.

The average price of freehold residential properties sold in the month of February was $278,614, a decrease of 6 per cent over the same month last year, but an increase of 1.5 per cent over last month.

In the condominium market the average price of condominiums in February was $200,618, a decrease of 4.2 per cent over February 2008, and a decrease of 7 per cent over last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

February’s total average residential sales price decreased 4.2 per cent over the same month in 2008.

The total number of units listed for sale during February was 1,548, which is 2.3 per cent more than were listed in the same period in 2008.

“With the Bank of Canada dropping its prime lending rate this month those in the market for a home will see mortgage rates at near record lows,” added King. “This combined with the federal government’s decision to increase the withdrawal amount from the Home Buyers Plan from $20,000 to $25,000 will make buying a home a little easier.”

Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.

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