The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1454 property sales through the RAHB Multiple Listing Service® (MLS®) for the month of April. RAHB also reported a 9.6 per cent increase in average sale price for the month compared to April of last year.
Seasonally adjusted* sales of residential properties were 2.2 per cent lower than the same month last year, with the average sale price increasing 10.3 per cent for the month. Seasonally adjusted numbers of new listings, however, were 12 per cent lower than the same month last year.
Seasonally adjusted data for residential properties for the month of April:
Listing inventory is down across the board when compared to the same month last year. The number of active listings at month end is notably lower than last year, and at 510 units is almost 27 per cent fewer than at the same time in 2011.
“Not only is our overall listing inventory down,” said RAHB President Cameron Nolan. “but when properties sell, they sell in a shorter period of time and for a higher price .”
Year to date, listing inventory is over 15 per cent down from the same January-to-April period last year.
Also year to date, sales of residential (freehold and condominium) properties are just under two per cent higher than the same period last year, with the average sale price almost eight per cent higher for the period. A four per cent drop in the number of new listings is contributing to the lower month-end inventory.
“The condominium market in particular is a seller’s market right now,” added Nolan. “but the freehold market remains steady at the seller’s end of a balanced market.”
Every community in RAHB’s marketing 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.