The REALTORS® Association of Hamilton-Burlington (RAHB) reported a record 1599 sales of all property types listed through the RAHB Multiple Listing Service® (MLS®). The previous record was 1598 sales in June of 2009.
There were 2,268 properties listed in May, a small increase over May of last year. All property sales increased by 3.4 per cent over the same month last year. The average sale price of $423,542 was an increase of 12.2 per cent from the previous May.
“May was a stellar month for sales of all property types,” said RAHB CEO Ross Godsoe. “We started to see movement in the market in April and that continued through May, resulting in a record number of all property sales.”
Seasonally adjusted* sales of residential properties were 1.5 per cent higher than the same month last year, with the average sale price up 12.3 per cent for the month. Seasonally adjusted numbers of new listings were 3.4 per cent higher than the same month last year.
Seasonally adjusted data for residential properties for the month of May, 2013:
Actual overall residential sales were three per cent higher than the previous year at the same time. Residential freehold sales were 3.6 per cent higher than last year while the condominium market saw an increase in sales of almost one per cent. The average sale price of freehold properties showed an increase of 12.3 per cent over the same month last year; the condominium market saw an increase of 14.1 per cent when compared to the same period last year.
“The jump in the average sale price should not be taken as an indication that the Greater Hamilton, Burlington and outlying areas have become unaffordable”, added Godsoe. “A closer look at the sales activity in the various communities which make up our market area shows a wide variety of price ranges.”
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 increased from 38 days to 39 days in the freehold market but decreased from 44 days to 37 for condominiums.
Year to date, listings are down 2.1 per cent compared to the same period last year, while sales are 4.6 per cent lower. The average sale price for the first five months of the year is 7.5 per cent higher than the same period last year.
The numbers for the month of May 2013 compared to May 2012:
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.
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