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.
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.
