Market Update: Low Inventory Continues for September
Tuesday Mar 07th, 2017
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,317 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in September. Sales were 4.7 per cent lower than the same month last year.
There were 1,940 properties listed in September, a decrease of 9.5 per cent compared to September of last year.
“The sales numbers are lower than last September’s, but the hot real estate market in the Greater Hamilton-Burlington area continues,” said RAHB CEO George O’Neill. “Sales are 16 per cent higher than the 10-year average, while the end of month inventory is 39.5 per cent lower than a year ago. The Hamilton-Burlington area continues to attract many people looking for a great place to live and work.”
Seasonally adjusted* sales of residential properties were 5 per cent lower than the same month last year, with the average sale price up 14 per cent for the month. Seasonally adjusted numbers of new listings were 8.3 per cent lower than September of 2015.
Seasonally adjusted data for residential properties for the month of September, 2016:
Overall residential sales of 1,259 units were 4.3 per cent lower than the same month last year. Residential freehold sales were 3.1 per cent lower than September of 2015 while sales in the condominium market were 9.4 per cent lower than the same month last year.
The median price of freehold properties increased by 15.9 per cent over the same month last year while the median price for condominium properties increased by 19.4 per cent compared to the same period.
The average price of freehold properties showed an increase of 5.1 per cent compared to September of last year; the average sale price in the condominium market increased by 11.3 per cent when compared to the same period.
Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS®System. Average sale price 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. Contact a REALTOR® for information about your area or property.
The average number of days on market decreased from 33 to 23 days in the freehold market and from 35 to 25 days in the condominium market, compared to September of last year.
“A home in the Hamilton-Burlington area is selling, on average, 10 days quicker than a year ago,” noted RAHB President Kim Alvarez. “This follows the summer trend of quick turnover, and is a result of the limited number of listings compared to market demand.”
Every community in RAHB’s market area has its own localized market. Please refer to the accompanying chart, and contact a REALTOR® for more information.