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Media Release


Blog by Folsetter Taffs | July 10th, 2012


MEDIA RELEASE

Average sale price up; listings, sales down

(July 6, 2012 – Hamilton, Ontario)  The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1338 property sales through the RAHB Multiple Listing Service® (MLS®) for the month of June. RAHB also reported a six per cent increase in average sale price for the month compared to June of last year.

Seasonally adjusted* sales of residential properties were 9.7 per cent lower than the same month last year, with the average sale price increasing 7.3 per cent for the month.  Seasonally adjusted numbers of new listings were 17.4 per cent lower than the same month last year.

Seasonally adjusted data for residential properties for the month of June:

Seasonally Adjusted                                                              Percentage change compared to             

Residential  Only                   Jun/12      May/12        Apr/12            Mar/12           Feb/12    Jun/11

New Listings

1578

4.5%

3.3%

-1.4%

0.4%

-17.4%

Sales

1075

-1.6%

-5.3%

-8.1%

-6.5%

-9.4%

Average Sale Price

$360,004

0.6%

-0.2%

0.8%

3.4%

    7.3%

 

There continues to be a decline in the number of new listings and end-of-month listing inventory. 

Average sale prices rose across the board, with the freehold market seeing the highest increase at 7.5 per cent.

“Residential houses prices are up seven per cent from last year, which is likely due to lower inventory this year,” said RAHB President Cameron Nolan.  “In the residential freehold market, we are seeing about 21 percent fewer listings than last year at this time and in the condo market, 33 per cent fewer.”

Year to date, numbers of sales of residential properties  are down 2.2 per cent compared to the same six-month period last year and new listings are down almost 16 per cent.  The average sale price for residential units is 7.6 per cent higher for the first half of this year compared to the same period last year.

The numbers for the month of June compared to June of last year:

 

All Property Types - Actual                     2011                                2012                           % change

New Listings

2473

1919

-22.4%

Sales

1575

1338

-15.0%

Average Sale Price

$345,091

$365,891

6.0%

End of Month Listing Inventory

5199

4078

-21.6%

 

 All Residential - Actual

New Listings

2292

1796

-21.6%

Sales

1519

1295

-14.7%

Median Sale Price

$292,000

$308,000

5.5%

Average Sale Price

$339,508

$363,162

7.0%

Average Days On Market

49

38

 

End of Month Listing Inventory

4261

3264

-23.4%

 

Freehold Only - Actual

New Listings

1900

1477

-22.3%

Sales

1233

1056

-14.4%

Median Sale Price

$310,000

$338,420

9.2%

Average Sale Price

$360,882

$388,095

7.5%

Average Days on Market

46

38

 

End of Month Listing Inventory

3519

2767

-21.4%

 

Condominium Only - Actual

New Listings

392

319

-18.6%

Sales

286

239

-16.4%

Median Sale Price

$234,375

$245,000

4.5%

Average Sale Price

$247,362

$252,999

2.3%

Average Days on Market

59

40

 

End of Month Listing Inventory

742

497

-33.0%

 

Commercial - Actual

Sales

56

43

-23.2%

 

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.

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,500 real estate brokers and sales representatives from Hamilton, Burlington, and outlying areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca.  More information about RAHB is available at www.rahb.ca.                                         

-30-

 

For further information, contact:

Cameron Nolan                                                               Valerie Webster

President, RAHB                                                            Communications Coordinator

Ph: 905.296.0757                                                           Ph: 905.529.8101 Ext. 294

E: president@rahb.ca                                                     E:  valeriew@rahb.ca