RAHB-logo(August 6, 2014 – Hamilton, Ontario)  The REALTORS ® Association of Hamilton-Burlington (RAHB) reported 1559 property sales processed through the RAHB Multiple Listing Service ® (MLS ® ) system in July.  This represents a 21.5 per cent increase in sales compared to July of last year.
There were 1968 properties listed in July, an increase of 5.5 per cent over the same month last year.  End-of-month listing inventory was 8.4 per cent lower than last year at the same time.
“July is typically a little quieter after the spring market,” said RAHB CEO Ross Godsoe. “but this year is an exception.  Sales were not only higher than average, but were the highest for a July in over 10 years.”
Seasonally adjusted* sales of residential properties were 18.6 per cent higher than the same month last year, with the average sale price up 6.9 per cent for the month.  Seasonally adjusted numbers of new listings were 6.1 per cent higher than the same month last year.
Seasonally adjusted data for residential properties for the month of July, 2014:

Seasonally Adjusted                                       
Residential Only  
Percentage change compared to
Jul/14 Jun/14 May/14 Apr/14 Mar/14 Jul/13
New Listings 1695 -2.2% -0.8% 3.4% 12.3% 6.1%
Sales 1262 2.9% 2.7% 9.8% 13.6% 18.6%
Average Sale Price $409,538 2.4% 4.3% 2.3% 1.3% 6.9%

Actual overall residential sales were 21.3 per cent higher than the previous year at the same time.  Residential freehold sales were 20.8 per cent higher than last year while the condominium market saw an increase of 23.3 per cent in sales. The average price of freehold properties showed an increase of 8.1 per cent compared to the same month last year; the average sale price in the condominium market increased 6.3 per cent when compared to the same period last year.
The average sale price is based on the total dollar volume of all properties sold in the RAHB market area.  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 the market decreased from 42 to 36 days in the freehold market and from 45 to 39 days in the condominium market when compared to the same month last year.
Year to date, listings are 2.5 per cent higher than the same January-to-July period a year ago.  Sales are seven per cent higher and the average sale price is 5.5 per cent higher for the period.
The numbers for the month of July, 2014 compared to July, 2013:
All Property Types                                                       2013                      2014                 % Change 

Listings 1866 1968 5.5%
Sales 1283 1559 21.5%
Average Sale Price $387,087 $419,231 8.3%
End of Month Listing Inventory 4284 3924 -8.4%

Residential Only

Listings 1690 1808 7.0%
Sales 1233 1496 21.3%
Median Sale Price $320,000 $342,500 7.0%
Average Sale Price $383,144 412,694 7.7%
Average Days on Market 43 36  
End of Month Listing Inventory 3453 3150 -8.8%

Freehold Only

Listings 1360 1490 9.6%
Sales 993 1200 20.8%
Median Sale Price $347,000 $371,000 6.9%
Average Sale Price $409,503 $442,632 8.1%
Average Days on Market 42 36  
End of Month Listing Inventory 2862 2649 -7.4%

Condominium Only

Listings 330 318 -3.6%
Sales 240 296 23.3%
Median Sale Price $259,000 $266,625 2.9%
Average Sale Price $274,084 $291,324 6.3%
Average Days on Market 45 39  
End of Month Listing Inventory 591 501 -15.2%

Commercial Only

Listings 176 160 -9.1%
Sales 50 63 26.0%

Every community in RAHB’s market area has its own localized residential market.  Please refer to the accompanying chart for residential market activity in select areas in RAHB’s jurisdiction.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.