JUNE REAL ESTATE MARKET
STILL SIZZLING
July 5, 2016 (Hamilton, Ontario)
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,877 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in June. Sales were 8.8 per cent lower than the same month last year yet were still the second highest sales on record.
There were 2,213 properties listed in June, a decrease of 12.9 per cent compared to June of last year.
“June sales may have been lower than last year in June,” said RAHB President Kim Alvarez. “but they were still outstanding. Last June sales set an all-time record; this year, all property sales were 25 per cent higher than the 10-year average and the second-highest on record.”
Seasonally adjusted* sales of residential properties were 9.2 per cent lower than the same month last year, with the average sale price up 12.7 per cent for the month. Seasonally adjusted numbers of new listings were 12.1 per cent lower than June of 2015.
The average price of freehold properties showed an increase of 13.6 per cent compared to June of last year; the average sale price in the condominium market increased by 12.1 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.
“Listing inventory is still way down, with just a little over a month of inventory in the residential market,” noted Alvarez. “With the average days on market at 22 in the freehold market – which is one of the lowest in recent years – buyers would be well-advised to use a REALTOR® to help them navigate through this fast-paced market.”
The average days on market decreased from 29 to 22 days in the freehold market and from 30 to 27 days in the condominium market, compared to June of last year.
The numbers for the month of June, 2016 compared to June, 2015:
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ALL PROPERTY TYPES June 2015 June 2016 % Change
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Listings 2,541 2,213 -12.9%
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Sales 2,057 1,877 -8.8%
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Average Sale Price $451,037 $513,239 13.8%
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End of Month Listing Inventory 3,824 2,514 -34.3%
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RESIDENTIAL ONLY June 2015 June 2016 % Change
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Listings 2,359 2,051 -13.1%
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Sales 1,981 1,787 -9.8%
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Median Sale Price $375,000 $430,500 14.8%
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Average Sale Price $449,610 $513,971 14.3%
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Average Days on Market 30 23 -23.3%
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End of Month Listing Inventory 3,078 1,870 -39.2%
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FREEHOLD ONLY June 2015 June 2016 % Change
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Listings 1,960 1,695 -13.5%
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Sales 1,601 1,483 -7.4%
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Median Sale Price $409,000 $471,500 15.3%
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Average Sale Price $481,568 $546,949 13.6%
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Average Days on Market 29 22 -24.1%
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End of Month Listing Inventory 2,584 1,530 -40.8%
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CONDOMINIUM ONLY June 2015 June 2016 % Change
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Listings 399 356 -10.8%
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Sales 380 304 -20.0%
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Median Sale Price $287,150 $341,125 18.8%
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Average Sale Price $314,962 $353,094 12.1%
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Average Days on Market 30 27 -10.0%
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End of Month Listing Inventory 494 340 -31.2%
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COMMERCIAL ONLY June 2015 June 2016 % Change
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Listings 182 162 -11.0%
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Sales 76 90 18.4%
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*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.
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