(September 7, 2012 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported the residential market saw a 13.5 per cent increase in average sale price in August compared to the same month last year. Median sale prices also saw gains over August of last year.
Remember number of sales are down and there is less “inventory” out there so that will help to increase average sales price on top of regular appreciation.
Seasonally adjusted* sales of residential properties were 13 per cent lower than the same month last year, with the average sale price up 13.3 per cent for the month. Seasonally adjusted numbers of new listings were 8.4% per cent lower than the same month last year.
Seasonally adjusted data for residential properties for the month of August:
| Seasonally Adjusted Residential Only |
Percentage change compared to
|
|||||
|
Aug/12
|
Jul/12
|
Jun/12
|
May/12
|
Apr/12
|
Aug/11
|
|
| New Listings |
1070 |
0.4% |
-0.5% |
-2.0% |
-5.7% |
-8.4% |
| Sales |
2904 |
-3.9% |
-4.3% |
-0.1% |
-1.2% |
-13.0% |
| Average Sale Price |
$372,908 |
4.5% |
3.9% |
4.2% |
3.3% |
13.3% |
The seasonally adjusted average price for August is the highest we have on record. The decreased inventory has created greater competition among home buyers. In the condo market, August saw more sales than new listings, indicating a very strong seller’s market.
The average sale price is based on the total dollar volume of all residential properties sold. 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.
Year to date, the average sale price for residential units is 7.1 per cent higher for the first eight months of this year compared to the same eight-month period last year. Numbers of residential property sales are down 4.1 per cent. New listings are down 8.6 per cent and there were 18.4 per cent fewer listings active at the end of the month.
The numbers for the month of August compared to August of last year:
| All Property Types – Actual |
2011 |
2012 |
% Change |
| Listings |
1825 |
1527 |
-16.3% |
| Sales |
1248 |
1116 |
-10.6% |
| Average Sale Price |
$328,713 |
$368,875 |
12.2% |
| End of Month Listing Inventory |
4797 |
3822 |
-20.3% |
| Residential Only – Actual | |||
| Listings |
1693 |
1390 |
-17.9% |
| Sales |
1199 |
1069 |
-10.8% |
| Median Sale Price |
$281,500 |
$295,000 |
4.8% |
| Average Sale Price |
$321,338 |
$364,578 |
13.5% |
| Average Days On Market |
55 |
44 |
-20.0% |
| End of Month Listing Inventory |
3866 |
3009 |
-22.2% |
| Freehold Only – Actual | |||
| Listings |
1402 |
1162 |
-17.1% |
| Sales |
979 |
845 |
-13.7% |
| Median Sale Price |
$303,000 |
$319,000 |
5.3% |
| Average Sale Price |
$338,553 |
$392,945 |
16.1% |
| Average Days On Market |
54 |
44 |
-18.5% |
| End of Month Listing Inventory |
3200 |
2569 |
-19.7% |
| Condo Only – Actual | |||
| Listings |
291 |
228 |
-21.6% |
| Sales |
220 |
224 |
1.8% |
| Median Sale Price |
$228,450 |
$241,550 |
5.7% |
| Average Sale Price |
$244,730 |
$257,566 |
5.2% |
| Average Days On Market |
59 |
45 |
-23.7% |
| End of Month Listing Inventory |
666 |
440 |
-33.9% |
| Commercial Only – Actual | |||
| Sales |
49 |
47 |
-4.1% |
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.
