(October 4, 2012 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported the residential market saw a 13 per cent increase in average sale price in September compared to the same month last year. The median sale price also saw gains over September of last year.
Seasonally adjusted* sales of residential properties were 10.9 per cent lower than the same month last year, with the average sale price up 13.7 per cent for the month. Seasonally adjusted numbers of new listings were almost flat to the same month last year.
Seasonally adjusted data for residential properties for the month of September:
| Seasonally Adjusted Residential Only |
Percentage change compared to
|
|||||
|
Sep/12
|
Aug/12
|
Jul/12
|
Jun/12
|
May/12
|
Sep/11
|
|
| New Listings |
1684 |
11.1% |
7.3% |
6.9% |
11.6% |
-0.6% |
| Sales |
1028 |
-3.6% |
-3.5% |
-4.4% |
-5.8% |
-10.9% |
| Average Sale Price |
$369,062 |
-0.9% |
3.4% |
2.8% |
3.1% |
13.7% |
Actual residential sales overall were 21.4 per cent lower than last year at the same time. The condominium market saw the bigger drop in sales from last year but also had the higher increase in average sale price for the month, with a 20.3 per cent increase.
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 7.5 per cent higher for the first nine months of this year compared to the same nine-month period last year. Numbers of residential property sales are down 5.9 per cent and new listings are down 14 per cent.
The numbers for the month of September compared to September of last year:
| All Property Types – Actual |
2011 |
2012 |
% Change |
| Listings |
1943 |
1830 |
-5.8% |
| Sales |
1161 |
913 |
-21.4% |
| Average Sale Price |
$321,244 |
$366,428 |
14.1% |
| End of Month Listing Inventory |
4666 |
4098 |
-12.2% |
| Residential Only – Actual | |||
| Listings |
1801 |
1689 |
-6.2% |
| Sales |
1125 |
884 |
-21.4% |
| Median Sale Price |
$280,000 |
$302,000 |
7.9% |
| Average Sale Price |
$318,043 |
$359,406 |
13.0% |
| Average Days On Market |
54 |
45 |
|
| End of Month Listing Inventory |
3767 |
3292 |
-12.6% |
| Freehold Only – Actual | |||
| Listings |
1489 |
1405 |
-5.6% |
| Sales |
898 |
715 |
-20.4% |
| Median Sale Price |
$305,500 |
$326,100 |
6.7% |
| Average Sale Price |
$339,633 |
$378,198 |
11.4% |
| Average Days On Market |
53 |
44 |
|
| End of Month Listing Inventory |
3114 |
2810 |
-9.8% |
| Condo Only – Actual | |||
| Listings |
312 |
284 |
-9.0% |
| Sales |
227 |
169 |
-25.6% |
| Median Sale Price |
$230,000 |
$255,000 |
10.9% |
| Average Sale Price |
$232,634 |
$279,897 |
20.3% |
| Average Days On Market |
59 |
50 |
|
| End of Month Listing Inventory |
653 |
482 |
-26.2% |
| Commercial Only – Actual | |||
| Sales |
36 |
29 |
-19.4% |
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.
For more information contact me.
Steve
