Residential Condo Average Sale Price Up in July
(August 3, 2012 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported the residential condominium market saw a 4.3 per cent increase in average sale price in July compared to the same month last year. Median sale prices also saw gains over July of last year.
Seasonally adjusted* sales of residential properties were 2.9 per cent lower than the same month last year, with the average sale price down 2.6 per cent for the month. Seasonally adjusted numbers of new listings were 9.4% per cent lower than the same month last year.
Seasonally adjusted data for residential properties for the month of July:
| Seasonally Adjusted Residential Only |
Percentage change compared to
|
|||||
|
Jul/12
|
Jun/12
|
May/12
|
Apr/12
|
Mar/12
|
Jul/11
|
|
| New Listings |
1584 |
0.5% |
4.9% |
3.7% |
-1.1% |
-9.4% |
| Sales |
1071 |
-0.3% |
-1.9% |
-5.6% |
-8.4% |
-2.9% |
| Average Sale Price |
$353,007 |
-1.7% |
-1.4% |
-2.2% |
-1.2% |
-2.6% |
The slight drop in average sale price in seasonally adjusted data was mirrored by a one per cent reduction in actual sales for the month when compared to the same period last year.
Year to date, the average sale price for residential units is 6.3 per cent higher for the first seven months of this year compared to the same seven-month period last year. Numbers of residential property sales are down 3.1 per cent. New listings are down 7.5 per cent and there were 22.6 per cent fewer listings active at the end of the month.
The numbers for the month of July compared to July of last year:
| All Property Types – Actual |
2011
|
2012
|
% change
|
| New Listings |
1881 |
1743 |
-7.3% |
| Sales |
1342 |
1245 |
-7.2% |
| Average Sale Price |
$353,443 |
$349,173 |
-1.2% |
| End of Month Listing Inventory |
5012 |
4068 |
-18.8% |
All Residential – Actual
| New Listings |
1701 |
1604 |
-5.7% |
| Sales |
1299 |
1190 |
-8.4% |
| Median Sale Price |
$295,000 |
$298,750 |
1.3% |
| Average Sale Price |
$349,285 |
$345,807 |
-1.0% |
| Average Days On Market |
51 |
45 |
|
| End of Month Listing Inventory |
4054 |
3268 |
-19.4% |
Freehold Only – Actual
| New Listings |
1394 |
1314 |
-5.7% |
| Sales |
1044 |
948 |
-9.2% |
| Median Sale Price |
$322,000 |
$325,000 |
0.9% |
| Average Sale Price |
$372,250 |
$366,102 |
-1.7% |
| Average Days on Market |
51 |
45 |
|
| End of Month Listing Inventory |
3342 |
2752 |
-17.7% |
Condominium Only – Actual
| New Listings |
307 |
290 |
-5.5% |
| Sales |
255 |
242 |
-5.1% |
| Median Sale Price |
$230,000 |
$244,000 |
6.1% |
| Average Sale Price |
$255,264 |
$266,304 |
4.3% |
| Average Days on Market |
50 |
45 |
|
| End of Month Listing Inventory |
712 |
516 |
-27.5% |
Commercial – Actual
| Sales |
43 |
55 |
27.9% |
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.
