Strong summer market continued through August
 
(September 4, 2014 – Hamilton, Ontario)  The REALTORS ® Association of Hamilton-Burlington (RAHB) reported 1219 property sales processed through the RAHB Multiple Listing Service ® (MLS ® ) system in August.  This represents a 1.9 per cent increase in sales compared to August of last year.
There were 1556 properties listed in August, a decrease of 5.5 per cent from the same month last year.  End-of-month listing inventory was 10.1 per cent lower than last year at the same time.
“Overall, sales are up a bit for the month of August, compared to August of last year,” said RAHB CEO Ross Godsoe. “Compared to the results for the month of August over the last ten years, however, sales are six per cent higher than average. We have certainly seen a strong market this summer.”
Seasonally adjusted* sales of residential properties were 3.7 per cent higher than the same month last year, with the average sale price up 5.3 per cent for the month.  Seasonally adjusted numbers of new listings were 1.1 per cent lower than the same month last year.
Seasonally adjusted data for residential properties for the month of August, 2014:

Seasonally Adjusted 
Residential Only
Percentage change compared to
Aug/14 Jul/14 Jun/14 May/14 Apr/14 Aug/13
New Listings 1643 -2.7% -4.5% -3.8% 0.3% -1.1%
Sales 1220 -3.6% -1.0% -0.8% 6.2% 3.7%
Average Sale Price $405,472 -1.0% 1.2% 3.3% 1.3% 5.3%

Actual overall residential sales were 1.7 per cent higher than the previous year at the same time.  Residential freehold sales were less than one per cent lower than last year while the condominium market saw an increase of 12.6 per cent in sales.  The average price of freehold properties showed an increase of 6.8 per cent compared to the same month last year; the average sale price in the condominium market increased 2.7 per cent when compared to the same period last year.
“There was some relief for buyers of residential units in August as sale prices eased a bit compared to the previous few months,” said Godsoe.  “It’s hard to say at this point if this is a trend that will continue into the fall.”
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 45 to 41 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 1.8 per cent higher than the same January-to-August period a year ago.  Sales are 6.4 per cent higher and the average sale price is 5.4 per cent higher for the period.
“The seller’s market has persisted throughout 2014,” added Godsoe, “and with the continued low listing inventory and continued low interest rates, there’s no indication it will end anytime soon.”
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The numbers for the month of August, 2014 compared to August, 2013:
All Property Types                                        2013                      2014                 % Change 

Listings 1647 1556 -5.5%
Sales 1196 1219 1.9%
Average Sale Price $384,042 $402,494 4.8%
End of Month Listing Inventory 4135 3716 -10.1%

Residential Only

Listings 1516 1447 -4.6%
Sales 1145 1164 1.7%
Median Sale Price $321,000 $340,000 5.9%
Average Sale Price $376,592 $397,938 5.7%
Average Days on Market 45 41  
End of Month Listing Inventory 3317 2971 -10.4%

Freehold Only

Listings 1215 1186 -2.4%
Sales 947 941 -0.6%
Median Sale Price $340,000 $360,000 5.9%
Average Sale Price $394,077 $420,909 6.8%
Average Days on Market 45 41  
End of Month Listing Inventory 2704 2495 -7.7%

Condominium Only

Listings 301 261 -13.3%
Sales 198 223 12.6%
Median Sale Price $259,950 $275,000 5.8%
Average Sale Price $292,967 $301,004 2.7%
Average Days on Market 45 39  
End of Month Listing Inventory 613 476 -22.3%

Commercial Only

Listings 131 109 -16.8%
Sales 50 55 10.0%

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.