“It has clearly been another exceptional month for real estate sales in the RAHB market area,” said RAHB CEO George O’Neill. “December sales are always among the lowest of the year because of the holidays and the weather, but this year’s sales were the highest ever for the month. It seems an appropriate way to end a year which saw so many previous sales records fall.”
There were 679 properties listed in December, a decrease of 3.4 per cent compared to December of the previous year.
Seasonally adjusted* sales of residential properties were 2.8 per cent higher than the same month of the previous year, with the average sale price up 9.1 per cent for the month. Seasonally adjusted numbers of new listings were virtually the same as the same month the year before.
Seasonally adjusted data for residential properties for the month of December, 2015:
Actual overall residential sales of 752 units were 1.9 per cent higher than the same month the year previous. Residential freehold sales were 3.2 per cent higher than the previous December while sales in the condominium market decreased by 3.4 per cent.
The average price of freehold properties showed an increase of 7.3 per cent compared to the same month the previous year; the average sale price in the condominium market increased by 18.8 per cent when compared to the same period.
The average sale price is based on the total dollar volume of all properties sold by RAHB members. 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. Contact a REALTOR® for information about your area or property.
The average days on market decreased from 45 to 41 days in the freehold market and from 53 to 36 days in the condominium market when compared to the same month the previous year.
Every community in RAHB’s market area has its own localized residential market. Please refer to the accompanying chart.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.