MARKET BOUNCING BACK?
PRESS RELEASE – For immediate release November 3, 2017 (Hamilton, Ontario)
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,317 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in October, 6.5 per cent fewer than the same month last year and 10.9 per cent higher than the 10-year average.
All property listings were 12.2 per cent higher than the same month last year, 14.3 per cent higher than the 10-year average, and set a new record for the month of October.
“We are continuing to see more listings come onto the market after the severe shortage we saw earlier this year,” said RAHB CEO George O’Neill. “Sales have also rebounded a bit after the lower sales we saw over the last three months, resulting in a sales-to-new-listing ratio at 69 per cent in the residential market. After a few months in a more balanced market, we have just had a month where we moved to the lower end of a seller’s market again. We don’t know if this one month is indicative of a shift in the market or just a one-month result.”
Seasonally adjusted* sales of residential properties were 18.7 per cent lower than the same month last year, with the average sale price up four per cent for the month. Seasonally adjusted numbers of new listings were 17.1 per cent higher than October of 2016.
The median price of freehold properties increased by 9.5 per cent over the same month last year while the median price for condominium properties increased by 2.4 per cent compared to the same period.
The average price of freehold properties showed an increase of 11.4 per cent compared to October of last year; the average sale price in the condominium market increased by 3.9 per cent compared to the same period.
Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price 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 number of days on market increased to 31 days from 22 days in the freehold market and increased to 27 days from 24 days in the condominium market, compared to October of last year.
“One of the unknowns right now is how new mortgage guidelines coming into effect January 1, 2018 may influence listings and sales over the next two months,” noted O’Neill. “Buyers and sellers who are contemplating buying or listing their home in the near future should contact a REALTOR® to find out how the new guidelines may affect them.”
For a current explanation of the market in your area of interest, please contact me anytime.