(May 4, 2012 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1454 property sales through the RAHB Multiple Listing Service® (MLS®) for the month of April. RAHB also reported a 9.6 per cent increase in average sale price for the month compared to April of last year.
Seasonally adjusted sales of residential properties were 2.2 per cent lower than the same month last year, with the average sale price increasing 10.3 per cent for the month. Seasonally adjusted numbers of new listings, however, were 12 per cent lower than the same month last year.
Listing inventory is down across the board when compared to the same month last year. The number of active listings at month end is notably lower than last year, and at 510 units is almost 27 per cent fewer than at the same time in 2011.
What we are seeing due to this shortage of listings is a sellers market. The properties that are selling in this market tend to sell quickly and for higher prices.
Year to date, listing inventory is over 15 per cent down from the same January-to-April period last year.
Also year to date, sales of residential (freehold and condominium) properties are just under two per cent higher than the same period last year, with the average sale price almost eight per cent higher for the period. A four per cent drop in the number of new listings is contributing to the lower month-end inventory.
Every community in RAHB’s marketing area has their own localized residential market. Please contact me and I will be happy to provide you with detailed statistics for the area of interest.