(March 6, 2012 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1126 property sales through the RAHB Multiple Listing Service® (MLS®) for the month of February, a 4.9 per cent increase in sales over the same month last year. RAHB also reported a 9.2 per cent increase in average sale price and an 8.3 per cent increase in the number of new listings in the month of February this year compared to February of last year.
Seasonally adjusted* sales of all property types were virtually the same as February 2011, with the average sale price increasing 7.9 per cent for the month. Seasonally adjusted numbers of new listings, however, were 14.5 per cent lower from the same month last year.
Seasonally adjusted data for residential properties for the month of February:
“The residential market is performing well, and the average sale price continues to increase,” said RAHB President Cameron Nolan. “Both actual average sale price and seasonally adjusted average sale price show a steady climb over last year.”
Residential freehold properties showed a 9.7 per cent increase in actual sales, with a 7.6 per cent increase in average sale price over last year.
The condominium market was the only category which saw a drop in actual sales for the month of February when compared to last year. The average days on market for condominium units also decreased from February of last year.
The numbers for the month of February compared to February of last year:
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.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.
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Steve
