HOT MARKET CONTINUES

PRESS RELEASE – For immediate release March 3, 2017 (Hamilton, Ontario)
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,311 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in February. Total property sales were 16.4 per cent higher than the same month last year and, for the second month in a row, set a new high for that month.
There were 1,496 properties listed in February, a decrease of 2.7 per cent compared to February of last year and 8.4 per cent lower than the 10-year average for new listings in the month.
“February’s sales were what we’d expect to see during the spring or fall markets, typically the busier times,” said RAHB CEO George O’Neill. “With the number of available properties down and record sales, we are left with a low inventory at the end of the month. In the residential market, there is less than one month of available properties right now. We continue to be deep into a seller’s market.”
Seasonally adjusted* sales of residential properties were 18.1 per cent higher than the same month last year, with the average sale price up 27.5 per cent for the month. Seasonally adjusted numbers of new listings were 2.5 per cent higher than February of 2016.
Seasonally adjusted data for residential properties for the month of February, 2017:

Seasonally Adjusted Percentage Change Compared To
RESIDENTIALONLY FEB/17 JAN/17 DEC/16 NOV/16 OCT/16 FEB/16
New Listings 1,524 22.2% 9.1% -5.1% 1.0%
2.5%
Sales 1,360 6.0% 9.4% 11.0% 3.2%
18.1%
Average Sale Price $557,177 6.5% 8.0% 7.3% 8.8%
27.5%
Overall residential sales of 1,257 units were 16.7 per cent higher than the same month last year. Residential freehold sales were 15.3 per cent higher than February of 2016 while sales in the condominium market were 23.2 per cent higher than the same month last year.
505 York Boulevard, Hamilton, Ontario, L8R 3K4 • T: 905.529.8101 • F: 905.529.4349 • info@rahb.ca • www.rahb.ca
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The median price of freehold properties increased by 23.2 per cent over the same month last year while the median price for condominium properties increased by 19.7 per cent compared to the same period.
The average price of freehold properties showed an increase of 22.3 per cent compared to February of last year; the average sale price in the condominium market increased by 22.8 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 decreased from 31 to 22 days in the freehold market and from 34 to 21 days in the condominium market, compared to February of last year.
“The first two months of 2017 have been blockbusters”, noted O’Neill. “Residential sales for 2017 are already 17.1 per cent higher than they were last year for the same period, and both median and average sale prices are up around 19 per cent. The spring market has started early.”
The numbers for the month of February, 2017 compared to February, 2016:
ALL PROPERTY TYPES February 2017 February 2016 % Change
Listings 1,496
1,537
-2.7%
Sales 1,311
1,126
16.4%
Average Sale Price $558,012
$463,853
20.3%
End of Month Listing Inventory 1,500
2,449
-38.8%
RESIDENTIAL ONLY February 2017 February 2016 % Change
Listings 1,373
1,416
-3.0%
Sales 1,257
1,077
16.7%
Median Sale Price $471,111
$385,000
22.4%
Average Sale Price $556,818
$456,697
21.9%
Average Days on Market 22
32
-31.3%
End of Month Listing Inventory 978
1,821
-46.3%
FREEHOLD ONLY February 2017 February 2016 % Change
505 York Boulevard, Hamilton, Ontario, L8R 3K4 • T: 905.529.8101 • F: 905.529.4349 • info@rahb.ca • www.rahb.ca
Empowering REALTORS® to succeed 3
Listings 1,093
1,151
-5.0%
Sales 1,018
883
15.3%
Median Sale Price $510,000
$414,000
23.2%
Average Sale Price $597,850
$488,690
22.3%
Average Days on Market 22
31
-29.0%
End of Month Listing Inventory 766
1,472
-48.0%
CONDOMINIUM ONLY February 2017 February 2016 % Change
Listings 280
265
5.7%
Sales 239
194
23.2%
Median Sale Price $359,000
$300,000
19.7%
Average Sale Price $382,046
$311,078
22.8%
Average Days on Market 21
34
-38.2%
End of Month Listing Inventory 212
349
-39.3%
COMMERCIAL ONLY February 2017 February 2016 % Change
Listings 123
121
1.7%
Sales 54
49
10.2%
Every community in RAHB’s market area has its own localized market. Please refer to the accompanying chart, and contact a me for more information.

What does it all mean? And how does it apply to your home? Call me today!