(August 7, 2013 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1288 properties sold through the RAHB Multiple Listing Service® (MLS®) in July. This represents a 3.9 per cent increase in the number of sales over July of last year. The average sale price of $387,108 was an increase of 10.7 per cent over the previous July.
There were 1852 properties listed in July, an increase of 5.4 per cent over July of last year. End-of-month listing inventory is 3.3 per cent lower than last year.
Seasonally adjusted* sales of residential properties were less than one per cent lower than the same month last year, with the average sale price up 12.5 per cent for the month. Seasonally adjusted numbers of new listings were 1.8 per cent higher than the same month last year.
Actual overall residential sales were 4.5 per cent higher than the previous year at the same time. Residential freehold sales were 5.7 per cent higher than last year while the condominium market saw virtually the same number of sales. The average sale price of freehold properties showed an increase of 11.7 per cent over the same month last year; the condominium market saw an increase of 2.9 per cent when compared to the same period last year.
The average sale price is based on the total dollar volume of all residential properties sold. 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.
The average days on market decreased from 45 days to 42 days in the freehold market and remained at 45 days for condominiums.
Year to date, listings are down less than one per cent compared to the same period last year, while sales are 2.4 per cent lower. The average sale price for the first half of the year is 8.1 per cent higher than the same period last year.
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