(February 4, 2011 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 613 units sold in the association’s jurisdiction* in the month of January, according to Multiple Listing Service® (MLS®) statistics released today. This represents a seven per cent decrease in sales from the same month last year. “January is typically a slow month for sales, but this past January was slower than normal” said Ann Forbes Arndt, RAHB President.
The number of residential properties sold during January totaled 585, and included 458 freehold properties and 127 condominiums. Commercial sales for January, including industrial, farm, vacant land and business, totaled 28 units. The average sale price of freehold residential properties in the association’s jurisdiction in the month of January was $317,011, an increase of 9.4 per cent over January, 2010. The average sale price reflects the dollar volume of freehold residential sales divided by the number of total freehold residential units sold. In the condominium market, the average unit price was $229,383, a decrease of 2.2 per cent from the same month last year.
“I said earlier this year that the real estate market should stabilize through 2011 and perform much as it did in 2010. That said, the real estate market is still dependent on other economic factors, so we are cautious in our optimism that we are headed toward a stable, balanced market,” added Arndt. Figures quoted are for sales and average sale prices of units located in the jurisdiction* of the REALTORS® Association of Hamilton-Burlington and processed through RAHB’s Multiple Listing Service® (MLS®). Unit sales reflect “all property types” including residential, condominium, commercial property, farm, vacant land and business, unless otherwise specified.
*RAHB’s jurisdiction includes Burlington, Waterdown, Flamborough and Dundas in the north; Hamilton, Ancaster, Stoney Creek, and Grimsby along Lake Ontario; and extends down to the shores of Lake Erie, including Glanbrook, West Lincoln, Smithville, Dunnville, Cayuga, Caledonia, and Hagersville.