The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1365 property sales through the RAHB Multiple Listing Service® (MLS®) for the month of March 2012. RAHB also reported a 6.9 per cent increase in average sale price for the month compared to March of last year.

First quarter sales of all property types were 2.4 per cent higher than the first quarter of 2011 and average sale price was 7.1 per cent higher than the same period last year. The end-of-period listing inventory was 14.5 per cent lower than last year. First quarter residential sales were 2.9 per cent higher than 2011.

Seasonally adjusted* sales of residential properties were 2.5 per cent higher than the same month last year, with the average sale price increasing 8 per cent for the month. Seasonally adjusted numbers of new listings, however, were 8.7 per cent lower than the same month last year.

The residential condominium market experienced a 3.6 per cent increase in the number of sales compared to the same month last year. The average sale price of condominium units also saw the higher percentage increase in average sale price over the previous year.

“The residential condominium market was the more active market in the month of March,” said RAHB President Cameron Nolan. “In addition to an increase in the number of sales, there is also a decrease in the number of listings available, putting that particular segment firmly into a seller’s market.”

The residential freehold market saw a slight decline in the number of sales compared to March of last year, and a 7.8 per cent increase in the average sale price.

“The residential freehold market is holding steady at the higher end of a balanced market,” added Nolan. “even with a lower month-end inventory than last year at this time.”

Market Update provided by the Realtors Association of Hamilton Burlington

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