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Market update provided by the REALTORS Association of Hamilton-Burlington (RAHB)

(October 4, 2012 – Hamilton, Ontario)  The REALTORS® Association of Hamilton-Burlington (RAHB) reported the residential market saw a 13 per cent increase in average sale price in September compared to the same month last year.    The median sale price also saw gains over September of last year.

“We are continuing to see a rise in residential market average sale price and median price this year compared to the same month last year,” said RAHB President Cameron Nolan. “That is the result of fewer listings and sales in the same comparative periods.   Those factors are also responsible for the decrease in the average number of days on market from 54 last year to 45 this year.”

Seasonally adjusted* sales of residential properties were 10.9 per cent lower than the same month last year, with the average sale price up 13.7 per cent for the month.  Seasonally adjusted numbers of new listings were almost flat to the same month last year.

Seasonally adjusted data for residential properties for the month of September:

                                                                                                                      

Seasonally Adjusted
Residential Only
Percentage change compared to
  Sep/12     
Aug/12
 Jul/12  
Jun/12
May/12
Sep/11
New Listings

1684

11.1%

7.3%

6.9%

11.6%

-0.6%

Sales

1028

-3.6%

-3.5%

-4.4%

-5.8%

-10.9%

Average Sale Price

$369,062

-0.9%

3.4%

2.8%

3.1%

13.7%

 Actual residential sales overall were 21.4 per cent lower than last year at the same time.  The condominium market saw the bigger drop in sales from last year but also had the higher increase in average sale price for the month, with a 20.3 per cent increase.

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.

Year to date, the average sale price for residential units is 7.5 per cent higher for the first nine  months of this year compared to the same nine-month period last year.  Numbers of residential property sales are down 5.9 per cent and new listings are down 14 per cent.  

“Our ratio of sales to new listings was at a little over 53 per cent in the month of September,” added Nolan.   “While that would suggest we are in more of a balanced market at the moment, we will have to see what happens in the next few months before concluding there is a market shift at play.”


The numbers for the month of September compared to September of last year:

 All Property Types – Actual 

2011

2012

% Change

Listings

1943

1830

-5.8%

Sales

1161

913

-21.4%

Average Sale Price

$321,244

$366,428

14.1%

End of Month Listing Inventory

4666

4098

-12.2%

Residential Only – Actual
Listings

1801

1689

-6.2%

Sales

1125

884

-21.4%

Median Sale Price

$280,000

$302,000

7.9%

Average Sale Price

$318,043

$359,406

13.0%

Average Days On Market

54

45

End of Month Listing Inventory

3767

3292

-12.6%

Freehold Only – Actual
Listings

1489

1405

-5.6%

Sales

898

715

-20.4%

Median Sale Price

$305,500

$326,100

6.7%

Average Sale Price

$339,633

$378,198

11.4%

Average Days On Market

53

44

End of Month Listing Inventory

3114

2810

-9.8%

Condo Only – Actual
Listings

312

284

-9.0%

Sales

227

169

-25.6%

Median Sale Price

$230,000

$255,000

10.9%

Average Sale Price

$232,634

$279,897

20.3%

Average Days On Market

59

50

End of Month Listing Inventory

653

482

-26.2%

Commercial Only – Actual
Sales

36

29

-19.4%

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.

Click here for the Residential Real Estate Market Activity chart for the City of Hamilton.

Click here for the Residential Real Estate Market Activity chart for Burlington.

Click here for the Monthly Market Activity chart.

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