(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:
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.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.
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.”
Every community in RAHB’s market area has its own localized market. Please refer to the accompanying chart, and contact a REALTOR® for more information.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.