(February 5, 2015 – Hamilton, Ontario) The REALTORS® Association of HamiltonBurlington (RAHB) reported 716 property sales processed through the RAHB Multiple Listing Service® (MLS®) system in January. Of those, 459 properties were sold by our office, RE/MAX Escarpment Realty Inc., Brokerage. WOW!!! That is 64% of the homes sold.
The board reported an 8.3 per cent decrease in sales compared to January of last year. RE/MAX Escarpment Realty Inc., Brokerage is up 11.4% over the same time last year. AMAZING!!!
Seasonally adjusted* sales of residential properties were 2.6 per cent lower than the same month of the previous year, with the average sale price up 7.2 per cent for the month. Seasonally adjusted numbers of new listings were two per cent higher than the same month the year prior.
Actual overall residential sales were 7.7 per cent lower than the previous year at the same time. Residential freehold sales were 6.3 per cent lower than last January while sales in the condominium market saw a decrease of 14.2 per cent.
“Do lower listings and sales indicate that the market is starting to balance out?” added Godsoe. “It’s too early to tell for sure. It is interesting to note that January’s sales-tolistings ratio is lower than it’s been for awhile, but for a January, it’s actually quite high – higher than average, in fact.”
The average price of freehold properties showed an increase of 8.5 per cent compared to the same month the previous year; the average sale price in the condominium market increased by 1.7 per cent when compared to the same period.
The average sale price is based on the total dollar volume of all properties sold in the RAHB market area. 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 the market decreased from 55 to 46 days in the freehold market and from 57 to 51 days in the condominium market when compared to the same month the previous year.
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