low inventory continues for september - Hamilton - REALTORS ...

CONTACTS KIM ALVAREZ

GEORGE O’NEILL

President 905.407.7046 [email protected]

CEO 905.529.8101 [email protected]

LOW INVENTORY CONTINUES FOR SEPTEMBER PRESS RELEASE – For immediate release October 6, 2016 (Hamilton, Ontario)

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,317 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in September. Sales were 4.7 per cent lower than the same month last year. There were 1,940 properties listed in September, a decrease of 9.5 per cent compared to September of last year. “The sales numbers are lower than last September’s, but the hot real estate market in the Greater HamiltonBurlington area continues,” said RAHB CEO George O’Neill. “Sales are 16 per cent higher than the 10-year average, while the end of month inventory is 39.5 per cent lower than a year ago. The Hamilton-Burlington area continues to attract many people looking for a great place to live and work.” Seasonally adjusted* sales of residential properties were 5 per cent lower than the same month last year, with the average sale price up 14 per cent for the month. Seasonally adjusted numbers of new listings were 8.3 per cent lower than September of 2015.

Seasonally adjusted data for residential properties for the month of September, 2016: Seasonally Adjusted

Percentage Change Compared To

RESIDENTIAL ONLY

SEP/16

AUG/16

JUL/16

JUN/16

MAY/16

SEP/15

New Listings

1564

2.0%

-0.3%

0.8%

5.3%

-8.3%

Sales

1274

-0.2%

-3.4%

-4.6%

-2.7%

-5.0%

$511,279

2.2%

4.2%

3.1%

6.1%

14.3%

Average Sale Price

505 York Boulevard, Hamilton, Ontario, L8R 3K4 • T: 905.529.8101 • F: 905.529.4349 • [email protected] • www.rahb.ca

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Overall residential sales of 1,259 units were 4.3 per cent lower than the same month last year. Residential freehold sales were 3.1 per cent lower than September of 2015 while sales in the condominium market were 9.4 per cent lower than the same month last year. The median price of freehold properties increased by 15.9 per cent over the same month last year while the median price for condominium properties increased by 19.4 per cent compared to the same period. The average price of freehold properties showed an increase of 5.1 per cent compared to September of last year; the average sale price in the condominium market increased by 11.3 per cent when 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 33 to 23 days in the freehold market and from 35 to 25 days in the condominium market, compared to September of last year. “A home in the Hamilton-Burlington area is selling, on average, 10 days quicker than a year ago,” noted RAHB President Kim Alvarez. “This follows the summer trend of quick turnover, and is a result of the limited number of listings compared to market demand.”

The numbers for the month of September, 2016 compared to September, 2015: ALL PROPERTY TYPES

September 2016

September 2015

Listings

1940

2143

Sales

1317

1382

$518,562

$450,589

2407

3727

September 2016

September 2015

% Change

Listings

1775

1958

-9.3%

Sales

1259

1315

-4.3%

Median Sale Price

$435,000

$380,000

14.5%

Average Sale Price

$519,171

$449,759

15.4%

24

33

-27.3%

1783

2945

-39.5%

Average Sale Price End of Month Listing Inventory

RESIDENTIAL ONLY

Average Days on Market End of Month Listing Inventory

% Change -9.5% -4.7% 15.1% -35.4%


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FREEHOLD ONLY

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September 2016

September 2015

% Change

Listings

1453

1604

-9.4%

Sales

1037

1070

-3.1%

Median Sale Price

$470,000

$405,500

15.9%

Average Sale Price

$551,520

$478,905

15.2%

23

33

-30.3%

1444

2475

-41.7%

September 2016

September 2015

% Change

Listings

322

354

-9.0%

Sales

222

245

-9.4%

Median Sale Price

$331,250

$297,500

11.3%

Average Sale Price

$368,059

$322,471

14.1%

25

35

-28.6%

339

470

-27.9%

September 2016

September 2015

% Change

165

185

-10.8%

58

67

-13.4%


CONDOMINIUM ONLY


COMMERCIAL ONLY Listings Sales

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.

About the REALTORS® Association of Hamilton-Burlington Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,990 real estate brokers and sales representatives from Hamilton, Burlington and outlying areas. Members of the Association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The Association operates the local Multiple Listing Service® (MLS®) System and provides ongoing professional education courses for its members. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at REALTOR.ca. More information about RAHB is available at rahb.ca.
