August Sales Record

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The latest RAHB August stats are out for the Hamilton-Burlington area, and it’s another record month for real estate. (To view the full Report, please click here).

“…The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,409 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in August. Sales were 9.2 per cent higher than the same month last year, and set a new record for sales in the month of August.

There were 1,645 properties listed in August, a decrease of 10.8 per cent compared to August of last year.

“The record sales in August 2016 came in on top of the record sales of August 2015. This is the third month this year (March, May 2016) that monthly sales have been record-breaking,” said RAHB CEO George O’Neill. “Once again we are seeing very strong sales while the number of listings remains low, leaving us firmly in a seller’s market.”

Seasonally adjusted* sales of residential properties were 4 per cent lower than the same month last year, with the average sale price up 6.2 per cent for the month. Seasonally adjusted numbers of new listings were 15.6 per cent lower than August of 2015…”

“… Actual overall residential sales of 1,334 units were 7.4 per cent higher than the same month last year. Residential freehold sales were 9 per cent higher than August of 2015 while sales in the condominium market were virtually the same as the same month last year.

The median price of freehold properties increased by 17 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 August of last year; the average sale price in the condominium market increased by 19.3 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 days on market decreased from 35 to 27 days in the freehold market and from 38 to 27 days in the condominium market, compared to August of last year.

‘The average days on market for residential properties (27) has increased a bit from the 22 to 25 days seen April through July, and that’s a seasonal trend,” noted RAHB President Kim Alvarez. “What is noteworthy, however, is that those numbers compare to 28 to 36 average days on market last year for those same months. Properties are moving much more quickly this year.’

The numbers for the month of August, 2016 compared to August, 2015:

ALL PROPERTY TYPES August 2016 August 2015 % Change

Listings 1645

1845

-10.8%

Sales 1409

1290

9.2%

Average Sale Price $507,262

$470,211

7.9%

End of Month Listing Inventory 2194

3634

-39.6%

RESIDENTIAL ONLY August 2016 August 2015 % Change

Listings 1534

1699

-9.7%

Sales 1334

1242

7.4%

Median Sale Price $427,500

$365,000

17.1%

Average Sale Price $496,894

$463,041

7.3%

Average Days on Market 27

36

-25.0%

End of Month Listing Inventory 1588

2863

-44.5%

FREEHOLD ONLY August 2016 August 2015 % Change

Listings 1272

1406

-9.5%

Sales 1098

1007

9.0%

Median Sale Price $458,750

$392,000

17.0%

Average Sale Price $526,368

$500,725

5.1%

Average Days on Market 27

35

-22.9%

End of Month Listing Inventory 1308

2434

-46.3%

CONDOMINIUM ONLY August 2016 August 2015 % Change

Listings 262

293

-10.6%

Sales 236

235

.04%

Median Sale Price $335,000

$280,500

19.4%

Average Sale Price $359,762

$301,563

19.3%

Average Days on Market 27

38

-28.9%

End of Month Listing Inventory 280

429

-34.7%

COMMERCIAL ONLY August 2016 August 2015 % Change

Listings 111

146

-24.0%

Sales 75

48

56.3%

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…”

To read the full report, please click here.

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