There
were 2458 properties listed in May, an increase of eight per cent over the same
month last year. End-of-month listing
inventory was four per cent lower than last year at the same time.
“Spring
weather may have taken its time in arriving, but the spring real estate market
certainly took off in May,” said RAHB CEO Ross Godsoe. “We didn’t just trip
over the record set in 2009; we beat it by 3.5 per cent.”
Seasonally
adjusted* sales of residential properties were 8.1 per cent higher than the
same month last year, with the average sale price down 1.8 per cent for the
month. Seasonally adjusted numbers of
new listings were 12 per cent higher than the same month last year.
Seasonally
adjusted data for residential properties for the month of May, 2014:
Seasonally Adjusted Percentage
change compared to
Residential Only May/14 Apr/14 Mar/14 Feb/14 Jan/14 May/13
New
Listings
|
1751
|
6.8%
|
16.0%
|
23.1%
|
18.0%
|
12.0%
|
Sales
|
1223
|
8.1%
|
10.1%
|
17.1%
|
14.3%
|
8.1%
|
Average
Sale Price
|
$392,098
|
-2.4%
|
-3.0%
|
-0.3%
|
-1.6%
|
-1.8%
|
Actual overall residential sales were 4.6 per cent higher than the previous year at the same time and set a new record for residential sales in any month. Residential freehold sales were 2.6 per cent higher than last year while the condominium market saw an increase of 12.9 per cent in sales. The average price of freehold properties showed a decrease of 2.3 per cent compared to the same month last year; the average sale price in the condominium market decreased less than one per cent when compared to the same period last year.
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.
“Having
record-setting sales isn’t the whole story,” added Godsoe. “There was also a bump in the number of new
listings during the month of May. It
wasn’t record-setting, but new listings were higher than the 10-year average
for the month. That may account for the
slight decrease in average sale price compared to May of last year.”
The average days on the market decreased from 39 to 34 days in the freehold market and from 37 to 36 days in the condominium market.
Year
to date, listings are less than one per cent lower than the same January-to-May
period a year ago. Sales are two per
cent higher and the average sale price is five per cent higher for the period.
The numbers for the month of May, 2014 compared to May, 2013:
All Property Types
2013
2014 % Change
Listings
|
2276
|
2458
|
8.0%
|
Sales
|
1594
|
1660
|
4.1%
|
Average
Sale Price
|
$423,635
|
$418,790
|
-1.1%
|
End
of Month Listing Inventory
|
4240
|
4070
|
-4.0%
|
Residential Only
Listings
|
2096
|
2309
|
10.2%
|
Sales
|
1535
|
1605
|
4.6%
|
Median
Sale Price
|
$344,000
|
$347,900
|
1.1%
|
Average
Sale Price
|
$416,738
|
$406,007
|
-2.6%
|
Average
Days on Market
|
38
|
35
|
|
End
of Month Listing Inventory
|
3456
|
3316
|
-4.1%
|
Freehold Only
Listings
|
1744
|
1903
|
9.1%
|
Sales
|
1249
|
1282
|
2.6%
|
Median
Sale Price
|
$373,000
|
$375,300
|
0.6%
|
Average
Sale Price
|
$445,639
|
$435,440
|
-2.3%
|
Average
Days on Market
|
39
|
34
|
|
End
of Month Listing Inventory
|
2898
|
2757
|
-4.9%
|
Condominium Only
Listings
|
352
|
406
|
15.3%
|
Sales
|
286
|
323
|
12.9%
|
Median
Sale Price
|
$255,500
|
$265,000
|
3.7%
|
Average
Sale Price
|
$290,522
|
$289,189
|
-0.5%
|
Average
Days on Market
|
37
|
36
|
|
End
of Month Listing Inventory
|
558
|
559
|
0.2%
|
Commercial Only
Listings
|
180
|
149
|
-17.2%
|
Sales
|
59
|
55
|
-6.8%
|
Every community in RAHB’s market area has its own localized residential market. Please refer to the accompanying chart for residential market activity in select areas in RAHB’s jurisdiction.
*Seasonal adjustment removes normal seasonal
variations, enabling analysis of monthly changes and fundamental trends in the
data.
Established in 1921, the REALTORS® Association of Hamilton-Burlington
(RAHB) represents more than 2,600 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®) and provides ongoing
professional education courses for its members. In addition, RAHB is an
active participant in the Home Ownership Affordability Partnership
(HOAP) and holds an annual auction in support of local charities.
Advertisements of local MLS® property listings and information about the
services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at
www.rahb.ca.
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