Listings and Sales Up But Inventory Still Low

(July 4, 2014 – Hamilton, Ontario)  The REALTORS^® Association of Hamilton-Burlington (RAHB) reported 1572 property sales were processed through the RAHB Multiple Listing Service^® (MLS^®) system in June.  This represents a 15.6 per cent increase in sales compared to June of last year.   

There were 2215 properties listed in June, an increase of 11.5 per cent over the same month last year.  End-of-month listing inventory was five per cent lower than last year at the same time.

“June’s sales were good by any measure,” said RAHB CEO Ross Godsoe. “They were not only up over last year, but were 10 per cent higher than the average for the month.”

Seasonally adjusted* sales of residential properties were 7.6 per cent higher than the same month last year, with the average sale price up 4.8 per cent for the month.  Seasonally adjusted numbers of new listings were 8.2 per cent higher than the same month last year.

Seasonally adjusted data for residential properties for the month of June, 2014:

Seasonally Adjusted                                        Percentage change compared to

Residential Only      Jun/14         May/14       Apr/14        Mar/14         Feb/14           Jun/13

New Listings	1737	-0.2%	6.0%	15.1%	22.1%	8.2%
Sales	1216	-0.2%	5.8%	9.5%	16.5%	7.6%
Average Sale Price	$399,917	2.0%	-0.1%	-1.1%	1.6%	4.8%

Actual overall residential sales were 16.7 per cent higher than the previous year at the same time.  Residential freehold sales were 15.5 per cent higher than last year while the condominium market saw an increase of 22.1 per cent in sales.  The average price of freehold properties showed an increase of five per cent compared to the same month last year; the average sale price in the condominium market increased 4.6 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.

“We’ve seen more listings come on the market over the last two months, which gives buyers more options,” added Godsoe.  “That doesn’t seem to be translating into a more balanced market, however; we are still seeing a fairly high sales-to-listing ratio, which indicates the seller’s market is continuing in our market area.”

The average days on the market decreased from 37 to 35 days in the freehold market and from 46 to 37 days in the condominium market.

Year to date, listings are almost two per cent higher than the same January-to-June period a year ago.  Sales are 4.5 per cent higher and the average sale price is five per cent higher for the period.

 

The numbers for the month of June, 2014 compared to June, 2013:

All Property Types                                                       2013                2014       % Change   

Listings	1986	2215	11.5%
Sales	1360	1572	15.6%
Average Sale Price	$397,949	$415,375	4.4%
End of Month Listing Inventory	4283	4070	-5.0%

Residential Only

Listings	1837	2077	13.1%
Sales	1307	1525	16.7%
Median Sale Price	$332,000	$348,000	4.8%
Average Sale Price	$390,964	$409,195	4.7%
Average Days on Market	39	36
End of Month Listing Inventory	3497	3320	-5.1%

Freehold Only

Listings	1500	1710	14.0%
Sales	1072	1238	15.5%
Median Sale Price	$355,000	$377,625	6.4%
Average Sale Price	$415,638	$436,570	5.0%
Average Days on Market	37	35
End of Month Listing Inventory	2919	2757	-5.5%

Condominium Only

Listings	337	367	8.9%
Sales	235	287	22.1%
Median Sale Price	$263,500	$264,900	0.5%
Average Sale Price	$278,410	$291,112	4.6%
Average Days on Market	46	37
End of Month Listing Inventory	578	563	-2.6%

Commercial Only

Listings	148	138	-6.8%
Sales	53	47	-11.3%

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 2,700 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.