New Monthly Record Set

(October 3 – Hamilton, Ontario)  The REALTORS^® Association of Hamilton-Burlington (RAHB) reported 1286 property sales processed through the RAHB Multiple Listing Service^® (MLS^®) system in September.  This represents a seven per cent increase in sales compared to September of last year.   

There were 2017 properties listed in September, an increase of 2.3 per cent over the same month last year.  End-of-month listing inventory was 10.3 per cent lower than last year at the same time.

“Sales were the highest we’ve seen for the month of September, ever,” said RAHB President Tim Mattioli. “The strong market seen through the summer is continuing into the fall.”

Seasonally adjusted* sales of residential properties were less than one per cent higher than the same month last year, with the average sale price up 5.3 per cent for the month.  Seasonally adjusted numbers of new listings were 1.7 per cent lower than the same month last year.

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

Seasonally Adjusted                                        Percentage change compared to

Residential Only        Sep/14         Aug/14       Jul/14         Jun/14           May/14         Sep/13

New Listings	1624	-1.1%	-2.4%	-5.6%	-5.0%	-1.7%
Sales	1234	0.7%	-2.3%	0.2%	0.4%	0.3%
Average Sale Price	$411,579	1.5%	0.5%	2.7%	4.9%	5.3%

Actual overall residential sales were 6.7 per cent higher than the previous year at the same time.  Residential freehold sales were four per cent higher than last year while sales in the condominium market saw an increase of 19.9 per cent. 

“The condominium market in particular saw a big jump in sales,” said Mattioli.  “With new listings at about the same level as last year and sales being almost 20 per cent higher than last year, there were considerably fewer condo listings in inventory at the end of the month.”

The average price of freehold properties showed an increase of 4.8 per cent compared to the same month last year; the average sale price in the condominium market increased 17 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.

The average days on the market decreased from 44 to 38 days in the freehold market and increased from 42 to 44 days in the condominium market when compared to the same month last year.

Year to date, listings are 1.9 per cent higher than the same January-to-September period a year ago.  Sales are 6.4 per cent higher and the average sale price is 5.5 per cent higher for the period.

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

All Property Types                                    2013                      2014                 % Change 

Listings	1972	2017	2.3%
Sales	1202	1286	7.0%
Average Sale Price	$391,621	$418,408	6.8%
End of Month Listing Inventory	4212	3780	-10.3%

Residential Only

Listings	1816	1881	3.6%
Sales	1150	1227	6.7%
Median Sale Price	$328,500	$350,000	6.5%
Average Sale Price	$390,388	$411,699	5.5%
Average Days on Market	44	39
End of Month Listing Inventory	3402	3062	-10.0%

Freehold Only

Listings	1499	1560	4.1%
Sales	954	992	4.0%
Median Sale Price	$362,750	$372,450	2.7%
Average Sale Price	$417,070	$437,026	4.8%
Average Days on Market	44	38
End of Month Listing Inventory	2773	2575	-7.1%

Condominium Only

Listings	317	321	1.3%
Sales	196	235	19.9%
Median Sale Price	$248,250	$276,000	11.2%
Average Sale Price	$260,522	$304,787	17.0%
Average Days on Market	42	44
End of Month Listing Inventory	629	487	-22.6%

Commercial Only

Listings	156	136	-12.8%
Sales	52	59	13.5%

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