RAHB REALTORS® Release August Statistics

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,089 residential sales were processed through the RAHB Multiple Listing Service® (MLS®) System in August, 2018, less than one percent more than the same month last year and 2.9 per cent fewer than the 10-year average for the month.

Residential freehold sales were exactly the same as August of last year, while condominium sales were 2.9 per cent higher.

New residential listings were three per cent lower than the same month last year, and 4.5 per cent lower than the 10-year average.

“August was the first month this year that sales were closer to the 10-year average. Monthly sales have been double-digits lower than average, where this month they were less than three per cent lower,” says RAHB CEO George O’Neill. “In fact, if you remove the two record-setting months of August in 2015 and 2016, sales were in line with the 10-year average.”

The average residential sale price for August 2018 was 2.4 per cent lower than August of last year.

“The number of sales in the condominium market were higher this August, with a corresponding increase in the average sale price for condos over last year,” adds O’Neill. “This might indicate some buyers are looking to purchase more inexpensive options.”

When looking at the year-to-date number of sales and average sale price, the peak of the spring market for residential occurred in May. RAHB expects there to be the usual upswing moving into the fall market.

Neighbourhoods throughout the RAHB area experience results that differ from the average of the entire RAHB market area. In August, Hamilton Centre, Burlington, Stoney Creek and Dunnville experienced significantly higher increases in residential average sale price than the RAHB average, while Hamilton West and Flamborough experienced slightly greater decreases in average price than the RAHB average.

Neighbourhoods vary, so determining the right price when buying or selling a property can be challenging. Local REALTORS® have the experience and tools to help buyers and sellers make those big decisions, so please consult with one.


RAHB REALTORS® Release July Statistics

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,072 residential sales were processed through the RAHB Multiple Listing Service® (MLS®) System in July 2018, 4.7 per cent fewer than the same month last year and 16.3 per cent fewer than the 10-year average for the month.

Residential freehold sales were 3.2 per cent lower, and condominium sales were 11.5 per cent lower, than July last year.

New residential listings were 8.4 per cent lower than the same month last year, but 1.5 per cent higher than the 10-year average.

“Comparing this July to last does not necessarily provide an accurate picture of the market, as last year’s increase in listings and prices were influenced by government regulations,” says RAHB President and local REALTOR® Jack Loft. “Right now, we are sitting on the border between a balanced market and a seller’s market.”

The average residential sale price for July 2018 was up 1.3 per cent, continuing the upwards trend for the month of July over the past 10 years.

Neighbourhoods throughout the RAHB area experience results that differ from the average of the entire RAHB market area. In July, while Hamilton Centre, Hamilton Mountain and Burlington followed the trend of significantly fewer sales compared to last year but had higher increases in average sale price, Ancaster saw an increase in sales but a dip in the average sale price compared to last year.

“Even within neighbourhoods, the real estate market differs from one street to another, from one property to another,” adds Loft. “REALTORS® know the local markets and can help buyers and sellers navigate their way to a successful home buying or home selling experience.”


RAHB REALTORS® Release May Statistics

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,317 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in May, 27 per cent fewer than the same month last year and 18 per cent fewer than the 10-year average for the month.

All property listings were 19.8 per cent lower than the same month last year, but 5.4 per cent higher than the 10-year average.

“There’s definitely been a trend to fewer sales compared to the 10-year average since the spring of last year, when the Fair Housing Act came into effect and, coincidentally, the real estate market underwent a significant change,” said RAHB CEO George O’Neill. “However, the local real estate market is stable and is, in fact, following the normal progression of increasing spring-time sales from the lows of December and January.”

Overall, residential sales of 1,273 units were 26.2 per cent lower than May of last year. Residential freehold sales were 28.9 per cent lower than the same month last year, while sales in the condominium market were 13 per cent lower.

The median price of freehold properties decreased by 5.7 per cent compared to the same month of the previous year, while the median price for condominium properties remained the same.

“The condominium market is not seeing the drop in average and median sale prices seen in the freehold market,” noted O’Neill. “Prices were stable compared to last year, suggesting that lower priced properties and the condo market are faring quite well. That market is also seeing a higher sales-to-new-listing ratio and is on the border between a balanced and seller’s market.”

The average price of freehold properties declined by 8.5 per cent from May 2017, and the average sale price in the condominium market increased by nearly one per cent 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. Please contact a local REALTOR® for information about your specific neighbourhood or property.

The average number of days on market rose to 27 days from 16 days in the freehold market and increased to 28 days from 16 days in the condominium market, compared to the same month last year.

“There continues to be an increase in average days on market, which is good for the market overall,” added O’Neill. “Buyers have more time; sellers can be more confident that when they sell and turn to buying their next property they won’t be faced with rapidly escalating purchase prices. A RAHB REALTOR® can help buyers and sellers navigate their way through this.”

Every community in RAHB’s area has its own localized characteristics that influence that market. Please ensure you contact a local RAHB REALTOR® for professional advice.