Wednesday, October 18, 2017
Real Estate Market
The REALTORS® Association of Hamilton-Burlington (RAHB) released its September market statistics. RAHB reported 403 new Burlington area listings were processed through the RAHB Multiple Listing Service® (MLS®) System in September, which is 9.8 per cent higher than September last year.
"The trend to higher numbers of listings and fewer sales through the month has continued," said RAHB CEO George O'Neill. "This month’s listings were actually the highest we've seen for the month of September. Our sales to new listings ratio is down to the 42 per cent range, which is a big change from the 80 per cent-plus it was earlier this year and the 64 per cent range from last September."
Seasonally adjusted* sales of residential properties were 18.9 per cent lower than the same month last year, with the average sale price up 9 per cent for the month.
The median price of freehold properties increased by 5 per cent over the same month last year while the median price for condominium properties increased by 6.8 per cent compared to the same period.
The average price of freehold properties showed an increase of 3 per cent compared to September of last year; the average sale price in the condominium market increased by 8.8 per cent compared to the same period.
“Listings are up, sales are down, properties are on the market for a longer period, yet the price drop many were expecting has not occurred – the median and average residential sale prices for the month are still up compared to last September,” noted O’Neill.
Average sale price is based on the total dollar volume of all Burlington area 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 feel free to contact us for specific information about your area or property.