Average price and number of sales rise!

Friday, May 23, 2014 @ 1:42 PM
Posted By: Patty Bevan

While the number of homes listed in March was down slightly compared to the same month in 2013, more homes were sold. The Realtors Association of Hamilton-Burlington (RAHB) reported 1,268 property sales processed through the RAHB Multiple Listing Service® system in March. This represents a nine per cent increase in sales compared to March of last year. The average sale price of $409,684 shows an increase of four per cent when comp...ared to March 2013.

This low inventory is likely the cause of the current seller's market that exists in the Hamilton-Burlington area. While less than one per cent doesn't sound like much of a decrease, listings in March 2013 were down almost 10 per cent, so March 2014 listings were 8.7 per cent lower than average for the last ten years.

Actual overall residential sales were almost nine percent higher than the previous year at the same time. Residential freehold sales were 6.5 per cent higher than last year while the condominium market saw an increase of 19 per cent in sales. The average price of freehold properties showed an increase of seven per cent over the same month last year; the average sale price in the condominium market increased three 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. 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.

Category: Announcements

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