(December 5, 2012 – Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported the residential market saw an 8.5 per cent increase in average sale price in November compared to the same month last year. The median sale price also saw gains over November of last year.
“Our general market area continues to see rising average sale prices from last year,” said RAHB President Cameron Nolan. “That should not be understood to mean our area is less affordable than it was a year ago. We have a number of communities which showed very modest increases over last year or slight decreases. ”
Seasonally adjusted* sales of residential properties were 10.6 per cent lower than the same month last year, with the average sale price up 8.7 per cent for the month. Seasonally adjusted numbers of new listings were 2.3 per cent lower than the same month last year.
Actual overall residential sales were 11.8 per cent lower than last year at the same time. Freehold residential sales were 10.5 per cent lower than last year and the condominium market also saw a decline in sales with a 16.8 per cent decrease. The average sale price of freehold properties showed an increase of seven per cent over the same month last year, while the condominium market saw an increase of 14.8 per cent when compared to the same period.
The average sale price is based on the total dollar volume of all residential 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.
Year to date, the average sale price for residential units is eight per cent higher for the first eleven months of this year compared to the same 11-month period last year. Numbers of residential property sales are down six per cent and new listings are down 13 per cent.
“Our sales-to-listings ratio for the month of November was 85.4 per cent” said Nolan. “This is the same ratio we saw for the same month last year. Statistically, this indicates a very strong seller’s market for the month.”