The REALTORS® Association of Hamilton-Burlington (RAHB) reported 819 property sales through the RAHB Multiple Listing Service® (MLS®) for the month of January, representing a 10.8 per cent increase in sales over the same month last year. RAHB also reported that 7.7 per cent fewer listings were taken in the month of January of this year compared to January of last year.
Seasonally adjusted* sales of all property types were 3.3 per cent higher than January 2011, with the average sale price increasing 4.6 per cent for the month. Seasonally adjusted numbers of new listings, however, were over 23 per cent down from the same month last year.
Actual listings were down in all categories for the month, with the biggest drop in the residential condominium market. Month-end listing inventory was down from the same month last year in all categories as well.
“The story for the month of January,” said RAHB President Cameron Nolan, “is that while sales have edged up compared to last year, we are seeing significantly fewer listings than normal. Our listing inventory is the lowest it has been in some time.”
Residential condominiums saw the biggest gain in sale price for a January, with an increase of 7.9 per cent in the average sale price and an 11 per cent increase in median price.
Every community in RAHB’s marketing area has their own localized residential market. Please refer to the accompanying charts for residential market activities in select areas of RAHB’s jurisdiction.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.