Another record-breaking month for the RAHB
1,810 properties were sold in Hamilton and Burlington during the month of May, representing a 9.4 percent increase in sales compared to May 2014 and smashing the new record set in April 2015 of 1,699 sales.
The Realtors Association of Hamilton-Burlington (RAHB) is pointing to low inventory and relatively low prices as the cause of the hot market, with many homes in downtown Hamilton selling at or above asking price. According to the Association, the Hamilton-Burlington market has favoured sellers for months and remains one of the tightest markets in Canada.
There were 2,587 properties listed in May, an increase of 4.5 per cent compared to the same month the year prior. End-of-month listing inventory was 8.9 per cent lower than last May.
The average price of freehold properties showed an increase of 9.5 per cent compared to the same month the previous year; the average sale price in the condominium market also increased by 9.5 per cent when compared to the same period.
In Hamilton specifically, the average selling price of $369,679 in May 2015 was 12.3 percent higher than the same month of 2014. In Burlington the average sales price was up 14 percent, from $479,602 in May 2014 to $546,704 in May 2015.