The Hamilton-Burlington real estate market continues to favour sellers with a lower inventory of homes for sale, while the average listing price of $397,403 has increased by almost four per cent over October 2012.
The Realtors Association of Hamilton-Burlington (RAHB) reported 1,207 properties sold through the RAHB MLS system in October 2013. This represents a nine per cent increase in the number of sales over October of last year.
There were 1,730 properties listed in October, an increase of five per cent over October of last year. End-of-month listing inventory is six per cent lower than last year.
Actual overall residential sales were 10.2 per cent higher than the previous year at the same time. Residential freehold sales were 11.6 per cent higher than last year and the condominium market saw an increase of five per cent in sales. The average sale price of freehold properties showed an increase of just under three per cent over the same month last year; the average sale price in the condominium market increased 13.7 per cent when compared to the same period last year.
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.
The average days on market decreased from 46 to 42 days in the freehold market and increased from 44 days to 47 in the condominium market.
Year to date, listings are up almost two per cent compared to the same period last year, while sales are two per cent higher. The average sale price for the period is just over seven per cent higher than the same period last year.