Comparing sales in the Hamilton/Burlington region from October 2011, we are once again seeing an increase in the average sale price of 11.9% compared to the same month last year. Actual residential sales were only 0.8% lower than this time last year. Condo sales were up but there was a slight decline in freehold residential sales. The average prices, however, for freehold residential sales increased by 14.8% over last year while the condo average sale price dipped 2.5%.
Hamilton/Burlington region experienced 1527 new listings in the month of October with an average sale price of $372,290. The average number of days on the market for listings was 45 days.
“The steady increase in residential prices over last year continues,” said RAHB President Cameron Nolan. “We are also seeing less of a difference between numbers of new listings this year compared to last. Those listings are still being sold faster than last year, with the average number of days on market at 45 days.”
It should be noted that these statistics are based on all sales of residential properties in the Hamilton/Burlington area. These statistics should not be taken as an indicator of anyone’s individual property appreciation as different areas and neighbourhoods are reacting differently to market conditions.
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