House Prices Continue To Rise; Year-To-Date Sales, Listings Down
Housing prices continue to blossom in Hamilton.
The latest figures from the Realtors Association of Hamilton-Burlington show the average home price in the region in May rose 12.2 per cent from the same month last year to $423,542.
During the same period the number of houses sold increased by 3.4 per cent to 1,599.
There were 2,268 properties listed in May, a small increase over May of last year.
"May was a stellar month for sales of all property types," said RAHB CEO Ross Godsoe in a news release. "We started to see movement in the market in April and that continued through May, resulting in a record number of all property sales."
Seasonally adjusted sales of residential properties were 1.5 per cent higher than the same month last year, with the average sale price up 12.3 per cent for the month. Seasonally adjusted numbers of new listings were 3.4 per cent higher than the same month last year.
"The jump in the average sale price should not be taken as an indication that the Greater Hamilton, Burlington and outlying areas have become unaffordable,"dsoe added. "A closer look at the sales activity in the various communities which make up our market area shows a wide variety of price ranges."
The average days on market increased from 38 days to 39 days in the freehold market but decreased from 44 days to 37 for condominiums.
Year to date, listings are down 2.1 per cent compared to the same period last year, while sales are 4.6 per cent lower. The average sale price for the first five months of the year is 7.5 per cent higher than the same period last year.
In Hamilton, the association reported residential sales were off 2.3 per cent but the average price rose 10.2 per cent to $324,704. In Burlington residential sales rose 1.4 per cent and the average price of a home rose 8.2 per cent to $502,473.
the Spectator
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