The REALTORS® Association of Hamilton-Burlington (RAHB)reported 1,096 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in November, 16.7 per cent fewer than the same month last year but 3.3 per cent higher than the 10-year average.
All property listings were 8.7 per cent higher than the same month last year, 18.9 per cent higher than the 10-year average, and fell just short of the high for the month of November.
“We continue to see a healthy number of listings coming onto the real estate market, which is a welcome relief from the low inventory earlier this year,” said RAHB CEO George O’Neill. “Although sales are down compared to last year, they are still higher than average, which means there are also still lots of buyers.”
Seasonally adjusted* sales of residential properties were 10.8 per cent lower than the same month last year, with the average sale price up 5.1 per cent for the month. Seasonally adjusted numbers of new listings were 15.6 per cent higher than November of 2016.
Overall residential sales of 1,052 units were 16.6 per cent lower than the same month last year. Residential freehold sales were 15.6 per cent lower than November of 2016 while sales in the condominium market were 20.7 per cent lower than the same month last year.
The median price of freehold properties increased by 4.8 per cent over the same month last year while the median price for condominium properties increased by 7.5 per cent compared to the same period.
The average price of freehold properties showed an increase of 3.6 per cent compared to November of last year; the average sale price in the condominium market increased by 7.6 per cent compared to the same period.
Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price 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. Contact a REALTOR® for information about your area or property.
“Two months ago, in September, we saw a dip in what had been a weakening seller’s market, and then a bit of a rebound in October as is often expected. This past month, in November, the sales-to-new-listing ratio was around 67 per cent over the entire month, but is now trending downward toward a balanced market.”
The average number of days on market increased to 37 days from 25 days in the freehold market and increased to 36 days from 26 days in the condominium market, compared to November of last year.
“Now that we are going into the year-end holiday season, we expect to see a bit of a lull – that is the traditional rhythm of the real estate market,” noted O’Neill. “We continue to urge buyers and sellers to contact a REALTOR® to learn more about new mortgage guidelines coming into effect on January 1, 2018 – the new guidelines may affect their purchase or sale.”
Every community in RAHB’s market area has its own localized market. Refer to the accompanying chart, and please ensure you contact a local REALTOR® for professional advice.
*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.
November 2017 Stats Breakdown: