Despite Snowy February Sales Remain Steady, Listings Up
(March 4, 2008 – Hamilton, Ontario) The Hamilton-Burlington area real estate market reported a total of 1,046 unit sales in February, indicating a decrease of 1.5 per cent over the same month last year. The total unit sales for the year to date are down less than one per cent from 2007, while units listed are 11 per cent higher for the year, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“Cold, snowy weather kept some potential home buyers indoors in February, but despite this, home sales remained steady,” said RAHB President, Ann Cosens. “Those looking to sell were less timid and last month we saw a nine per cent jump in the number of units listed over the same month last year, creating a more buyer-friendly market.”
Residential properties sold during February totalled 998, which included 779 freehold properties and 219 condominiums. Commercial sales for February, including industrial, farm, vacant land and business, totalled 48 units.
The average price of freehold residential properties sold during the month of February was $295,668, a two percent increase from the same month in 2007. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
In the condominium market, the average price in February was $207,394, an increase of two per cent from February 2007.
The average price increase for residential properties for January and February 2008, compared to the previous year, is four per cent.
The total number of units listed for sale in February was 1,652, which is 10 per cent higher than the same month in 2007.
“Although February sales were down slightly overall, buyers looking for condos were out buying up stock.” added Cosens. “With sales in Toronto dipping due to added land transfer taxes, consumers are quickly realizing the condo-living potential of the Hamilton-Burlington area.”
Unit sales reflect “all property types” including residential, condominiums, commercial property, farms, vacant land and sale of businesses.
Source; REALTORS® Association
of Hamilton-Burlington