The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,099 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in March, 38.6 per cent fewer than the same month last year and 18 per cent fewer than the 10-year average for the month.

All property listings were 13.5 per cent lower than the same month last year and 8.1 per cent lower than the 10-year average.

“Our area experienced similar cooling off as is being reported by other real estate markets in the Golden Horseshoe area,” said RAHB CEO George O’Neill. “Local sales were lower not only compared to March of last year, but also compared to the 10-year average for March.”

Seasonally adjusted* sales of residential properties were 34 per cent lower than the same month last year, with the average sale price down 8.6 per cent for the month. Seasonally adjusted numbers of new listings were 3.2 per cent lower than March of 2017.

Overall residential sales of 1,050 units were 37.8 per cent lower than March last year. Residential freehold sales were 38.4 per cent lower than the same month last year while sales in the condominium market were 35.5 per cent lower.

The median price of freehold properties decreased by 8.2 per cent over the same month of the previous year while the median price for condominium properties increased by almost one per cent compared to the same period.

The average price of freehold properties declined by 15.5 per cent from March 2017; the average sale price in the condominium market decreased by 1.6 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 local REALTOR® for information about your specific neighbourhood or property.

“This is the first time in awhile that we’ve seen the average sale price lower than the same month the previous year for both freehold and condominium properties,” added O’Neill. “The condominium market is experiencing less of a drop – not even two per cent – and in fact, the median sale price is still almost one per cent above where it was last year.”

The average number of days on market rose to 26 days from 17 days in the freehold market and increased to 29 days from 19 days in the condominium market, compared to the same month last year.

“For the general downward trend in the numbers comparing March 2018 to March of 2017, we have to keep sight of the bigger picture,” noted O’Neill. “The sales-to-new-listings ratio is still at 60 per cent for the residential market, which is generally considered the line between a balanced market and a seller’s market. In addition, the average days on market is at a comfortable level, providing buyers and sellers time to make informed decisions.”

Every community in RAHB’s area has its own localized characteristics that influence that market. Please ensure you contact a local RAHB REALTOR® for professional advice.

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 779 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in February, 40.3 per cent fewer than the same month last year and 25.7 per cent lower than the 10-year average for the month.

All property listings were 15 per cent lower than the same month last year and 21.4 per cent lower than the 10-year average.

“February’s real estate market experienced a significant slowdown, and that’s compared not just to last year, but to the last 10 to 15 years as well,” said RAHB CEO George O’Neill. “In fact, the number of new listings was the lowest in the last 15 years and the number of sales was the second-lowest in that same 15 year period.”

Seasonally adjusted* sales of residential properties were 38.9 per cent lower than the same month last year, with the average sale price down 0.2 per cent for the month. Seasonally adjusted numbers of new listings were 12.6 per cent lower than February of 2017.

Overall residential sales of 752 units were 40 per cent lower than February last year. Residential freehold sales were 42.8 per cent lower than the same month last year while sales in the condominium market were 28 per cent lower.

The median price of freehold properties increased by 2.7 per cent over the same month of the previous year while the median price for condominium properties increased by 4.5 per cent compared to the same period.

The average price of freehold properties was 3.6 per cent lower than in February 2017; the average sale price in the condominium market increased by 2.7 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 specific neighbourhood or property.

“Prices in both the freehold and condominium markets have moderated from the year-over-year increases we saw through the last couple of years,” added O’Neill. “Condo prices showed gains in both average and median prices, but the freehold market saw a dip in average sale price and an increase in the median price.”

The average number of days on market increased to 37 days from 22 days in the freehold market and increased to 34 days from 21 days in the condominium market, compared to the same month last year.

“While the days on market has increased substantially from last February, you have to remember that last February was a remarkably active month with record sales for the month. In fact, February 2017 sales were 27.7 per cent higher than the 10-year average.” noted O’Neill. “This February, the average time it took to sell a listed property actually followed the normal pattern for the month – that is, it was lower than it was in January. With the sales-to-new-listings ratio still in the low end of seller’s market, I expect that, like most years, we are seeing the sprouting of the spring market that we usually see in February.”

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.