Record Listings for the Month of May

Record Listings for the Month of May

Buyers Have More to Choose From as Property Listings Heat Up As We Head Into a More Balanced Market. 

Source : Realtors Association of Hamilton Burlington

REC0RD  LISTING  NUMBERS  IN  MAY PRESS  RELEASE  –  For  immediate  release June  5,  2017  (Hamilton,  Ontario)

The  REALTORS®  Association  of  Hamilton-Burlington  (RAHB)  reported  a  record  3,208 new listings  were processed  through  the  RAHB  Multiple  Listing  Service®  (MLS®)  System  in  May,  which is  41.1  per  cent  higher than the  same  month last  year  and  34.8  per  cent  higher  than the  10-year  average. 

Sales  were  less  than one  per  cent  lower  than  the  same  month  last year,  and  still 15.3  per  cent higher  than the 10-year  average. “Listings  continue  to  be  the  story,”  said  RAHB  CEO  George  O’Neill.  “The  difference  is  that two  months  ago  we reported  on  the  sustained  low  inventory  of  listings  and  this  month  we  are  talking  about a  record  for  new listings.  The  increase  in  listings  suggests  that homeowners  have  been watching  the  market,  seen  home values  increase  significantly  over  the  last year  or  two,  and  decided  to  take  advantage  of  those  increases.”  

Seasonally  adjusted*  sales  of  residential properties  were  3.5  per  cent  lower  than  the  same  month  last year, with  the  average  sale  price  up  24.8  per  cent  for  the month.  Seasonally  adjusted  numbers  of  new  listings  were 37.9  per  cent  higher  than  May  of  2016. 

Overall residential sales  of  1,745  units  were  1.4  per  cent  lower  than  the  same  month  last year.  Residential freehold  sales  were  exactly  the  same  as  May  of  2016  while  sales  in  the  condominium  market  were  7.8  per cent  lower  than  the  same  month  last year.

“Sales  remained  steady  through  the  month  of  May,”  noted  O’Neill.  “With  the  increase  in  listings  and  steady sales,  we appear  to  be moving  toward  more  balance,  which  tends  to  be  a  healthier  market overall.”   

She median  price of  freehold  properties  increased  by  20.2  per  cent over  the  same  month  last year  while  the median  price for  condominium  properties  increased  by  22.3  per  cent  compared  to  the same period. 

The average price of  freehold  properties  showed  an increase  of  24.3  per  cent  compared  to  May  of  last  year; the  average  sale  price  in  the  condominium  market  increased  by  19.2  per  cent  compared  to  the same period.

The average  number  of  days  on  market  decreased  from  22  to  16  days  in  the freehold  market  and  from  25  to 16  days  in  the  condominium  market,  compared  to  May  of  last  year.  Compared  to  last month,  average  days  on market  rose  from  14  days  for  freehold  properties  and  from  15  days  in  the  condominium  market.  

“The question  I  am  asked  most  frequently  is  whether  this  change  in the  market  relates  to  the  Fair  Housing Plan recently  announced  by  the  Ontario  government,”  added  O’Neill.  “Our  members  reported  seeing  a shift  in the market  even  before the  announcement.  It’s  possible  that sellers  read  and  heard  that  changes  were coming  and decided to  act  sooner  rather  than  later.  Sales  remain  strong,  suggesting  the  Non-Resident Speculation  Tax  announced  in  April doesn’t seem  to  have  had  an influence  in our  area.”