June a good month for property sales; second quarter has increased average sale price
The June, 2011 real estate market in the Greater Hamilton, Burlington and their outlying areas* experienced an increase in listings, sales and average sale price compared to June of last year, according to Multiple Listing Service® (MLS®) statistics released today by the REALTORS® Association of Hamilton-Burlington (RAHB).
It was the freehold residential market that saw the larger gains over the same month last year, with a 5.4 per cent increase in sales and a 7.2 per cent increase in average sale price. Second quarter results in the residential market show a 3.9 per cent decrease in sales from the same quarter last year, but a 4.6 per cent increase in average sale price.
"This year’s second quarter was decent but couldn’t quite measure up to the results we saw in the second quarter last year," said RAHB President Ann Forbes Arndt. "If you remember, last year had a strong second quarter as buyers were trying to purchase ahead of the implementation of the HST. The number of sales we saw in the second quarter of this year was only 2.6 per cent lower than the ten-year average."
Overall year to date, residential sales are six per cent lower than in the same period last year.
"Every community in our marketing area has their own localized residential market with larger swings than we see in the overall numbers," said Arndt. Hamilton West saw a 27.2 per cent decrease in sales from the same month last year, while Waterdown had a 39.3 per cent increase in the number of sales. Hamilton East and Flamborough also saw significant increases in number of sales.
*RAHB’s jurisdiction includes Burlington, Waterdown, Flamborough and Dundas in the north; Hamilton, Ancaster, Stoney Creek, and Grimsby along Lake Ontario; and extends down to the shores of Lake Erie, including Glanbrook, West Lincoln, Smithville, Dunnville, Cayuga, Caledonia, and Hagersville. Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,500 real estate brokers and sales representatives from Hamilton, Burlington, and outlying areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.
Hamilton Centre was the only area with a sizeable decrease in average sale price from last year, coming in at 12.6 per cent lower than June of last year. Hamilton West, Grimsby and Glanbrook had the largest gains in average sale price over the same month last year.
