The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1660 property sales were processed through the RAHB Multiple Listing Service® (MLS®) system in May. This represents a 4.1 per cent increase in sales compared to May of last year and sets a new record for sales in any month.
There were 2458 properties listed in May, an increase of eight per cent over the same month last year. End-of-month listing inventory was four per cent lower than last year at the same time.
“Spring weather may have taken its time in arriving, but the spring real estate market certainly took off in May,” said RAHB CEO Ross Godsoe. “We didn’t just trip over the record set in 2009; we beat it by 3.5 per cent.”
Seasonally adjusted* sales of residential properties were 8.1 per cent higher than the same month last year, with the average sale price down 1.8 per cent for the month. Seasonally adjusted numbers of new listings were 12 per cent higher than the same month last year.
Seasonally adjusted data for residential properties for the month of May, 2014:
“Having record-setting sales isn’t the whole story,” added Godsoe. “There was also a bump in the number of new listings during the month of May. It wasn’t record-setting, but new listings were higher than the 10-year average for the month. That may account for the slight decrease in average sale price compared to May of last year.”
For the full article go to: http://www.rahb.ca/2014/06/new-sales-record-set-in-may/
2014 Upper-End Market Trends for Hamilton-Burlington report
According to a recent report by RE/MAX, there have been significant gains at the top end of the country’s housing market, which continues to demonstrate the overall strength and resilience of Canadian real estate in 2013.
What’s been propelling the sales of luxury homes in Hamilton-Burlington 2013 residential real estate market are the local buyers accompanied with a surge of buyers from the Greater Toronto Area (GTA). The number of properties sold over the $750,000 price has increased by 31 per cent year-over-year, with 436 high-end homes changing hands in 2013, up from 334 units one year earlier.
“Canada’s luxury housing market has undergone serious transformation in recent years, setting a new standard for lifestyles of the rich and famous,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “High-end homes are commanding top dollar in blue chip neighbourhoods from coast to coast. Condominiums are hitting price points that rival single-detached homes. The market is maturing and the appetite is unprecedented.”
Read the 2014 Upper-End Market Trends report for Hamilton-Burlington.
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Contact Lori VanDinther – an Experienced Licensed Sales Representative and Team Leader with RE/MAX Garden City Realty Inc. Brokerage
View full report (PDF)
More good news! Hamilton-Burlington residential real estate is expected to post a strong performance for this year. Demand remained solid across the board throughout much of the year, although inventory proved a challenge, particularly at the entry-level price points. With sellers firmly in the driver’s seat, the market experienced persistent upward pressure on pricing.
The construction sector remains a bright spot, with building permits on track to set another new record in 2013. More than $1.175 billion in building permits was issued in the first three quarters of 2013 alone. Spillover should continue into next year.
Renovations continued unabated, with plenty of money poured into older product. This trend is expected to gain momentum in 2014, with additions already commonplace.
Hamilton-Burlington is forecast to set a new record for annual home sales in 2014, with 14,300 units expected to change hands, an increase of 4.5 per cent. Average price should ease from 2013’s exceptional pace, but still exceed national house price appreciation, as values climb four per cent to push past the $400,000 threshold ($402,500).
Looking for a professional real estate agent in Burlington to help you with the selling or buying of your home? Contact Lori VanDinther – and let her help YOU make the right moves.
Phone: (905) 336-7300