The REALTORS® Association of Hamilton-Burlington (RAHB) has released their stats for March 2018 and there were 1099 sales processed, which is showing that sales for all property types combined (residential, condo, commercial) were 38.6% lower compared to previous year period and 18% lower compared to 10-year average for the month. Average sales price was 14.8% lower and there were 13.5% less listings.
“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.”
“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.”
“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.”
For a complete report please visit http://www.rahb.ca/2018/04/rahb-realtors-release-march-statistics/
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