Following the summer trend, real estate has grown in property listings, prices and sales for the month of September-with record setting numbers. The Year of the Horse, so far, has been predominantly successful. Back in late 2013, REALTORS® Association of Hamilton-Burlington (RAHB) President Tim Mittoli predicted a successful year, stating “We can be cautiously optimistic for 2014, we’re looking at a pretty good year again.” For more on the Real Estate Forecast for 2014 click here.
Although the month of January had a drop in property listings compared to the previous year, the average sale price was $395,445, a 9.3 per cent increase compared to January of 2013, things were looking up for 2014. As the year proceeded, the month of May set a sales record. The RAHB website reported a 4.1 per cent increase in sales compared to May of last year and set a new record for sales in any month up to then. Summer was around the corner and although sales were high, inventory was low. Still, there was an exceptional real estate market in July and a strong finish to the summer in August.
There were 2017 properties listed in September, an increase of 2.3 per cent over the same month last year. The average sale price went up 5.3 per cent for the month. Actual overall residential sales were 6.7 per cent higher than the previous year. Sales in the condominium market saw an astonishing jump-a total increase of 19.9 per cent. The average sale price in the condominium market increased 17 per cent when compared to the same period last year. There was the same amount of new listings compared to September 2013 but sales were almost 20 per cent higher, hence the considerably fewer condo listings in inventory at end of month. The downside was that the average days on sale increased from 42 to 44 days-a small price to pay for such a successful outcome in sales.
The chart below depicts stats in the residential, freehold, commercial and condominium market