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Summer Sunshine Brings Rising Sales

The Hamilton-Burlington area real estate market reported a total of 1,238 unit sales in August, indicating an increase of seven percent  over the same period last year. The total unit sales for the first eight months of 2007 are also seven percent higher than the same period last year, while units listed are 5% higher year-to-date, according to Multiple Listing Service ® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

“The US sub-prime mortgage market meltdown may dent US consumer spending; however, the market in Canada remains different, particularly in the Hamilton-Burlington area,” said RAHB President, Mike Cusano. “The  Bank of Canada recently revised its economic growth forecast to hold rates steady until the financial market uncertainty begins to settle. Stable interest rates help support economic growth, consumer confidence and home buying activity.”

Residential properties sold during August totalled 1,190, which included 947 freehold properties and 243 condominiums. Commercial sales for August including industrial, farm, vacant land and businesses, totalled 48 units.

The average price of freehold residential properties sold during the month of August was $286,996. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

In the condominium market, the average price in August was $207,729. The average price increase for residential properties for year-to-date 2007 compared to 2006 is eight percent.

August’s total residential average sales price increased over six percent over the same month in 2006.

The total number of units listed for sale in August was 1,707, which is five percent greater than over the same month last year.

“In addition, many buyers consider autumn to be an ideal time for purchasing homes,” added Cusano. :Using the professional services of a REALTOR® provides consumers with the expertise and information they need to make the right decisions with their real estate decisions. “

Unit sales reflect “all property types” including residential, condominium, commercial property, farms, vacant land and sale of businesses.

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