Sales, Price, Listings All up from Last Year (in Burlington)

(March 5, 2010 – Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 1114 units sold in February, an increase of 50 per cent over February of last year, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB) The total unit sales, when compared to January of this year, were 50 per cent higher in February, 2010. “It is no surprise that our numbers have all increased from last year at this time,” said Joe Ferrante, RAHB President, “given there was so much uncertainty in the market in early 2009. It’s obvious that both buyers and sellers are showing confidence that the economy is recovering.” Residential properties sold during February totalled 1067 which included 866 freehold properties and 201 condominiums. Commercial sales for February, including industrial, farm, vacant land and business, totalled 47 units. The average price of freehold residential properties sold in the month of February was $331,523, an increase of 18.6 per cent over the same month last year and an increase of 9.4 per cent over last month. In the condominium market, the average price of condominiums in February was $241,987, an increase of 20.7 per cent over February, 2009 and an increase of five per cent over last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold. February’s total average residential sales price increased 18.2 per cent over the same month in 2009. The total number of units listed for sale during February was 1751, which is 24 per cent higher than were listed in the same month in 2009. “We anticipate that the spring market will be strong,” added Ferrante, “as buyers and sellers look to make their home purchases and sales before the HST kicks in and increases the taxes they will pay on the services attached to the home buying process.”,br> Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sales of businesses.

There are some amazing numbers in this hot residential resale market. If you are considering selling or buying and would like to discuss the local market conditions, please contact me at 905-330-1241 or rdavison@trebnet.com . All the Best! Ryan.

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