Record sales in 2016

The Hamilton Spectator - - REAL ESTATE -

The REALTORS® As­so­ci­a­tion of Hamil­ton-Burling­ton re­ported a record 16,556 all-prop­erty sales through the As­so­ci­a­tion’s Mul­ti­ple List­ing Ser­vice® (MLS®) Sys­tem in 2016 – a less - than one per cent in­crease over the record set just last year.

Res­i­den­tial sales fell 0.3 per cent short of last year’s sales, while sales in the com­mer­cial sec­tor – farms, va­cant land, busi­nesses and multi-res­i­den­tial prop­er­ties – were 17.2 per cent higher than the pre­vi­ous year, con­tribut­ing to the push past last year’s sales.

To­tal dol­lar vol­ume of all trans­ac­tions was $8.344 Bil­lion – a 13.2 per cent in­crease over the pre­vi­ous year.

“2016 con­tin­ued the very hot mar­ket from the pre­vi­ous year,” noted RAHB CEO Ge­orge O’Neill. “It was the com­bi­na­tion of hav­ing lots of buy­ers for fewer listings which gave us higher sale prices and that big in­crease in to­tal dol­lar vol­ume.”

In the res­i­den­tial mar­ket, listings were down 9.1 per cent from the pre­vi­ous year, with the me­dian sale price up 14 per cent and the av­er­age price up 12.4 per cent.

The me­dian sale price in the free­hold mar­ket was up 14.1 per cent, while the me­dian for con­do­minium prop­er­ties was up 12 per cent.

The av­er­age prices for free­hold and con­do­minium were up 12.3 per cent and 11.3 per cent re­spec­tively.

Av­er­age days on mar­ket dropped sig­nif­i­cantly in the res­i­den­tial sec­tor in 2016: from 34 days to 26 days in the free­hold mar­ket and from 34 to 27 for con­dos.

“There was a very brisk pace to the mar­ket through the year, which again shows the strength of the seller’s mar­ket that per­sists,” added O’Neill. “Of course, mar­kets dif­fer from com­mu­nity to com­mu­nity, and the av­er­age days on mar­ket is also dif­fer­ent in each area. For in­stance, the av­er­age for res­i­den­tial prop­er­ties for Hamil­ton West was 27 days; in Cale­do­nia it was 17 days and in Burling­ton it was 21 days.

There can be wide vari­a­tions from area to area.” O’Neill also pointed out that the av­er­ages – whether they be for days on the mar­ket or sale price - should not be taken as in­di­ca­tors of what a par­tic­u­lar prop­erty is worth or how long it will take to sell.

“All real es­tate is lo­cal, and REALTORS® have the ex­pe­ri­ence in lo­cal mar­ket­places to prop­erly ad­vise buy­ers and sell­ers about the sale or pur­chase or their home.” *Sea­sonal ad­just­ment re­moves nor­mal sea­sonal vari­a­tions, en­abling analysis of monthly changes and fun­da­men­tal trends in the data.

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