Local home sales continue to drop

New numbers from the local realtors association show home sales continue to drop.

May statistics from the Realtors Association of HamiltonBurlington reported 1,317 sales in Hamilton, Burlington and Grimsby last month — a 27 per cent decrease from the same month last year and an 18 per cent decline compared to the 10-year average for May.

This is the fifth straight month local real estate sales have tumbled compared to last year.

“There’s definitely been a trend to fewer sales compared to the 10-year average since the spring of last year, when the Fair Housing Act came into effect and, coincidentally, the real estate market underwent a significant change,” RAHB CEO George O’Neill said in a news release.

Last month, all property listings were 19.8 per cent lower than in May 2017, but 5.4 per cent higher than the 10-year average.

Overall, residential sales — 1,273 units — were 26.2 per cent lower than last May.

Residential freehold sales were 28.9 per cent lower last month compared to May 2017, and sales in the condo market were 13 per cent lower.

The median price of freehold properties dropped by 5.7 per cent in May compared to the same month last year, while the median price for condominiums remained the same.

The average price of freehold properties saw an 8.5 per cent decline from May 2017.