October housing market played into Hamilton sellers' hands: report


A new report shows that home sales in Hamilton are up from previous months and up from the same period last year, but the number of new listings is decreasing.

The Realtors' Association of Hamilton-Burlington (RAHB) reported recently there were 1,145 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service (MLS) System in October.

According to RAHB data, October sales are up from September and August, as well as up from October 2018 by 6.4 per cent. The average price for residential properties increased by 7.1 per cent from October 2018 to $602,029.

But according to one expert, the number of new listings has dropped significantly from months earlier and from the same period last year which make conditions favourable to sellers.

"The RAHB market area experienced more activity in October with an increase in the number of sales from last month, as well as from the previous year, which is good news for sellers," said RAHB President Bob Van de Vrande.

"The number of new listings dropped by eight per cent compared to October 2018, and by nearly 12 per cent since last month, so there was less choice for buyers."

The number of sales for detached single-family properties within the entire RAHB market increased by 10.9 per cent compared to the same month last year, and the average sale price increased by 6.6 per cent.

"Historically, a move toward colder weather means activity slows," said RAHB CEO Carol Ann Burrell. "This October saw an increase in sales over September, which could be attributed to many different factors."

Townhouse sales activity across the entire RAHB market area also increased from October 2018 by 6.8 per cent, and the average townhouse sale price increased by 8.7 per cent to $514,438.

Apartment-style property sales decreased by 4.2 per cent from October 2018, and the average price increased by 3.4 per cent.

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