| (December 4, 2008 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 698 units sold in November, indicating a decrease of 35.5 per cent over the same month last year.
The total unit sales for the first 11 months of 2008 are being reported at 12 per cent lower than the same period last year, while new units listed are 5.1 per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB). “November continued the slowing trend that has defined 2008; our numbers show that we are clearly in a balanced market,” said Ann Cosens, RAHB President. “However, unlike October, the average price has increased year over year and month over month.” Residential properties sold during November totalled 658 which included 531 freehold properties and 127 condominiums. Commercial sales for November, including industrial, farm, vacant land and business, totalled 40 units. The average price of freehold residential properties sold in the month of November was $302,925, an increase of 7.8 per cent over the same month last year, and an increase of 12.7 per cent over last month. In the condominium market the average price of condominiums in November was $207,301, a decrease of 6.2 per cent over November 2007, and an increase of 5.3 over last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold. November’s total residential average sales price increased 12 per cent over the same month in 2007, and the average price for the year to date has increased five per cent over 2007. The total number of units listed for sale during November was 1,355, which is 9.4 per cent more than were listed in the same period in 2007. “2008 has been an interesting year for real estate,” added Cosens. “With dynamic market forces, cautious consumers, and regular seasonal trends, the last quarter of the year will likely perform below earlier expectations. In these unstable times it is important for those looking to sell to consult with a REALTOR® to ensure the best marketing of your property. Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses. Article published December 04/2008 and statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
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