| (January 7, 2008 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 478 units sold in December, indicating a decrease of 27 per cent over the same month last year.The total unit sales for 2008 are being reported at 12.7 per cent lower than 2007, while new units listed are 4.3 per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“December continued the slowing trend that defined 2008, with sales and prices down, and listings easing,” said Bruce King, RAHB President. “However, December is traditionally the slowest month of the year, due to the holiday season and onset of cold weather.” Residential properties sold during December totalled 454 which included 360 freehold properties and 94 condominiums. Commercial sales for December, including industrial, farm, vacant land and business, totalled 24 units. The average price of freehold residential properties sold in the month of December was $255,919, a decrease of 9.7 per cent over the same month last year, and a decrease of 15.6 per cent over last month. The average price for all freehold residential properties sold in 2008 was 5.1 per cent higher than 2007. In the condominium market the average price of condominiums in December was $179,383, a decrease of 7.4 per cent over December 2007, and a decrease of 13.5 over last month. The average price for all condominium properties sold in 2008 was 1.8 per cent higher than 2007. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold. December’s total residential average sales price decreased 12 per cent over the same month in 2007, and the average price for the year to date increased 4.5 per cent over 2007. The total number of units listed for sale during December was 635, which is less than one per cent more than were listed in the same period in 2007. “The current state of the economy has been reflected in the real estate market over the past few months,” added King. “However compared to markets in the US and larger markets in Canada, the Hamilton-Burlington housing market performed reasonably well in 2008, albeit below earlier expectations.” Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses. Article released January 07/2009 by the REALTORS association of Hamilton-Burlington (RAHB) |
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If you look at the data from the past 3 months and 3 posts from the Hamilton-Burlington Real Estate Board, it is safe to say that we have seen a downward trend, but it is important to look at numbers very close to the area/district in question, and a sampling large enough to give an accurate picture.
Philip Hollett