January Sales Return to More Normal Levels

“January showed a shift back to a balanced market in Hamilton/Burlington for both Buyer’s and Seller’s from what was an unusually strong Seller’s market in the month of December.”

Published Feb.04 2010 by RAHB - (The Realtor’s Association of Hamilton/Burlington.)

The Greater Hamilton-Burlington area resale market reported a total of 750 units sold in January, indicating an increase of 58 per cent over the same month last year, but a 3 per cent decrease from December 2009.

“January sales certainly returned to more normal January levels,” said Joe Ferrante, RAHB President. “The unexpectedly strong market in December of 2009 was a hard act to follow, but the market held reasonably steady for the first month of the year.”

Residential properties sold during January totalled 714 which included 574 freehold properties and 140 condominiums.  Commercial sales for December, including industrial, farm, vacant land and business, totalled 36 units.

The average price of freehold residential properties sold in the month of January was $302,474, an increase of 10 per cent over the same month last year, and 1.25 per cent over last month. 

In the condominium market the average price of condominiums in January was $230,583, an increase of 10 per cent from January 2009, but a decrease of 4.5 per cent from last month.  The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

January’s total residential average sales price of $288,397 showed an increase of almost 9 per cent over the same month in 2009, and an increase of almost 1 per cent over December, 2009.

“While the January market performed at levels that are more normal, we are looking forward with caution, as there is still a great deal of economic uncertainty surrounding us. ” added Ferrante. 

Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.