(May 5, 2009 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,232 units sold in April, indicating a decrease of 12.6 per cent over the same month last year, but an increase of 18.9 per cent over March. The total unit sales for the first four months of 2009 are being reported at 19.8 per cent lower for the same period last year, while new units listed are 4.3 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“The unusually warm weather in April reinvigorated the local real estate market, as the area witnessed increases in listings, sales and average prices when compared to the first three months of the year,” said Bruce King, RAHB President. “After the slight declines posted in the last two quarters, we are now seeing consumers warming up to real estate, with the average price in April back to where it was a year ago.”
Residential properties sold during April totalled 1,188 which included 972 freehold properties and 216 condominiums. Commercial sales for April, including industrial, farm, vacant land and business, totalled 44 units.
The average price of freehold residential properties sold in the month of April was $302,306, an increase of 0.3 per cent over last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
In the condominium market the average price of condominiums in April was $213,673, a decrease of five per cent over the April 2008. April’s total residential average sales price realized no change compared to the same month in 2008.
The total number of units listed for sale during April was 2,012, which is 4.5 per cent fewer than were listed in the same period in 2008.
“We also saw another interest rate decrease in April, which will help make housing more affordable,” added King. “That, combined with some stability returning to the financial markets and banks and the levelling off of home prices will keep the local real estate market healthy.”
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.
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We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.
We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.
Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.
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