Low inventory of listings in Greater Hamilton, Burlington and outlying areas

Seasonally adjusted (1) sales of all property types were 3.3 per cent higher than January 2011, with the average sale price increasing 4.6 per cent for the month. Seasonally adjusted numbers of new listings, however, were over 23 per cent down from the same month last year.

Actual listings were down in all categories for the month, with the biggest drop in the residential condominium market. Month-end listing inventory was down from the same month last year in all categories as well.

“The story for the month of January,” said RAHB President Cameron Nolan, “is that while sales have edged up compared to last year, we are seeing significantly fewer listings than normal. Our listing inventory is the lowest it has been in some time.”

Residential condominiums saw the biggest gain in sale price for a January, with an increase of 7.9 per cent in the average sale price and an 11 per cent increase in median price.

Every community in RAHB’s marketing area has their own localized residential market. Please refer to the accompanying chart for residential market activities in select areas of RAHB’s jurisdiction.

Figures quoted are for sales and average sale prices of units located in the jurisdiction (2) of the REALTORS® Association of Hamilton-Burlington and processed through RAHB’s Multiple Listing Service® (MLS®).

If you have any questions about the real estate market or would like a free, no-obligation evaluation of what your home might sell for, please call me at 905-512-4069 or email Jeff@JeffSellsHomes.ca

(1) Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.

(2) RAHB’s jurisdiction includes Burlington, Waterdown, Flamborough and Dundas in the north; Hamilton, Ancaster, Stoney Creek, and Grimsby along Lake Ontario; and extends down to the shores of Lake Erie, including Glanbrook, West Lincoln, Smithville, Dunnville, Cayuga, Caledonia, and Hagersville.