June marks highest sales on record

(July 6, 2009 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,604 units sold in June, indicating an increase of 18.6 per cent over the same month last year, and an increase of 18.5 per cent over May. The total unit sales for the first six months of 2009 are being reported at 10 per cent lower for the same period last year, while new units listed are 7.8 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

“Strong sales in June resulted in a second quarter on par with Q2 of 2008, and with more sales that 2005 and 2006,” said Bruce King, RAHB President. “June marked the sixth straight month of increased sales, and had the highest number of residential sales on record, surpassing the record number sold in May 2007 during that year’s scorching market.”

Residential properties sold during June totalled 1,560 which included 1,267 freehold properties and 293 condominiums. Commercial sales for June, including industrial, farm, vacant land and business, totalled 44 units.

The average price of freehold residential properties sold in the month of June was $315,055, an increase of 1.9 per cent over June 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 June was $219,547, an increase of 1.4 per cent over June 2008.

The total number of units listed for sale during June was 1,835, which is 1.6 per cent fewer than were listed in the same period in 2008.

“With prices remaining reasonable, consumers have found their way back to the housing market,” added King. “June’s numbers show us once again, that the greater Hamilton-Burlington area remains a great place to live and a great place to buy and sell real estate.”

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

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,400 real estate brokers and salespersons from Hamilton, Burlington, and surrounding areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.

For further information, contact:

Bruce King Megan Platts
President, RAHB Manager, Government Relations & Technology
Ph: 905-631-6363 Ph: 905-529-8101 Ext. 295
E: president@rahb.ca E: meganp@rahb.ca

Tags: June market update

Posted under market update

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