September 6, 2007 - Hamilton, Ontario) The Hamilton-Burlington area real estate market reported a total of 1,238 unit sales in August, indicating an increase of seven per cent over the same period last year. The total unit sales for the first eight months of 2007 are seven per cent higher than the same period, while units listed are five per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
"The U.S. sub-prime mortgage market meltdown may dent U.S. consumer spending; however, the market remains different in Canada, particularly in the Hamilton and Burlington area," said RAHB President, Mike Cusano. "The Bank of Canada recently revised its economic growth forecast to hold rates steady until the financial market uncertainty begins to settle. Stable interest rates help support economic growth, consumer confidence and home buying activity."
Residential properties sold during August totalled 1,190, which included 947 freehold properties and 243 condominiums. Commercial sales for August, including industrial, farm, vacant land and business, totalled 48 units.
The average price of freehold residential properties sold during the month of August was $286,996. 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 in August was $207,729.
The average price increase for residential properties for 2007 from January to August compared to the previous year is eight per cent.
August's total residential average sales price increased over six per cent over the same month in 2006.
The total number of units listed for sale in August was 1,707, which is five per cent greater over the same period last year.
"In addition, many buyers consider autumn to be an ideal time for purchasing homes," added Cusano. "Using the professional services of a REALTOR® provides consumers with the expertise and information they need to make the right decisions with their real estate decisions. For more information on buying and selling a home, visit www.howrealtorshelp.ca."
Unit sales reflect "all property types" including residential, condominiums, commercial property, farms, vacant land and sale of businesses.
Source; REALTORS® Association of Hamilton-Burlington (RAHB)
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