(June 5, 2007 – Hamilton, Ontario) The Hamilton-Burlington area resale real estate market reported a total of 1,598 unit sales in May, indicating an increase of nearly 11 per cent over the same period last year. The total unit sales for the first five months of 2007 are being reported almost two per cent higher over the same period last year, while new units listed are six per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“Sales activity continues to run high with consumers recognizing the value of home ownership and property investment balanced against the likelihood of future increases to interest rates,” said Mike Cusano, RAHB President. “Sales activity remained strong in our area in the first quarter of 2007 and the momentum is continuing into the second quarter as well.”
Residential properties sold during May totalled 1,529, which included 1,239 non-condominiums and 290 condominiums. Commercial sales for May, including industrial, farm, vacant land and business, totalled 69 units.
The average price of non-condominium residential properties sold for the month of May was $298,372. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold. This is an increase of more than 10 per cent over the same month in 2006.
In the condominium market, the average price of condominiums in May was $198,848, showing an increase of over three per cent from May 2006.
The total number of current units listed for sale during May was 2,322, which is 17 per cent greater than the same period last year.
“Consumers are continuing to show their confidence in the resale housing market,” said Cusano. “Buying a home is one of the biggest purchases most people will ever make; using the professional services of a REALTOR® provides consumers with the expertise and information they need to make the right decisions when purchasing a home. For more information on buying and selling a home, visit www.howrealtorshelp.ca.”
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.
courtesy;Realtors Association of Hamilton-Burlington
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HI Charlie, Chuck here, yes may was a good month for us too, May and June are the usual good months for us doing inspections. As we cover a very large area we get to see and feel just what area(s) are doing good or bad. With all the lay off's in the auto sector and this can and will have a hurt for all, we can expect a little bit of a slow down. The markets for your area seem to be good so I am thinking that the reset of the industries here are going strong. Hope your June and July were as strong as May. IMHO Chuck.