October MLS® Home Sales Break Seasonal Records

(November 5, 2007 - Hamilton, Ontario) The Hamilton-Burlington area real estate market reported a total of 1,281 unit sales in October, indicating an increase of 9.6 per cent over the same period last year. The total unit sales for the first 10 months of 2007 are six per cent higher than the same period, while units listed are 3.6 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 rebounded in October, from the temporary lull we saw in September, posting a record 1,230 residential sales for the month," said RAHB President, Mike Cusano. "The market tightened up in October, and we saw a shift back to a sellers' market. With the Bank of Canada holding interest rates steady this fall, there's no question that home ownership is viewed by the consumer as a solid long term investment."

Residential properties sold during October totalled 1,230, the best October on record, which included 985 freehold properties and 245 condominiums. Commercial sales for October, including industrial, farm, vacant land and business, totalled 51 units.

The average price of freehold residential properties sold during the month of October was $294,625. 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 October was $212,066.

The average price increase for residential properties for 2007 from January to October compared to the previous year is 7.6 per cent.

October's total residential average sales price increased 10 per cent over the same month in 2006.

The total number of units listed for sale in October was 1,700, which is 7.9 per cent greater over the same month last year.

"The activity we have seen so far this season shows that consumers continue to have a great deal of confidence in the housing market," added Cusano. "And, the Hamilton-Burlington area, with its affordability, selection and close proximity to both Toronto and the U.S., is increasingly becoming the location of choice to own a home."

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)