The REALTORS® Association of Hamilton-Burlington (RAHB) reported a record 3,208 new listings were
processed through the RAHB Multiple Listing ServiceSystem in May, which is 41.1 per cent higher
than the same month last year and 34.8 per cent higher than the 10-year average.
Sales were less than one per cent lower than the same month last year, and still 15.3 per cent higher tha
the 10-year average.
“Listings continue to be the story,” said RAHB CEO George O’Neill. “The difference is that two months ago we reported on the sustained low inventory of listings and this month we are talking about a record for new listings. The increase in listings suggests that homeowners have been watching the market, seen home values increase significantly over the last year or two, and decided to take advantage of those increases.”
The average sale price was up 24.8 per cent for the month. Seasonally adjusted numbers of new listings were 37.9 per cent higher than May of 2016. The average sale price in the condominium market increased by 19.2 per cent compared to the same period. The average number of days on market decreased from 22 to 16 days in the freehold market and from 25 to 16 days in the condominium market, compared to May of last year. Compared to last month, average days on market rose from 14 days for freehold properties and from 15 days in the condominium market.