Hamilton and Burlington Market Update  

May 2, 2008 - Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,437 units sold in April, indicating an increase of two per cent over the same month last year. The total unit sales for the first four months of 2008 are being reported at 4.5 per cent lower for the same period last year, while new units listed are eight 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 warmer weather in April reinvigorated the local real estate market, as the area witnessed increases in listings, sales and average prices," said Ann Cosens, RAHB President. "After the declines posted in the first quarter, we are now seeing the market correcting itself. People are eagerly buying and selling real estate."

Residential properties sold during April totalled 1,381 which included 1,103 freehold properties and 278 condominiums. Commercial sales for April, including industrial, farm, vacant land and business, totalled 56 units.

When comparing 2008 to 2007, the increased activity in April has reduced the overall year-over-year decline in sales from 7.5 per cent after the first quarter, to 4.5 per cent to date.

The average price of freehold residential properties sold in the month of April was $299,774, an increase of 5.6 per cent over 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 April was $220,650, an increase of 10 per cent over the April 2007. April's total residential average sales price increased over six per cent over the same month in 2007.

The total number of units listed for sale during April was 2,452, which is 20 per cent more than were listed in the same period in 2007.

"We also saw another half point decrease in the prime lending rate in April, which will help make housing more affordable," added Cosens. "That, combined with a list-to-sale ratio of 60%, has produced a more balanced market."

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

For more information call Chris and Lois at 905-332-4111 or email us at cbailey@sutton.com