Bottom Line:We simply need more homes to meet buyer demand.
The REALTORS® Association of Hamilton - Burlington (RAHB) reported 1482 residential property sales (new record!) through the RAHB Multiple Listing Service®(MLS) system in March which is a 6.8% increase compared to March 2015, and 15.2% higher than the 10 year average.
There was a 14.8%decrease from last year for the number of properties listed for sale with the number coming in at 1858 for March 2016, which is 11.1% lower than the 10 year average.
Average days on the market decreased from 34 to 28 for freehold, and from 34 to 27 in the condo market compared to March 2015.
March is typically the month when we start to see an increase in home sales, coming out of winter. Seems this winter decided to come late this year so although sales were up, listings were down, so we are still experiencing the trend of less inventory and very high buyer demand. More snow in April is not helping.
For March 2016
Right now I have a young couple looking for a house in the Gage Park Delta Neighbourhood. Right now there are 7 detached houses for sale (picture on the left).
Of those, 1 is a rental, 2 are sold conditional, and 2 are holding offers till a certain date. Not many options, right? (If you know of anyone selling, let me know!).
The picture on the right shows the 9 sales for the same area in March. Of those, 6 sold at or over the asking price, which usually indicates Multiple Offers.
Of those, 6 sold at or over the asking price, which usually indicates Multiple Offers.
The Selling to Listing Price Ratio was 103%, meaning on average these homes got 103% of their asking price, and on average took 10 days from the date of their listing, to the day the offer on their house firmed up and was reported sold. This is the definition of a Sellers Market.
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.
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