Residential housing sales and average home prices are up in the Hamilton housing market, show new figures released Thursday from the Realtors Association of Hamilton-Burlington (RAHB).
There were 620 homes sold in March 2014 compared to 606 in the same month last year, which is a 2.3-per cent rise. The average sale price is up 8.8 per cent to $325,826, according to an RAHB news release.
There were 1,885 properties listed in March for all of the RAHB’s listings, which include Burlington, Glanbrook, Grimsby and Dunnville. That’s a decrease of 1.3 per cent from the same month last year.
“The low inventory of listings is still the story,” said RAHB CEO Ross Godsoe. “A one-per cent decrease doesn’t sound like much, but last March’s listings were down almost 10 per cent from the year before that.
“Put in context, listings this March were 8.7 per cent lower than average for the last ten years. Low inventory coupled with sales that are almost at the 10-year average are driving the price increase and the seller’s market.”
According to the RAHB, the average days a home in Hamilton is on the market has dropped from 45 days to 35 days.