Strong Real Estate Market Continues
The REALTORS® Association of Hamilton-Burlington reported 1,311 sales were processed through the Multiple Listing Service® System in February. All property sales were 16.4% higher than the same month last year, for the second month in a row, setting a new high for that month.
- Overall residential sales were 16.7% higher than the same month last year, with freehold sales 15.3% higher than February of 2016 and an increase of 23.2% in the condominium market.
- The average price of freehold properties showed an increase of 22.3% while the average sale price in the condominium market increased by 22.8%
- The average number of days on market decreased from 31 to 22 days in the freehold market and from 34 to 21 days in the condominium market.
“February’s sales were what we’d expect to see during the spring or fall markets, typically the busier times. With the number of available properties down and record sales, we are left with a low inventory at the end of the month. In the residential market, there is less than one month of available properties right now. We continue to be deep into a seller’s market” - George O’Neill, RAHB CEO.
- Overall the number of new property listings in Oakville saw a decrease of 3.02%
- Although number of listings decreased, the dollar volume of all property sales processed showed an increase of 31.46%
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