October stats - Market bouncing back?

PRESS RELEASE – For immediate release November 3, 2017 (Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,317 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in October, 6.5 per cent fewer than the same month last year and 10.9 per cent higher than the 10-year average. All property listings were 12.2 per cent higher than the same month last year, 14.3 per cent higher than the 10-year average, and set a new record for the month of October. “We are continuing to see more listings come onto the market after the severe shortage we saw earlier this year,” said RAHB CEO George O’Neill. “Sales have also rebounded a bit after the lower sales we saw over the last three months, resulting in a sales-to-new-listing ratio at 69 per cent in the residential market. After a few months in a more balanced market, we have just had a month where we moved to the lower end of a seller’s market again. We don’t know if this one month is indicative of a shift in the market or just a one-month result.” Seasonally adjusted* sales of residential properties were 18.7 per cent lower than the same month last year, with the average sale price up four per cent for the month. Seasonally adjusted numbers of new listings were 17.1 per cent higher than October of 2016.