Hamilton, long touted as the hottest place in Ontario to invest, has seen a slowdown in sales and listings this February when compared to the same month last year.
But according to new numbers released by the Realtors Association of Hamilton-Burlington (RAHB), the average home price in the city has gone up by 4.9 per cent to $378,593.
February 2013 saw sales slip by 14.4 per cent compared to the same period in 2012, while listings were down by 6.9 per cent. Does that mean the market in the Hammer is losing its magic?
“Last February had one extra day thanks to being in a leap year, so we expected this February’s sales to be a bit lower in comparison,” said RAHB CEO Ross Godsoe in the news release.
“But this year’s sales were not only lower than last year’s but also below average for the month. Does this constitute a downward trend? It’s too early to say. We should have a better idea at the end of the first quarter.”
Freehold homes spent less time with for sale signs on their lawns: in February 2013, they spent 46 days on the market, compared to 46 days in 2012. The time for condos increased from 45 days to 59 days, but that number was somewhat distorted by an outlier.
“There is one property which was on the market for an extended period of time, skewing the average for the entire property type. Without that one property, we’d be reporting the average to be much closer to the average days on market we’re seeing in the freehold market,” said Godsoe.
Check out the tables below for more details…