According to new stats released by the Realtors Association of Hamilton-Burlington (RAHB), property values in March rose by 10.8 per cent compared to the same time last year. Compare that to Toronto’s 3.8 per cent bump and Ottawa’s one per cent increase.
Despite the significant increase in value, sales were down by 14.3 per cent from the same month last year and the region saw a 9.7 per cent decrease in listings compared to 2012.
“It’s certainly a quieter spring than we’ve had for the last three years,” said RAHB CEO Ross Godsoe in the news release.
“We are seeing fewer listings and sales than average.”
For a more long-term view of the numbers, the seasonally adjusted sales of residential properties were 8.4 per cent lower than the same month last year, while the average sale price was up by 2.9 per cent for the month. Seasonally adjusted numbers of new listings were 4.2 per cent lower than for March 2012.
Comparing quarters, residential sales were down 13.1 per cent for the first quarter of 2013 compared to the same time last year, while the number of listings slipped by 6.3 per cent. The average sale price rose 6.9 per cent during this year’s first quarter.
Godsoe said the numbers point to a shift towards a more balanced market.
“That will give buyers a bit more breathing room when they are looking for a home. From what the numbers say, however, buyers won’t be looking at paying less than they would have a year ago – only a few of our areas are showing average sale prices that have gone down,” he said.
To see how the numbers break down check out the tables below…