(November 4, 2009 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,192 units sold in October, indicating an increase of 32 per cent over the same month last year, but are seven per cent lower than October 2007. The total unit sales for the first ten months of 2009 are being reported at less than one per cent higher for the same period last year, while new units listed are 2.4 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

“The resale market in the Hamilton-Burlington area continued to outperform most other markets in Ontario, due in part to the continued affordability of property in the area. As CMHC reported last month, the average income required to carry a mortgage for the average price home is well below the actual average income in the area,” said Bruce King, RAHB President. “This bodes well for the Hamilton-Burlington market for this year and the next.”

In the residential market, 11,969 properties changed hands in the 12 months ending October 31, 2009. The average price of these properties was $288,274. The number of properties listed during this period was 16,386. Compared to the preceding twelve months this is a decrease of 4.2 per cent for sales, an increase of two per cent in average price and a decline in listings of 8.3 per cent.

Residential properties sold during October totalled 1,130 which included 899 freehold properties and 231 condominiums. Commercial sales for October, including industrial, farm, vacant land and business, totalled 62 units.

The average price of freehold residential properties sold in the month of October was $315,502, an increase of 15 per cent over October last year, but a three per cent decline from last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

In the condominium market the average price of condominiums in October was $221,344, an increase of 6.4 per cent over October 2008 and a decline of 3.6 per cent from September.

The total number of units listed for sale during October was 1,564, which is 2.4 per cent fewer than were listed in the same period in 2008, and 9.4 per cent fewer than were listed in September.

“As market conditions stabilize, consumers looking to buy and sell real estate should seek the counsel of a trained professional REALTOR®,” added King. “Licensed agents must complete extensive continuing education courses and adhere to a strict Code of Ethics.”

Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.