November 3, 2010 – (Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 1044 units sold in October, a decrease of 12 per cent from the same month last year and comparable to September of this year, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB). Total unit sales year-to-date in 2010 are being reported at 3.6 per cent higher than the same period last year, while new units listed are 12.7 per cent higher year-to-date.

“October has proven to be a disappointing month in terms of sales,” said Joe Ferrante, RAHB President, “but we continue to see a good number of properties come on the market, meaning we have a great inventory of properties right now.”

Residential properties sold during October totalled 992 which included 795 freehold properties and 197 condominiums. Commercial sales for October, including industrial, farm, vacant land and business, totalled 52 units.

The average price of freehold residential properties sold in the month of October was $321,549, an increase of 2 per cent over October last year. 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 $242,607, an increase of 9.7 per cent over October 2009.

The total number of units listed for sale during October was 1713, which is a 19.8 per cent increase over the number listed in the same period in 2009.

“A recent Nanos poll suggested that Canadians had little optimism in the real estate market going into the last quarter of the year,” added Ferrante, “While our sales figures bear out that suggestion, there is reason to believe that with the continuing low interest rates, we will still see some action before the year is out.”

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

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,400 real estate brokers and sales representatives from Hamilton, Burlington, and surrounding areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.

The Market NewsFlash information is courtesy of the Realtors Association of Hamilton - Burlington.