Housing market sets record for 3rd month in a row

Realtors in Hamilton are reporting record-breaking sales for the third month in a row.

According to the Realtors Association of Hamilton-Burlington (RAHB), June's record of 2,062 property sales broke the previous months record of 1,810 sales.

That means sales this June were 31 per cent higher than June of last year, and 43 per cent above the historical average.

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"The real estate market exploded in June," said RAHB CEO Ross Godsoe in a statement. "To break the old record – set just last month – by that much and for the second month in a row, shows just how active it was. 

"We saw more areas throughout Hamilton in particular where homes sold at or above list price as an average – not just in isolated cases."

There was also an increase in properties listed, with 2,526 properties put on the market last month – an increase of almost 13 per cent from June of last year.

That doesn't mean there are more houses out there, though. The surge in sales meant inventory is actually just over 12 per cent lower than last June.

"Inventory is extremely low," Godsoe said. "We are deep into a sellers' market right now.

Right now we have less than two months inventory. That is extremely low when you consider that a balanced market has five to eight months of inventory."

Prices are going up too, as demand drops. Freehold property costs were up just over 10 per cent, while sale prices in the condo market were up 8.2 per cent from the same time period.

Homes are also getting snatched up quicker. Average days on the market dropped from 35 days to 29 days in the freehold market and from 37 days to 30 days for condos.