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January real estate numbers in Hamilton, Burlington feel the chill

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 660 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in January, 27.2 per cent fewer than the same month last year and 12.5 per cent lower than the 10-year average for the month.
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 660 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in January, 27.2 per cent fewer than the same month last year and 12.5 per cent lower than the 10-year average for the month. Feverpitched/iStock/Getty Images

The local real estate market is continuing to cool off.

The Realtors Association of Hamilton-Burlington (RAHB) says sales fell by 27 per cent in January compared to the same month a year ago.

However, the average price was up by more than four per cent from January of last year.

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“We definitely saw a real estate market hit by the winter chill,” said RAHB CEO George O’Neill. “Both listings and sales were considerably lower than the 10-year average for the month of January. Even so, with more listings at the end of the month than last year, we have a more balanced market, with a sales-to-new listings ratio of 56.7 per cent and over three months of listing inventory for the residential market.”

READ MORE: Hamilton real estate: Number of sales down, dollar values up in 2017

According to the association, the median price of freehold properties increased by 7.8 per cent over the same month of the previous year while the median price for condominium properties increased by 5.8 per cent compared to the same period.

The average sale price is based on the total dollar volume of all properties sold through the RAHB MLS System. The organization warns that average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value.

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