Hamilton's housing market continues to face a shortage of listings even though the number of new listings has steadily increased over the summer months, according to the latest report from the local real estate association.
New listings increased by 8 per cent in August compared to the same time a year ago, according to a monthly report by the Realtors Association of Hamilton-Burlington (RAHB). But the association's president says there is still a gap between supply and demand.
CBC Hamilton's four-part series examining Hamilton’s housing boom
"We are into a seller's market right now,” RAHB president Bruce Moran told CBC News. “The shortage of listings makes it tougher for the buyer.”
The report also shows that sales increased by more than 10 per cent in August compared to July and by 8.8 per cent compared to August 2012. Meanwhile, the average property sale price saw a 5-per-cent leap from last August to $383,561, but it's slightly down from the previous three months. The average days on market remained constant at 45 days for both condominiums and freehold properties.
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