(June 4, 2009 - Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,342 units sold in May, indicating a decrease of 8.2 per cent over the same month last year, but an increase of 9.4 per cent over April.  The total unit sales for the first four months of 2009 are being reported at 17 per cent lower for the same period last year, while new units listed are 7.6 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 traditionally strong spring season continued in May, as average price continued to hold steady and sales continued to climb," said Bruce King, RAHB President.  "May marked the fifth straight month of increased sales, and had the highest number of residential sales since May 2008."

Residential properties sold during May totalled 1,316 which included 1,065 freehold properties and 251 condominiums.  Commercial sales for May, including industrial, farm, vacant land and business, totalled 26 units.

The average price of freehold residential properties sold in the month of May was $312,491, a decrease of 0.2 per cent over 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 May was $231,962, an increase of 8.6 per cent over May 2008. 

The total number of units listed for sale during May was 1,924, which is 11.8 per cent fewer than were listed in the same period in 2008.

"So far this spring has defied expectations and the market continues to show vitality," added King. "With some semblance of order returning to the economy I think we may have the worst behind us."

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