Rahb Area Sees Decline In New Listings As Sales Increase In August

September 2, 2022| Press Releases

Hamilton, ON (September 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 906 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in August 2022. The number of sales were up by 11.7 per cent from July 2022 and down by 24.2 per cent compared to August 2021. There were 1,641 new listings in August 2022, which was down 8 per cent from July 2022, and compared to August 2021, there was an increase in listings of 20 per cent. The average sale price for residential properties across the RAHB market area was $858,405, down 2.3 per cent from July 2022, and up 2 per cent compared to August 2021. There were 2.6 months of inventory* in August 2022 compared to 3.1 months in July 2022.

“RAHB witnessed a rare occurrence for August 2022 as the number of sales increased and the number of new listings to market dropped from July 2022. As this is not a typical pattern for August, this may suggest that sales activity may have bottomed out in July,” says RAHB President Lou Piriano. “Meanwhile, RAHB is again seeing certain areas and property categories performing better than others. For example, Haldimand County experienced an overall residential average sale price increase of 3.9 per cent, and the townhouse segment in Burlington saw an average sale price bump of 5.6 per cent. With these variations in mind, contacting a RAHB REALTOR® before you buy or sell remains a key element to help you navigate the local market.”

There were 562 sales of residential detached properties in the RAHB market area reported in August 2022, up 9.6 per cent from July 2022, and down 23.7 per cent compared to August 2021. There were 1,077 new detached properties listed, a decrease of 6 per cent from July 2022, and an increase of 20.2 per cent compared to August 2021. The average sale price for detached properties across the RAHB market area was $963,565, down 2.2 per cent from July 2022, and up 1.4 per cent compared to August 2021. The inventory of detached properties dropped from 3.2 months in July 2022 to 2.8 months in August 2022.

“Although Burlington and Niagara North experienced average sale price decreases of 5.6 per cent and 12 per cent respectively for detached residential properties from July 2022, overall average sale prices in this category remain up nearly 2 per cent across the RAHB market area compared to the same period last year,” says Piriano.

There were 178 sales of townhomes reported in the RAHB market area in August 2022, up 11.9% per cent from July 2022, and down 24.9 per cent compared to August 2021. There were 256 new townhomes listed in August 2022, which decreased 17.7 per cent from July 2022, and increased 16.4 per cent over August 2021. The average sale price of townhomes across the RAHB market area was $749,344, down 0.3 per cent from July 2022, and up 0.4 per cent compared to August 2021. The inventory of townhomes dropped from 2.4 months in July 2022 to 1.9 months in August 2022.

“In August, the townhome segment had the largest drop in the number of new listings compared to July 2022, resulting in the lowest inventory levels out of all residential property categories,” said Piriano. “The average sale price in this market held steady month over month. Burlington and Haldimand each saw increases of 5.6 per cent and 8.2 per cent respectively, while Hamilton and Niagara North dipped by 3.4 per cent and 7 per cent. With low inventory levels, townhomes will likely remain competitive in September.”

There were 108 sales of apartment-style properties in the RAHB market area in August 2022, which was up by 12.5 per cent from July 2022, and down 31.6 per cent compared to August 2021. There were 221 new apartment-style listings in August 2022, which was down 0.9 per cent from July 2022, and an increase of 22.1 per cent compared to August 2021. The average sale price in this property category was $570,666 in August 2022, a decrease of 4.7 per cent from July 2022, and an increase of 8.7 per cent compared to August 2021. The inventory of apartment-style properties dipped from 3.6 months in July 2022 to 3.2 months in August 2022.

“Compared to the previous month, the apartment-style property segment had the greatest increase in the number of sales and smallest decline in new listings compared to all other property types,” says Piriano. “With an attractive price point, maintenance-free lifestyle and higher inventory levels, apartment-style properties continue to be a popular choice amongst buyers and investors.”

Specific neighbourhoods within the overall RAHB market see results that often differ from the entire RAHB market area. Neighbourhoods vary and determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.

Piriano adds, “It’s never too early to talk to a member of the REALTORS® Association of Hamilton-Burlington about your real estate and investment goals. Whether you are buying or selling, RAHB REALTORS® have the best tools and systems to help you navigate the market.”

**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. Talk to your local REALTOR®.