MARKET REPORT
October 2022
The pullback in sales was also met with a gain in new listings supporting supply growth. While supply levels in September are significantly higher than the record lows seen last year, they have returned to levels similar to what was recorded in 2019 and remain well below historical highs.
“Adjustments in both supply and demand have shifted the market out of the extreme seller’s market conditions that persisted throughout most of 2020 and 2021 and into the first quarter of this year. With just over three months of supply, our market has not entirely shifted to favour the buyer, but it has cooled some of the consumer behaviour that contributed to last year’s price gain that pushed above 33 per cent.”
Shifting conditions have been weighing on home prices as the benchmark price for a typical home eased for the seventh consecutive month. Yet, despite the adjustments, prices still remain well above levels reported prior to the pandemic.
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®.
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905-467-7979
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