Lower-Priced Homes Attract The Highest Share Of Sales In February

New Listings Decline Year Over Year

March 2023 | February 2023 Stats

Hamilton, ON (March 2, 2023) – February closed out with 765 sales across the REALTORS® Association of Hamilton-Burlington (RAHB) market area, 37 per cent less than the same time the previous year. Much of the decline was felt in the higher end of the market as homes priced below $800,000 represented the majority of sales.

“Demand at the lower end of the market is increasing as higher interest rates impact affordability and attainability. Buyers have more options than they did a year ago and are less likely to compete in unfavourable market conditions,” said Lou Piriano, RAHB President. “Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment.”

An increased hesitancy to list impacted the detached sector hardest. New listings fell to 1,203 in February, 27 per cent below the same time last year, and new listings relative to sales prevented significant inventory gains. While inventory levels are much higher than reported last year, they are still below levels reported for this time of year before the pandemic.

For the second month in a row, unadjusted benchmark prices trended up over the previous month. This may indicate that prices are starting to stabilize. Prices in February 2022 were perhaps the most competitive of all time. This February, sales were over 22 per cent below last year. However, all gains are not lost as prices are still well above the under $600,000 price reported prior to the pandemic.

*The benchmark price is the estimated value of a “typical” home within a community.

**Months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Market Statistics by Region

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Hamilton

Burlington

Haldimand

Niagara-North

RAHB Total

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®.

 

 

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