New Listings Provided Plenty Of Choice For Prospective Homebuyers

Rising Supply Compared To Sales Is Placing Downward Pressure On Home Prices

November 2023 | October 2023 Stats

 

 

 

Hamilton, ON (November 1, 2023) – For the second month in a row, the REALTORS® Association of Hamilton-Burlington (RAHB) reported gains in new listings. Supply levels reached highs for the month of October not seen in nearly a decade. Increased supply is welcome news for buyers who now have more choice and flexibility in their homebuying decisions.

A total of 2,106 new listings in October were met with 653 sales, keeping the sales to new listings ratio exceptionally low at 31 per cent. The recent rise in new listings has placed upward pressure on inventory levels, which rose to 3,145 units.

“Higher lending rates are likely weighing on homeowners, with an increasing number of them choosing to list their home. While new listings have risen across all property types and price ranges, we are seeing larger inventory gains in the higher price points of the market,” says Nicolas von Bredow, President of RAHB.

Inventory levels are the highest reported since 2011, with nearly five months of supply available. The increase in supply is contributing to minor price decreases. As of October, the unadjusted Benchmark price was $829,100 nearly three per cent lower than last month and just slightly lower than levels reported last year at this time. Prices trended down across all property types. The smallest monthly price decline occurred in the apartment condominium sector. Home prices continue to be higher than pre-pandemic pricing.

 

 

Market Statistics by Region

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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.

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

**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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