February Brought A Rise In Both Sales And Listings

Re-Sale Prices Relatively Stable

March 2024 | February 2024 Stats

Hamilton, ON March 1, 2024

February sales reached 839 units, a modest gain compared to last year.While the leap year provided an additional day of activity, it did not impact Haldimand County, where sales activity slowed compared to the previous year. However, substantial gains were reported in Niagara North and Burlington, offsetting the pullbacks in Haldimand. Year-to-date sales are nine per cent higher than last but 16 per cent below long-term trends.

A total of 1,489 new units were listed in February, which is slightly higher than long-term trends. However, levels were nearly 23 per cent higher compared to last year. The sales-to-new listings ratio was 56 per cent, which helped boost inventory levels over the previous month. Inventory levels were nearly 18 per cent higher than last year. Supply improved across almost every price range in the total region.

“While supply gains may seem significant, it is important to remember that we have generally seen lower re-sale supply levels in our market for nearly a decade. At the same time, we are starting to see improvements in sales, keeping our market relatively balanced with over two months of supply and a sales-to-new listings ratio of 57 per cent,” says Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).

In line with typical seasonal behaviour, the unadjusted benchmark price trended up over the previous month, reaching $835,900. Overall prices are relatively stable compared to levels reported at the start of last year.

*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.

“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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