Inventory Gains Bring More Balanced Conditions

Benchmark Prices Trend Up Across All Regions

April 2024 | March 2024 Stats

Hamilton, ON - April 2, 2024

Sales in March reached 996 units, nearly six per cent lower than last year’s levels. The decline in March sales was not enough to offset the gains reported over the first two months of 2024. However, first-quarter sales in the region remain below long-term trends for the year.

Meanwhile, new listings have continued to rise, keeping the sales-to-new listings ratio below 60 per cent and supporting further inventory gains. Inventory levels have increased by 28 per cent compared to last March, but levels last year were still exceptionally low.

“Recent gains in inventory are helping our market return to more balanced conditions, something that we have not seen since 2014. It is still early in the year, and many purchasers may be waiting for changes in lending rates, but for the first time in years, we are not entering the spring market with limited supply,” says Julie Sergi, President-Elect of the REALTORS® Association of Hamilton-Burlington (RAHB).

Inventory levels in March closed out with just over two months of supply. This is an increase over last year but lower than the four months of supply reported at the end of 2023.

Conditions are the tightest in the Burlington region, with less than two months of supply. Haldimand saw the highest supply-to-demand ratios, with just below four months of supply.

The unadjusted benchmark price rose to $850,500 this March, nearly two per cent higher than March 2023. Prices trended up across all regions in the RAHB market area, with the largest year-over-year gain occurring in Haldimand, followed by Hamilton. Prices remain below the 2022 peak but are still much higher than levels 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

Please click the buttons below to access RAHB’s new monthly analysis packages by area:

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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