Sales Activity Slow As New Listing Rise

Prices Trend Up Over Last Month, But Remain Below Last Years Levels

Hamilton, ON - May 1, 2024

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,041 sales in April, seven per cent fewer than in 2023 and well below long-term trends for the month of April. Despite the pullback in sales over the past two months, year-to-date sales are comparable to those recorded in 2023. Apartment home sales reported a modest decline compared to 2023, which was offset by rising sales for semi-detached and row-style units.

New listings rose to 2,085 units in April. The sales-to-new listings ratio reduced to 50 per cent, driving further inventory gains. Inventory levels rose across all property types and price ranges. While the gain in inventory levels is significant compared to 2023, it is important to note that inventory levels have been exceptionally low for most of the past decade.

Rising inventory compared to sales impacted the months of supply, which trended up over March and last year’s levels. Last April, both Hamilton and Burlington reported that their monthly supply was below two months, with the tightest conditions in the Burlington region. Interestingly, while these centres still have the tightest market conditions, they report the most significant year-over-year gain.

“Higher lending rates continue to weigh on potential purchasers, with some delaying any decision until later this year. At the same time, we continue to see new listings rise, providing more choice in the market and preventing any significant shifts inhome prices,” says Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).

The unadjusted benchmark price trended up over March, reaching $859,600 in April. Despite the monthly gains, prices were just over one percent lower than levels reported in April 2023. Prices trended up over the last month across all regions in the RAHB market area. However, Haldimand County is the only area that reported a year-over-year price gain.

*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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