Sluggish sales and rising inventory persisted through August

Prices ease, and supply choice improves

September 2024 | August 2024 Stats

Hamilton, ON (September 3, 2024)

The Hamilton real estate market maintains recent trends, as sales continue to slow and inventory levels rise. August sales slowed to 690 units, contributing to the year-to-date decline of seven per cent. When we compare the market to long-term trends, sales are down across all areas. Burlington continues to report the tightest market conditions in the region.

“There is more inventory than we have seen in recent years, which provides prospective buyers with flexibility and choice. We are seeing many hopeful buyers continue to wait for interest rates to come down as they are predicted to do. Now is a good time for buyers to take advantage of the increased opportunities. When interest rates come down, there could once again be a strain on inventory,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.

New listings have remained relatively consistent with long-term trends. However, listings are being met with slower sales, resulting in inventory levels above both last year's and long-term trends. A surge in inventory relative to sales has caused the months of supply to rise to four and a half months, reflecting the highest level seen for August since 2010. Higher inventory levels compared to sales have placed downward pressure on home prices.

In August, the unadjusted benchmark price stood at $840,300, down over last month and over two per cent below last year's levels. The steepest price decline is occurring in the oversupplied apartment condominium sector.

*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.

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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