Monday, May 20th, 2024
  • By Mike Heddle
  • Posted Thursday, May 02, 2024 11:22 am

Sales Activity Slow as New Listings 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 in home 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.

Mike Heddle

Mike and his team have built their business primarily through referrals, from other professionals, and from satisfied clients while representing developers, investors, and residential resale sales. His educational backgrou Read More...

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