More property inventory became available for homebuyers in the Hamilton-Burlington area to consider last month. However, they are still experiencing a seller’s market fuelled by high demand and low supply, according to local realtors.
In March, the Realtors Association of Hamilton-Burlington (RAHB) reported just over 2,500 new listings in the region, an increase 51.7 per cent month over month.
Still, that volume is off year-over-year by about six per cent.
Hamilton had just over 1,500 of those listings, up 46 per cent month-over-month but less than 1,700 this time last year.
“The residential market for all dwelling types continues to have less than one month of inventory which means it would take approximately 20 days to sell all the properties available,” RAHB President Lou Piriano said in a release.
“A balanced market typically has two to three months of inventory.”
Sales were up month-over-month by 33 per cent in the region, but lagged in comparison to the same month last year, slipping by 21 per cent with Hamilton leading that decline at 24 per cent.
“The overall number of residential transactions in March was the second-highest recorded in ten years,” said Piriano.
“After the first quarter, sales activity is on pace to surpass the 15,000 mark for the second consecutive year.”
The regional residential average sale price did remain over the $1,000,000 mark despite a 2.7 per cent drop month over month.
Hamilton’s average was down about one per cent to $1,003,193 month over month but up 25 per cent from March 2021’s average of $805,228.
A detached home in Hamilton was worth about 26 per cent more, checking in at an average of $1.05 million this past March compared to the average price of around $888,000 recorded during the same month last year.
Burlington had the region’s highest detached home cost at just over $1.65 million, a jump of 19 per cent year over year.
Apartment-style residences in the city are also up about 36 per cent year over year to $620,303, compared to March 2021’s average of $463,000.
An average unit in Burlington checked in at $786,655 this past March.
Flamborough continued to have the highest average price for Hamilton proper, checking in at around $1.64 million, a 19 per cent increase year over year.
The lowest is Hamilton Centre, where the average sale price of a home was $752,000 at the end of March — up 30 per cent year over year.
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