For the second month in a row, homebuyers in the Hamilton-Burlington area have more choices and lower prices but are still in the midst of a seller’s market fueled by high demand and low supply, according to local realtors.
In April, the Realtors Association of Hamilton-Burlington (RAHB) reported 2,451 new listings in the region, which is a slight decrease of just under four per cent month over month.
Compared to April 2021, there were about seven per cent fewer homes listed.
Hamilton had 1,466 of those listings, up four per cent month-over-month but less than the 1,700 available this time last year.
RAHB President Lou Piriano says inventory is still significantly better over the last two months compared to the first two months of 2022 which allows for more buying choices.
“With the exception of last year, new listings coming to market exceed that of every other April for the last ten years,” according to Piriano.
However, across the region sales are down by 20.7 per cent month over month, and down 31.3 per cent compared to April 2021.
Hamilton’s numbers slipped 20 per cent month over month and 34 per cent year over year.
Piriano suggests that activity points to a market becoming more “balanced.”
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“The rise in interest rates has likely attributed to a decrease in the number of sales month over month in every residential property category across the RAHB market area,” said Piriano.
“While average prices remain strong and still above the $1-million mark, we did experience another dip for the second month in a row.”
The average sale price for residential properties across the RAHB hit $1,013,081, down 5.6 per cent over the previous month, and up 18.2 year over year.
A Hamilton property slipped under $1 million to $949,149 month over month but still up 21 per cent year over year.
The Realtors Association of Hamilton-Burlington (RAHB) say the only homes not costing more than a million dollars in the Hamilton area as of April 2022 are those located in Hamilton proper.
A detached home in Hamilton was worth about 23 per cent more, checking in at an average of $1.06 million this past April compared to the average price of around $862,000 recorded during the same month last year.
Burlington had the region’s highest detached home cost at just over $1.63 million, a jump of 17 per cent year over year.
Apartment-style residences in Hamilton are also up about 25 per cent year over year to $583,201, compared to March 2021’s average of $466,092.
Month over month the average apartment slipped six per cent from March’s $620,303.
An average unit in Burlington checked in at $727,954 this past March, up 18 per cent from the same period last year.
Flamborough continued to have the highest average price for Hamilton proper, checking in at around $1.55 million, a 26 per cent increase year over year.
The lowest is Hamilton Centre, where the average sale price of a home was $680,043 at the end of March — up 18.5 per cent year over year.
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