Realtors in the Hamilton-Burlington area say they’re still seeing a cooling trend in the local residential home market as year-over-year sales figures dropped for the third straight month.
In June, the Realtors Association of Hamilton-Burlington (RAHB) reported a drop of 37.8 per cent in the overall sales activity in the region between 2021 and 2022, with the City of Hamilton seeing a 35 per cent decline over the same period.
While sales were down, new listings in the RAHB coverage area continued to grow, with 2,543 reported in June, up 27.1 per cent compared with June 2021.
Hamilton has about 26 per cent more listings compared with a year ago, with 1,509 recorded this past June compared with the 1,198 homes available in the same month in 2021.
RAHB president Lou Piriano says the increase in listings and drop in sales signals a more balanced market and is good news for buyers as it gives them greater negotiation power and more options.
“In June, mortgage rates increased by 0.5 per cent, and as a result, some potential buyers have likely delayed their purchase because they may be taking a ‘wait and see’ approach to the market or they can no longer qualify,” Piriano told 900 CHML’s Bill Kelly Show.
“The overall residential average sale price across the RAHB market area fell five per cent from May to $946,026, while the months of inventory climbed above the two-month mark for the first time in over two years.”
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The average Hamilton property slipped in value again for the fourth straight month, checking in at $863,061 but still up 10 per cent year over year from 2021’s city average of $787,772.
The RAHB says the only homes not costing more than $1 million in the Hamilton area as of June 2022 are those located in Hamilton proper.
A detached home in Hamilton was worth about eight per cent more year over year, checking in at an average of $949,730 this past June compared with an average price of $875,957 recorded in June 2021.
Hamilton’s average detached prices have dropped for fourth months in a row now, moving from an average of $1.13 million reported in February to $949,730 in June.
Burlington continues to have the region’s highest detached home cost at just over $1.67 million, a jump of nine per cent year over year.
Apartment-style residences in Hamilton are also up about 14 per cent year over year to $529,014, compared with June 2021’s average of $463,693.
Month over month the average apartment slipped in value 11 per cent to $529,014 from May’s average price of $591,303.
An average unit in Burlington checked in at $627,178 this past June, up just two per cent from the same period last year.
Flamborough continued to have the highest average price for a home in Hamilton proper, checking in at around $1.4 million.
Value in the area is up for the average dwelling year over year, by 16 per cent, but down month over month slipping eight per cent.
The lowest prices are in Hamilton Centre, where the average sale price of a home was $631,785 at the end of June — up 13 per cent year over year and down eight per cent month over month.
In terms of supply, Piriano says the RAHB area has about 2.7 months available suggesting that if every house on the market was to sell at the rate of current sales, it would take 2.7 months to sell them all.
“Just a couple of months ago it was three weeks of inventory. So the number of properties hasn’t increased, but the number of properties available has increased for your selection,” said Piriano.
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