Realtors in the Hamilton-Burlington area say sales in the local residential home market rebounded in August by 11.7 per cent month-over-month, but listing dropped eight per cent compared to July.
Last month, the Realtors Association of Hamilton-Burlington (RAHB) reported a drop of 24.2 per cent in overall sales activity in the region compared with 2021, with a 29.6 per cent decline over the same period in Hamilton
New listings in RAHB’s coverage area grew year over year by 20 per cent, but dropped month to month by eight per cent compared to July 2021.
Month-over-month, area prices are down from July by about 2.3 per cent moving to $858,405. The number is two per cent higher than what was recorded in August of 2021.
Hamilton proper’s average sale price is up 1.7 per cent year-over-year moving from $779, 481 to $792,767.
“RAHB witnessed a rare occurrence for August 2022 as the number of sales increased and the number of new listings to market dropped from July 2022. As this is not a typical pattern for August, this may suggest that sales activity may have bottomed out in July,” says RAHB President Lou Piriano.
The sale of detached properties in the region was up 9.6 per cent from July, but are still down 23.7 per cent compared with the same time last year.
New listings are up year-over-year by 20.2 per cent but slumped month-over-month by six per cent.
The average sale price for detached properties across the RAHB market area was $963,565, up 1.4 per cent compared to August 2021.
A detached home in Hamilton was worth only 1.8 per cent more year over year, checking in at an average of price $876,899.
The realtors association says homes costing more than $1 million in the Hamilton area are in Flamborough and Ancaster. The average price in Burlington is down year over year from around $1.05 million to $1.04 million.
Flamborough continued to have the highest average price for a home in Hamilton proper, checking in at around $1.6 million.
The lowest average prices are in Hamilton Centre, where a home was around $543,768 at the end of August, down nine per cent month-over-month and down five per cent year-over-year.
Burlington continues to have the region’s highest detached home cost at just over $1.3 million, a drop of eight per cent year over year.
Apartment-style residences in Hamilton are down less than a per cent year-over-year to $465,064 and down about a 11 per cent compared to July’s price of $524,611.
An average apartment-style unit for the RAHB region is down 4.7 per cent month-over-month to $570,666, up 8.7 per cent from the same period last year.
In terms of supply, Piriano says apartment-style properties finished August with the greatest increase in the number of sales and smallest decline in new listings compared to all other property types.
“With an attractive price point, maintenance-free lifestyle and higher inventory levels, apartment-style properties continue to be a popular choice amongst buyers and investors,” Piriano said.