Realtors in the Hamilton-Burlington area say September home sales were the lowest numbers seen in just over a decade with supply rebounding from the record lows seen last year.
The Realtors Association of Hamilton-Burlington (RAHB) say the two metrics go hand in hand with the pull-back in sales, returning new listings to levels similar to what was recorded in 2019.
“Significant gains in lending rates impacting affordability and concern regarding a housing correction has dampened consumer confidence. This is contributing to the decline in sales seen throughout our market,” RAHB president Lou Piriano said in a release.
Sales in Hamilton were down in September slipping 41.3 per cent year over year with just 425 properties changing hands.
Hamilton’s average residential sale price for all property types is down 2.7 per cent year-over-year dropping to $782,611 with listings up just over 10 per cent producing just over 1,000 new units last month.
The average listing stayed on the market for about 27.7 days, last month.
Sales of detached properties in the city, which account for the majority of transactions, slipped 37.7 per cent year over year with the average price dropping 5.7 per cent to $843,260.
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New listing were up from 2021 by about 12.7 per cent.
Apartment-style sales dipped 62.3 per cent over the same period with the average price checking in at $494,945. Those listings were up 8.3 per cent compared to last September
The realtors association says, on average, homes costing more than $1 million in the Hamilton area were in Flamborough, Waterdown and Ancaster.
The average price in Burlington for September was just over $1.06 million.
Flamborough continued to have the highest average price for a home in Hamilton proper, checking in at around $1.35 million.
The lowest average prices are in Hamilton Centre, where a home was around $563,412 at the end of September, down 3.3 per cent year-over-year.
Burlington continues to have the region’s highest average detached home cost at just over $1.38 million, a drop of one per cent year over year.
Piriano says the adjustments in both supply and demand shifted the market out of recent extreme seller’s conditions, but not yet into a buyers market.
“With just over three months of supply, our market has not entirely shifted to favour the buyer, but it has cooled some of the consumer behaviour that contributed to last year’s price gain that pushed above 33 per cent,” Piriano said.