Realtors in the Hamilton-Burlington area say the market area saw some improvements in supply in November resulting in price drops year over year but still significantly above levels reported prior to the pandemic.
The Realtors Association of Hamilton-Burlington (RAHB) says the benchmark price of properties across the market area moved to $830,900, down 0.7 per cent from October 2022, and down nine per cent compared with November 2021.
The region’s 672 reported sales mark a decline by 13 per cent from October 2022 and a decrease 42 per cent from November 2021.
Inventory was up slightly month over month, with approximately 3.2 months reported in November, compared with 3.1 months in October.
There were 1,248 new listings in November, down 21 per cent month over month and up nearly two per cent over the same period in 2021.
“The RAHB market area has seen some much-needed improvements in supply levels allowing for more choice and negotiation power for buyers and the levels are more consistent with long-term trends for November,” RAHB president Lou Piriano said in a release.
“It is important to note that while shifting conditions have caused prices to trend down from the peak, the pace of monthly decline has eased over the past several months.”
The average price for a detached home in the RAHB market area in November was $888,025 with an apartment-style purchase around $590,773.
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In Hamilton, the average price for all home types in November was 761,244, down 8.8 per cent year over year.
The price for a detached home in the city was around $819,340, 11.3 per cent lower than the level reported in 2021.
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Hamilton’s apartment-style dwellings checked in around $521,474, up six per cent year over year.
Overall sales in the city are down an estimated 44 per cent year over year for all property types combined, with just 425 properties changing hands last month.
There were 791 new homes put on the market in November, down 3.2 per cent compared with 2021.
Inventory was significantly higher last month compared with the same month last year, with 1,278 listings available compared to 578 in November 2021.
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On average, homes costing more than $1 million in the Hamilton area were in Flamborough, Dundas, Glanbrook, Waterdown and Ancaster.
The lowest average prices continue to be in Hamilton Centre, where a home was around $660,000 at the end of November.
Piriano says Hamilton buyers appear to have put their purchases on hold for now with year-to-date sales at the lowest level seen in over a decade.
He says inventory, at three months of supply, was “far higher” last month than the record lows reported over the past several years.
However, supply is still well below the November record high of over eight months, set back in 2010.
The RAHB chief also says conditions “remain tight” for affordable homes in the city, with that supply the lowest of the property types which could precipitate some price growth in that area.
“While overall prices have trended down across all property types from earlier in the year, row and apartment benchmark prices remained higher than levels reported last November,” Piriano said.
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