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September sees a surge in new listings as sales slow

September Months of Supply reached the highest seen since 2012

Hamilton, ON (October 3, 2023)  – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 620 home sales in September, the slowest level of activity seen for this month since 2010. The 18 per cent decline in sales was met with a surge in new listings. The combined impact of lower sales and higher new listings caused the sales-to-new listings ratio to fall to 30 per cent. There was a 19 per cent gain in inventory, which is 12 per cent higher than last year.  

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Slower sales reported across the RAHB market area

Higher-priced properties driving the decline in sales

Hamilton, ON (September 5, 2023)  – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 795 sales in August, down 78 compared to last August when we saw 873 sales. The decline represents a year-to-date decline of 11 per cent. While sales have improved in the lower price ranges, they have not offset the declines driven by homes priced above $800,000.

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Inventory Levels trend upwards

Market shifts toward more balanced conditions in July

Hamilton, ON (August 1, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 797 sales across the region in July 2023, a decline of 292 sales over the previous month but a gain over levels reported in July 2022. The sales to new listings ratio fell to 44 per cent, with 1,840 new listings reported. The number of new listings increased relative to sales, causing inventories to trend up over the last month and levels reported earlier this year.

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RAHB area home prices trend down 0.45 per cent in June

Hamilton, ON (July 5, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,115 sales in June. This represents a decrease of 182 units sold over the previous month. Despite the month-over-month decline, sales are up 19 per cent over last year. The monthly pullback in sales was not met with the same level of pullback in new listings, which supported some modest inventory gains over the previous month. Still, inventory levels remain more than 20 per cent lower than long-term trends for June. The increase in new listings caused market conditions to ease slightly compared to the previous three months.

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Area home prices trend upward for the fifth consecutive month

Hamilton, ON (June 1, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,254 sales in May. This represents a 12 per cent increase in homes sold over the previous month and a three per cent increase in sales compared to May 2022. The three per cent year-over-year increase in sales was driven by stronger home sales in Hamilton, Niagara North and Burlington. New listings remain well below the levels traditionally reported this time of year. However, listings rose 32 per cent over the previous month , with 2,031 new homes listed in May.

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Area home prices trend up leading into Spring

Hamilton, ON (May 1, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,102 sales and 1,566 new listings in April. This marks the first time since early 2022 that the sales-to-new listings ratio pushed above 70 per cent. The increase in sales placed a strain on the pace of inventory growth, causing supply levels to trend down compared to earlier in the year. There were 1.6 months of supply available in April, and while this is a marked increase over peak pandemic levels, it is significantly less than the over three months of supply reported throughout most of the latter half of 2022.

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Housing market returning to more typical levels of activity

Hamilton, ON (April 3, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) market area reported 1,031 sales in March.  While this is a 33 per cent decline over last year’s levels, activity is just slightly slower than what was reported in the area before the pandemic. Higher lending rates continue to weigh on sales activity. New listings remain lower than we see in a typical pre-pandemic March.

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Lower-priced homes attract the highest share of sales in February

New listings decline year-over-year

Hamilton, ON (March 2, 2023) – February closed out with 765 sales across the REALTORS® Association of Hamilton-Burlington (RAHB) market area, 37 per cent less than the same time the previous year. Much of the decline was felt in the higher end of the market as homes priced below $800,000 represented the majority of sales.

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RAHB market inventory rises to pre-pandemic levels

January brought price gains after 10 months of decline

Hamilton, ON (February 2, 2023) – Current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are comparable to what we saw pre-pandemic. This is likely due to higher interest rates and a rise in new listings hitting the market. Inventory has increased across all price points, particularly the lower price ranges. The new year has shown an increase in sales of homes priced under $800,000 and supply options in that price range are better compared to last January. However, total home sales are down 26 per cent year over year.

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Much needed supply gains in 2022

Prices remain above 2021 levels

Hamilton, ON (January 4, 2023) – 2022 marked a year of adjustment in housing demand across the REALTORS® Association of Hamilton-Burlington (RAHB) market area as sales activity eased by 30 per cent over the near-record highs achieved in 2021. Rising lending rates, previous price gains and limited supply options weighed on potential purchasers. At the same time, new listings continued to grow in the region, but only for homes priced above $800,000. The pullback in sales was enough to support inventory gains across all price ranges by December. While inventories have nearly doubled, levels reported in 2022 are still nearly 20 per cent below long-term averages for the region. Moreover, supply levels remained well below typical levels for homes priced below $600,000.  

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