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RAHB Area Home Prices Trend Upwards For The Fifth Consecutive Month
(Jun 1, 2023 - Hamilton, Ontario) 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.
RAHB Area Home Prices Trend Up Leading Into Spring
(May 1, 2023 - Hamilton, Ontario) 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.
RAHB Housing Market Returning To More Typical Levels Of Activity
(Apr 3, 2023 - Hamilton, Ontario) 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. Sales and new listing activity have increased over the past several months. However, this did little to impact supply as inventory levels fell below two months. Buying conditions are not as tight as they were last year. The shift in the market has resulted in more price stability and is much more comparable to the pre-pandemic market.
Lower-Priced Homes Attract The Highest Share Of Sales In February
(Mar 2, 2023 - Hamilton, Ontario) 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. "Demand at the lower end of the market is increasing as higher interest rates impact affordability and attainability. Buyers have more options than they did a year ago and are less likely to compete in unfavourable market conditions," said Lou Piriano, RAHB President. "Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment."
RAHB Market Inventory Rises To Pre-Pandemic Levels
(Feb 2, 2023 - Hamilton, Ontario) 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. "Low lending rates and the pandemic contributed to a surge in demand. Supply could not keep pace, and prices rose faster than expected. Higher lending rates and prices have impacted affordability and allowed the market to build supply levels back up to pre-pandemic levels," says Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
Much Needed Supply Gains In 2022
(Jan 4, 2023 - Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) 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.
Supply Levels Improve Over Last Year's Record Low
(Dec 2, 2022 - Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 672 sales of residential properties across the RAHB market area through the Multiple Listing Service® (MLS®) System in November 2022. The number of sales were down by 13 per cent from October 2022 and down by 42 per cent compared to November 2021. There were 1,248 new listings in November 2022, which was down 21 per cent from October 2022, and compared to November 2021, there was an increase in listings of nearly two per cent. The benchmark price* for residential properties across the RAHB market area was $830,900, down 0.7 per cent from October 2022, and down nine per cent compared to November 2021. There were 3.2 months of inventory** in November 2022, compared to 3.1 months in October 2022.
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