EXPANDED CHOICE FOR BUYERS AS INVENTORY INCREASES ACROSS RAHB MARKET
Hamilton, ON (June 3, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,232 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in May 2022. Sales were down by 5.1 per cent month over month and down by 31.9 per cent compared to May 2021. There were 2,631 new listings in May, which was up 7.3 per cent month over month, and compared to May 2021, there was an increase of 16 per cent. The average sale price for residential properties across the RAHB market area was $995,408, which was down 1.7 per cent over the previous month, and up 17.6 per cent compared to May 2021. There were 1.7 months of inventory in May compared to 1.2 months in April.
“Overall, sales activity was below typical May levels likely due to buyers sitting on the sidelines as mortgage interest rates continue to rise,” says RAHB President Lou Piriano. “In May, the residential average sale price also dipped marginally from the previous month to $995,408, just below the million dollar mark, for the first time this year after holding steady since January 2022. However, as increased inventory comes to the market, buyers have more selection, which may also lend to further negotiation power.”
There were 834 sales of residential detached properties in the RAHB market area reported in May, down 3.8 per cent month over month, and down 32 per cent compared to May 2021. There were 1,811 new residential-detached properties listed, an increase of 8.1 per cent month over month, and a rise of 13.7 per cent compared to May 2021. The average sale price for detached properties across the RAHB market area was $1,110,298, down 2.2 per cent month over month, and an increase of 17.7 per cent compared to May 2021. The inventory of single-detached properties increased from 1.3 months to 1.7 months.
“In May, detached properties had the largest increase in new listings month over month than any other property category across the RAHB market area. Overall, the average sale price for detached properties was $1,110,298, with Hamilton coming in at $989,661, Burlington at $1,575,735, Haldimand County at $907,043 and Niagara North at $1,345,986. Haldimand County and Niagara North both experienced average sale price increases greater than ten per cent over April’s figures, while Hamilton and Burlington posted marginal decreases month over month at 6.7 per cent and 3.5 per cent respectively,” says Piriano.
There were 239 sales of townhomes reported in the RAHB market area in May, which was up 3 per cent month over month, and a decrease of 30.5 per cent compared to May 2021. There were 481 new townhomes listed in May, which increased 3.2 per cent over the previous month, and increased 19.7 per cent over May 2021. The average sale price of townhomes across the RAHB market area was $817,253, down 5.6 per cent month over month, and up 14 per cent compared to May 2021. The inventory of townhomes was 1.4 months, up from 1.2 months in April.
“Townhomes were the only property category across the RAHB market area that had an increase in the number of sales month over month. In May, the average sale price of townhomes came in at $794,676 in Hamilton, $954,234 in Burlington, $714,489 in Haldimand County and $788,533 in Niagara North. Similarly to detached properties, townhomes posted an average sale price decrease of 3.8 per cent on average in all areas except for Haldimand County, which boasted a 13 per cent increase month over month” said Piriano.
There were 143 sales of apartment-style properties in the RAHB market area in May, which was down by 22.3 per cent month over month, and down 36.7 per cent compared to May 2021. There were 295 new apartment-style listings in May, which increased 3.9 per cent month over month, and increased 12.6 per cent compared to May 2021. The average sale price in this property category was $669,477 in May, a decrease of 5.6 per cent month over month, and an increase of 25.6 per cent compared to April 2021. The inventory of apartment-style properties increased from 1.1 months to 1.9 months.
“Apartment-style properties had the highest inventory levels in May in contrast to all other property types across the RAHB market area, with nearly two months of inventory available,” says Piriano. “Apartment-style properties continue to have the most affordable price point which is typically between $500,000 and $700,000.”
LIVE MARKET REPORTS
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Specific neighbourhoods within the overall RAHB market see results that often differ from the entire RAHB market area. Neighbourhoods vary and determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.
Piriano adds, “It’s never too early to talk to a member of the REALTORS® Association of Hamilton-Burlington about your real estate and investment goals. Whether you are buying or selling, RAHB REALTORS® have the best tools and systems to help you navigate the market.”