LISTING GROWTH DRIVEN BY HIGHER PRICE PROPERTIES
OCTOBER BENCHMARK PRICES 40 PER CENT HIGHER THAN 2019 LEVELS
The Hamilton October Real Estate Market Report Trend brought to you by Team Bush Home Selling Team. Statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
Hamilton, ON (November 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 756 sales in October, similar to levels reported last month. While sales are below the ten-year average, new listings levels are higher than last year and support more balanced conditions when measured against sales. The adjustments in sales relative to new listings have caused inventory levels to rise from record lows, but inventories remain well below record highs.
“There is no question that we have seen a shift from the unsustainable activity that occurred throughout the pandemic as some of the supply challenges have eased,” says Lou Piriano, President of RAHB. “While fewer new properties are being listed below $800,000, there are more opportunities for buyers looking to move up in the market. The danger for both buyers and sellers can be trying to time the market. With conditions sometimes turning quickly or silently, it is important to talk to a professional RAHB REALTOR® who is plugged into the local market.”
There were 455 residential sales in Hamilton according to RAHB. This is down about 43.5% over last year. In Burlington, there were 168 sales, down 33.3% over last year. Reduced sales and increased new listings (more on that in a moment) suggest rising inventory levels from record lows, and a more balanced market compared to what we have seen for the past two years.
While inventory still remains low historically, we are seeing more inventory in the area than recently. In Hamilton, there were 956 new listings this month, up 9.6% over last year. Burlington saw an increase of 18.1% over last year with 307 new listings.
Active listings in the region are also significantly higher than last year. Hamilton had 1,391 active listings, up 191% over October 2021. Burlington’s active listings were up this month by about 275% with 450 active listings. This will also impact the current months of inventory as well as the average days on market.
Months of Inventory
Months of inventory is often used as a measure to tell what type of market we are in, where anything over 3 months of inventory is considered a “buyer’s market.” This figure is calculated by estimating how long it would take to sell off the entire supply of houses if no new listings came on the market. In Hamilton, months of inventory is up 414.9% over last year, sitting at 3.1. Burlington’s months of inventory is up 462.5% at 2.7. As you can see, these numbers are just barely hitting the benchmark for a buyer’s market, but there are certainly more balanced than we saw last year.
Average Days on Market
In a market like this, homes are taking longer to sell, resulting in higher average days on market (ADOM). The ADOM for Hamilton in October was 29.1, which is about 145.3% up over last year. Burlington shares a similar ADOM with 28.9, up 177.2% over October 2021.
Home prices across the region are down year-over-year. The average home price in Hamilton was $790,130, which is 7.8% lower than in October 2021. The average price for a home in Burlington is still over the $1 million mark, at $1,098,493, which is down 5.2% year over year.
PROPERTY TYPE STATS
From peak prices earlier in the year to multiple interest hikes. We understand that the market can seem daunting. With only a few weeks left in 2022, we want to help give you some clear perspective.
You can get any update on the market based on your current address. This will give you an idea of what your home is worth, and we will include what is selling in your area. Also, get tips on how to increase the money in your pocket at closing. If you would like this update please give us a call at 905-308-1877 or reply to this email.
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Coleen & Craig Bush 905-297-4885
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