Realtors in the Hamilton-Burlington area say October home sales are supporting “more balanced” market conditions with sales below the 10-year average and new listings at levels higher than last year.
The Realtors Association of Hamilton-Burlington (RAHB) says home sales continued to plunge in October, falling 40.8 per cent from the year before with new listings up 13 per cent from the same month in 2021.
Inventory levels have risen from record lows by 192 per cent year over year, placing months of supply to a healthier 3.1 – an increase of 393.3 per cent from last year.
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“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,” Lou Piriano, president of the RAHB said, in a statement.
“While fewer new properties are being listed below $800,000, there are more opportunities for buyers looking to move up in the market.”
The October benchmark price, the predicted cost for a general property, for all home types in the Hamilton-Burlington region, checked in at $836,800 last month.
The average price for a detached home in October was $931,561, with an apartment-style purchase around $607,579.
In Hamilton, the benchmark price was $779,000, 16 per cent higher than the level reported in 2020.
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The average price for a detached home in October was $845,648, down 11 per cent year over year, with Hamilton’s apartment-style dwellings around $478,743.
Sales in the city are down an estimated 31 per cent year over year for all property types combined, lower than the 10-year average.
The realtors association says, on average, homes costing more than $1 million in the Hamilton area were in Flamborough, Waterdown and Ancaster.
The lowest average prices continue to be in Hamilton Centre, where a home was around $536,432 at the end of October, down 11.4 per cent year over year.
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Piriano says in the short term, varying price trends are likely to continue amid inflation, higher interest rates and a lack of supply in lower-priced homes.
“The danger for both buyers and sellers can be trying to time the market,” said Piriano.
“With conditions sometimes turning quickly or silently, it is important to talk to a professional realtor.”