With sales below the 10-year average and new listings at levels greater than last year, Hamilton-Burlington area realtors claim that October property sales are supporting “more balanced” market conditions.
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 increased by 192% year over year from record lows, bringing months of supply up to a healthier 3. 1 – a gain of 393.3% from the previous year.
According to Lou Piriano, president of the RAHB, “there is little doubt that we have witnessed a shift from the unsustainable activity that happened throughout the epidemic as some of the supply issues have eased.”
“There are greater options for buyers wishing to move up in the market, despite the fact that fewer new properties are being offered below $800,000.”
The Hamilton-Burlington region’s benchmark price for October, which represents the estimated cost for a general property across all home types, came in at $836,800 last month.
In October, a detached property cost on average $931,561, while an apartment-style buy cost on average $607,579.
The benchmark price in Hamilton was $779,000, which is 16% more than the figure noted in 2020.
The average cost of a detached home in Hamilton in October was $845,648, down 11% from the same month last year, with apartment-style homes costing about $478,743.
Sales in the city are reportedly down 31% year over year for all property categories taken together, which is less than the 10-year average.
According to the realtors organisation, Flamborough, Waterdown, and Ancaster were the typical locations for properties in the Hamilton region costing more than $1 million.
Hamilton Centre continues to have the lowest average costs, with a property there costing about $536,432 at the end of October, down 11.4% from the previous year.
According to Piriano, fluctuating pricing trends are likely to persist in the short term due to inflation, rising interest rates, and a dearth of affordable housing options.
Trying to time the market can be risky for both buyers and sellers, according to Piriano.
“With conditions sometimes turning quickly or silently, it is important to talk to a professional realtor. ”.
According to RAHB, Hamilton home sales are down 40% from last year while listings are up 13%.
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