APRIL 2024 MARKET REPORT SHOWS Sales Activity Slow as New Listings Rise
PRICES TREND UP OVER MARCH BUT REMAIN BELOW LAST YEAR’S LEVELS
In April, 1,041 sales were reported, marking a seven percent decrease from April 2023 and falling significantly below long-term trends for the month. Despite a decline in sales over the past two months, year-to-date figures remain comparable to those of 2023. While apartment home sales saw a slight decline compared to 2023, this was balanced by an increase in sales of semi-detached and row-style units.
New listings increased to 2,085 units, reducing the sales-to-new listings ratio to 50 percent and contributing to further inventory gains. Inventory levels rose across all property types and price ranges. Although this increase is notable compared to 2023, it’s important to remember that inventory has been exceptionally low for most of the past decade.
The rise in inventory relative to sales impacted the months of supply, which trended upward compared to March and last year. In April of last year, both Hamilton and Burlington reported less than two months of supply, with the tightest conditions in Burlington. Interestingly, while these areas still have the tightest market conditions, they also show the most significant year-over-year inventory increase.
Higher lending rates continue to weigh on potential purchasers, with some delaying any decision until later this year. At the same time, we continue to see new listings rise, providing more choice in the market and preventing any significant shifts in home prices
Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
The unadjusted benchmark price rose in April, reaching $859,600, marking an increase from March. Despite this monthly gain, prices were still slightly over one percent lower than in April 2023. Prices increased across all regions in the RAHB market area over the past month. However, Haldimand County was the only area to report a year-over-year price gain.
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APRIL 2024 MARKET REPORT BY NEIGHBOURHOODS
Year-to-date sales activity has varied within the region, as higher sales in Hamilton East, Flamborough, Dundas, Ancaster, and Glanbrook offset pullbacks in other areas in the region.
However, the pullback in sales for Hamilton Centre and Hamilton West may be related to the supply of new listings, which did not see the same jump as other areas. Overall, the months of supply in April improved compared to last year across all areas in the Hamilton region. Months of supply range from under two months in Dundas to a high of nearly six months in Flamborough.
april 2024 MARKET REPORT BY PROPERTY TYPE
The year-to-date pullback in detached sales was offset by gains in the higher density sectors. So far this year, new listings across all property types have been rising, supporting inventory gains. Row homes reported the most significant inventory gain compared to last year. Rising inventory coupled with slowing sales caused the months of supply to rise across all property types compared to 2023. Row and semi-detached homes continue to face the tightest conditions with less than two months of supply, while the detached market saw the months of supply rise to nearly three months. Apartment-style homes have the most supply relative to demand with just over five months.
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