SLOWER SALES REPORTED IN THE AUGUST 2023 MARKET REPORT
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 795 sales in the August 2023 Real Estate Market Report, down 78 compared to last August when we saw 873 sales. The decline represents a year-to-date decline of 11 per cent. While sales have improved in the lower price ranges, they have not offset the declines driven by homes priced above $800,000.
Easing sales combined with relatively stable inventory levels caused the months of inventory to trend up to 2.9 months in August. Higher supply levels relative to sales activity likely weighed on home prices this month. In August 2023 Market Report, the benchmark price eased over levels reported last month, falling to $863,700, approximately $10,000 less than the previous month but still higher than the $857,900 reported in August 2022.
Sales and new listings in the Hamilton region have decreased over the last month, as per the August 2023 Market Report. Both are down compared to the previous year. There hasn’t been any significant change to inventory levels over the last month. Inventory levels are higher than the lows seen throughout the pandemic. However, they remain lower than the average August levels reported before the pandemic.
With nearly three months of supply in August, levels remain comparable to last month and last year. Conditions are tighter than earlier in the year, a trend that has carried over from July. This is taking some pressure off home prices. The unadjusted benchmark price was $803,700, a one per cent decline over the previous month and nearly identical to levels reported from August Despite the monthly declines, prices are still higher than at the beginning of 2023.
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PROPERTY TYPES
Detached, semi-detached and row homes have all reported a decline in sales compared to the previous month and year. While apartment home sales increased this month, more was needed to offset earlier declines. Overall, year-to-date sales have eased across all property types. Inventory levels are similar to levels seen last year. However, this is due to gains in apartment condominiums and row homes offsetting declines in detached and semi-detached homes. Nonetheless, detached and semi-detached homes reported a monthly increase in the months of supply.
Higher months of supply of detached and semi-detached homes weighed on prices. In August, the unadjusted benchmark price eased by nearly two per cent over July in the detached market and one per cent in the semi-detached market. Despite the recent shifts, prices in detached and semi-detached homes remain higher than reported in August 2022.
REAL ESTATE MARKET SALES BY NEIGHBOURHOODS
All regions across Hamilton reported a early decline in year-to-date sales and new listings. Hamilton East and Hamilton Centre reported the highest pullbacks in both activities. Hamilton Centre, Hamilton West, Flamborough, Ancaster, and Stoney Creek posted year over-year inventory gains in August.
Conditions are not as tight as they were in 2022. However, Dundas and Waterdown face the tightest conditions with under two months of inventory.
