The Hamilton real estate market maintains recent trends, as sales slow and inventory levels rise. August sales slowed to 690 units, contributing to the year-to-date decline of seven percent. When we compare the market to long-term trends, sales are down across all areas. Burlington continues to report the tightest market conditions in the region.
New listings have remained relatively consistent with long-term trends. However, listings are being met with slower sales, resulting in inventory levels above last year’s and long-term trends. A surge in inventory relative to sales has caused the months of supply to rise to four and a half months, reflecting the highest level seen for August since 2010. Higher inventory levels compared to sales have placed downward pressure on home prices.
“There is more inventory than we have seen in recent years, which provides prospective buyers with flexibility and choice. We are seeing many hopeful buyers continue to wait for interest rates to come down as they are predicted to do. Now is a good time for buyers to take advantage of the increased opportunities. When interest rates come down, there could once again be a strain on inventory,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington marketarea.
In August, the unadjusted benchmark price stood at $840,300, down over last month and over two percent below last year’s levels. The steepest price decline is occurring in the oversupplied apartment condominium sector.
While year-to-date sales have improved in Flamborough and Dundas, all areas within the Hamilton region have reported sales that are below long-term trends. Meanwhile, new listings increased across all areas, driving inventory gains. The supply growth compared to sales drove up the months of supply across most areas. As of August, the months of supply ranged from a high of six months in Hamilton Centre to under three months in Hamilton Mountain.
AUGUST2024 MARKET REPORT BY PROPERTY TYPE
Sales slowed across all property types in August, contributing to the year-to-date decline. Detached homes reported the slowest decline so far this year, as gains in some of the lower price ranges helped to offset some of the pullback occurring in the upper price ranges. At the same time, new listings have been on the rise relative to sales, driving up supply levels across all property types. Rising supply has weighed on home prices, which eased across all property types. However, the most significant price adjustment has occurred in the apartment condominium sector, which reported the highest months of supply out of all the property types.
BENCHMARK PRICE
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