FEBRUARY 2024 MARKET REPORT

FEBRUARY 2024 market report shows A RISE IN BOTH SALES AND LISTINGS

The REALTORS® Association of Hamilton-Burlington (RAHB) February 2024 Market Report – February sales reached 839 units, a modest gain compared to last year. While the leap year provided an additional day of activity, it did not impact Haldimand County, where sales activity slowed compared to the previous year. However, substantial gains were reported in Niagara North and Burlington, offsetting the pullbacks in Haldimand. Year-to-date sales are nine per cent higher than last but 16 per cent below long-term trends.

A total of 1,489 new units were listed in February, which is slightly higher than long-term trends. However, levels were nearly 23 per cent higher compared to last year. The sales-to-new listings ratio was 56 per cent, which helped boost inventory levels over the previous month. Inventory levels were nearly 18 per cent higher than last year. Supply improved across almost every price range in the total region.

February 2024 Market Report stats

While supply gains may seem significant, it is important to remember that we have generally seen lower resale supply levels in our market for nearly a decade. At the same time, we are starting to see improvements in sales, keeping our market relatively balanced with over two months of supply and a sales-to-new listings ratio of 57 per cent,

Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).

In line with typical seasonal behaviour, the unadjusted benchmark price trended up over the previous month, reaching $835,900. Overall prices are relatively stable compared to levels reported at the start of last year.

february 2024 stats chart
february 2024 sales
february 2024 inventory
february 2024 days on market dom


FEBRUARY 2024 MARKET REPORT BY NEIGHBOURHOODS

february 2024 sales by area

Adjustments in sales and new listings varied across the Hamilton area in February.

While sales are below long-term trends across all areas within the Hamilton region, year-to-date sales improved in Hamilton Centre, Hamilton East, Hamilton West, Flamborough, Ancaster and Waterdown.

At the same time, inventory levels eased in Hamilton Centre and Hamilton West, contributing to slightly tighter conditions than in the previous year in those areas.

february 2024 sales by area chart

FEBRUARY 2024 MARKET REPORT BY PROPERTY TYPE

Gains for row and apartment sales offset the pullbacks in the detached and semi-detached sector. New listing activity varied depending on the property type. Gains in new listings were driven by detached, row and apartment-style properties, which is reflected in the year-over-year increase in inventory levels.

Despite some shifts in detached and semi-detached activity, prices for those property types rose by one and two per cent, respectively, over last February. Meanwhile, year-over-year price growth remained relatively flat for row-style homes and declined in the apartment condominium sector.

february 2024 sales by property type benchmark price

In the last 30 days, the real estate market in your area has experienced significant activity.

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