PRICES REMAIN RELATIVELY STABLE COMPARED TO LAST JANUARY 2024 market report
The REALTORS® Association of Hamilton-Burlington (RAHB) January 2024 Market Report – the 608 sales are slightly higher than levels reported last year, as gains in detached and semi-detached sales offset the declines in apartment and row-style homes. Meanwhile, inventory levels slowed compared to those seen at the end of 2023 but are 11 per cent higher than those reported a year earlier.
The year-over-year gains in inventory was mostly offset by the gains in sales and the months of supply remained relatively stable compared to the previous year. Inventories are higher than reported in the past decade; however, they are more consistent with what was reported in the region before 2014.
The benchmark price in January totaled $809,600 in the region, slightly higher than last month. While overall prices have not changed much, we have seen variations based on location and property types. The region’s relatively tighter market conditions in Hamilton and Burlington kept home prices stable. At the same time, higher months of supply in Haldimand and Niagara North contributed to modest declines in price.
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JANUARY 2024 MARKET REPORT BY NEIGHBOURHOODS
Adjustments in both sales and new listings varied across the Hamilton area.
Hamilton Centre, Hamilton Mountain, Hamilton West, Flamborough, Ancaster, Waterdown and Glanbrook all had sales to-new listings ratios that were higher than reported last January.
january 2024 market report by property type
Slower sales for row properties were not enough to offset the gains reported in the detached, semi-detached and apartment sectors. Meanwhile, changes to new listings caused the sales-to-new listings ratio to fall for row and apartment-style homes compared to last year. Lower sales-to-new listings ratio for apartments and row homes may have contributed to some of the monthly price declines as consumers had more options. Compared to the previous year, the unadjusted benchmark prices reported the most substantial gains in the semi-detached and detached sectors while remaining stable for row homes and declining for apartment condominiums.
In the last 30 days, the real estate market in your area has experienced significant activity.
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