MARKET SHIFTS TOWARD MORE BALANCED CONDITIONS IN JULY 2023 REAL ESTATE MARKET REPORT
INVENTORY LEVELS TREND UPWARDS
The REALTORS® Association of Hamilton–Burlington (RAHB) reported 806 sales across the region in July 2023, – as per the Real Estate Market Report. A decline of 332 sales over the previous month but a gain over levels reported in July 2022. The sales to new listings ratio fell to 45 per cent, with 1,786 new listings reported. The number of new listings increased relative to sales, causing inventories to trend up over the last month and levels reported in earlier real estate reports this year.
Another rate hike likely weighed on sales activity this month. However, it also supported further inventory gains and more balanced conditions compared to earlier this year. Despite the monthly gains in inventory, supply remains below last year’s levels and long-term trends for July
says Nicolas von Bredow, President of RAHB.
Months of supply rose to 2.8 months over the 1.8 months reported in June. The shift away from tighter conditions has paused price growth. The unadjusted benchmark price reached $873,600 in July, relatively unchanged over last month. Overall, prices remain much higher than pre-pandemic levels.
REAL ESTATE MARKET SALES BY NEIGHBOURHOODS
Year-to-date sales and new listings have fallen below last year’s levels in all areas across the Hamilton region. Hamilton Centre, Hamilton West, Flamborough, Ancaster and Stoney Creek saw a rise in inventory over last year’s levels. While the months of supply trended up over the last month across all regions, only Hamilton Centre, Hamilton West, and Dundas reported a month of supply higher than last year.
Hamilton reported 470 sales and 1,114 new listings. The sales to new listings ratio fell to 42 per cent this month, supporting a gain in inventory levels. While inventory levels rose over the last month, they remain below the previous year’s and long-term trends. It is worth noting that homes priced between $300,000 – $600,000 contributed to most of the inventory gains. The rising inventory levels compared to sales caused the months of supply to increase from 1.8 months in June to three months in July.
The unadjusted benchmark price reached $813,000 in July, relatively unchanged over last month and only one per cent lower than the $821,500 reported in July 2022.
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PROPERTY TYPES
Apartment, row and semi-detached home sales improved over last year, offsetting a pullback in the detached sector. While inventories trended up over the previous month across all property types, only the apartment sector reported higher inventory levels than in 2022.
The months of supply have increased across all property types compared to last month. The tightest conditions remain in the semi-detached sector, with under two months of supply reported. Despite shifts in the months of supply, there have been no significant price adjustments. The benchmark price remains comparable to last month across all property types—row and apartment-style properties were the only sector to fall below July 2022 prices.
