HOUSING MARKET RETURNING TO TYPICAL LEVELS OF ACTIVITY
The REALTORS® Association of Hamilton-Burlington reported 1,031 sales in the Market 2023.
While this is a 33 per cent decline over last year’s levels, activity is just slightly slower than what was reported in the area before the pandemic. Higher lending rates continue to weigh on sales activity. New listings remain lower than we see in a typical pre-pandemic March.
Sales and new listing activity have increased over the past several months as per the March 2023 Real Estate Market Report. However, this did little to impact supply as inventory levels fell below two months. Buying conditions are not as tight as they were last year. The shift in the market has resulted in more price stability and is much more comparable to the pre-pandemic market.
“We are seeing our housing market shift back to activity more consistent with pre-pandemic levels and more stable pricing, While prices are lower than the highs reported in 2022, it is important to note that last year’s year-over-year growth was over 24 per cent. Our market has experienced significant price growth since 2019 when home prices were still below $600,000.”
Lou Piriano, RAHB President.
The unadjusted benchmark price reached $835,800 in March, the third consecutive month where prices trended up. Prices in the region are still 21 per cent below levels reported last year but remain higher than levels reported in March 2021.
In the March 2023 Real Estate Market Report, sales and new listings improved over earlier in the year and are consistent with seasonal expectations. However, with 624 sales in the region, levels are still amongst the lowest reported in March in over a decade. While higher lending rates are contributing to some of the declines in sales, there has also been a significant decline in new listings, which limits potential buyers’ choices. In March, 928 homes were listed, a 40 per cent decline over last year and nearly 22 per cent lower than long-term trends for
the month.
Inventory levels have improved compared to last year’s record lows. We have fallen below two months’ supply. While conditions are not as tight as last year, they remain comparable to pre-pandemic levels.
After two months of relatively strong monthly price gains, the unadjusted benchmark price in Hamilton eased slightly over the last month to $770,600. Year over year, this represents a decline of 22 per cent. Prices remain comparable to levels seen at the end of 2022 and are well above pre-pandemic levels.
REAL ESTATE MARKET SALES BY NEIGHBOURHOODS
The March 2023 Real Estate Market Report shows that despite new listings and sales trending up compared to the first two months of 2023, it did not reflect typical inventory gains across all areas of Hamilton. Dundas, Hamilton West and Hamilton Mountain reported a sales-to-new listings ratio
above 70 per cent and saw inventories trend down compared to February. Hamilton Mountain faced the tightest conditions in Hamilton, with only one month of supply. This is still an improvement over the conditions at the same time in 2022.
NEIGHBOURHOOD MARKET REPORTS
To view the specific area market reports, click the neighbourhood you are interested in below.
You will find LIVE Statistics with links to active properties for sale.
MORE NEIGHBOURHOOD REPORTS AVAILABLE
PROPERTY TYPES
Trends across all property types were relatively consistent this month as sales and new listings reported typical seasonal gain over last month despite being below last year’s levels. The only exception was apartment condominiums, with new listings much higher than long-term trends. This likely contributed to sales remaining slightly lower than we would typically see in March.
Prices remain lower than last March’s record highs across all property types. Row properties have seen unadjusted benchmark prices trend up for three consecutive months reaching $649,900. Meanwhile, detached prices eased slightly to $820,600. Despite the slight ease, detached prices are higher than reported at the start of 2023. Prices for apartment condominiums trended down for the ninth consecutive month to $466,700. Despite the declines, price adjustments have not been as significant for this property type, as year-over-year declines are just under 12 per cent, much lower than the over 23 per cent adjustment reported in the detached sector.
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