MARCH 2024 MARKET REPORT SHOWS INVENTORY GAINS BRING MORE BALANCED CONDITIONS
Sales in March reached 996 units, nearly six per cent lower than last year’s levels. The decline in March sales was not enough to offset the gains reported over the first two months of 2024. However, first-quarter sales in the region remain below long-term trends for the year.
Meanwhile, new listings have continued to rise, keeping the sales-to-new listings ratio below 60 per cent and supporting further inventory gains. Inventory levels have increased by 28 per cent compared to last March, but levels last year were still exceptionally low.

Recent gains in inventory are helping our market return to more balanced conditions, something that we have not seen since 2014. It is still early in the year, and many purchasers may be waiting for changes in lending rates, but for the first time in years, we are not entering the spring market with limited supply,
says Julie Sergi, President-Elect of RAHB
Inventory levels in March closed out with just over two months of supply. This is an increase over last year but lower than the four months of supply reported at the end of 2023. Conditions are the tightest in the Burlington region, with less than two months of supply. Haldimand saw the highest supply-to-demand ratios, with just below four months of supply.
The unadjusted benchmark price rose to $850,500 this March, nearly two per cent higher than March 2023. Prices trended up across all regions in the RAHB market area, with the largest year-over-year gain occurring in Haldimand, followed by Hamilton. Prices remain below the 2022 peak but are still much higher than levels reported prior to the pandemic.

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MARCHÂ 2024 MARKET REPORT BY NEIGHBOURHOODS

Looking back on the first quarter of 2024, sales activity rose in Hamilton East, Flamborough, Dundas, Ancaster and Glanbrook, which offset pullbacks in the other parts of Hamilton. Meanwhile, new listings increased across most of Hamilton, enough to drive year-over-year inventory gains across most areas. However, the gains in inventory were not enough to prevent further tightening in the months of supply compared to last March in Dundas and Glanbrook.

march 2024 MARKET REPORT BY PROPERTY TYPE
The year-over-year pullback in March sales was primarily driven by slower detached activity. Meanwhile, new listings across all property types have been rising, supporting inventory gains. Months of supply rose compared to last year across all property types, ranging from a high of four months in the apartment sector to under two months for semi-detached and row properties.
Higher supply levels relative to demand in the apartment condominium sector left prices slightly lower than levels reported in March 2023. However, prices have improved for all other property types, with year-over-year gains pushing above three per cent in the detached and semidetached sectors.

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

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