NOVEMBER 2023 MARKET REPORT SHOWS SUPPLY LEVELS 32% HIGHER THAN TYPICAL LEVELS FOR THE MONTH
The REALTORS® Association of Hamilton-Burlington (RAHB) November 2023 Market Report shows declines in November sales, making it one of the weakest Novembers since 2010.
Rising sales for apartment-style and semi-detached homes were insufficient to offset pullbacks in detached and row home sales. Year-to-date sales are down by 11% over last year and are 30% below the long-term trends.
New listings trended down over the last month; however, this is typical for this time of year. There were 1,384 new listings, which elevated supply levels higher than traditionally reported in November. Despite this, inventories trended down over the last month, but with 2,728 units available, supply levels are 23% higher than last year and 32% above long-term November trends.
FIND OUT WHAT HOMES ARE SELLING FOR IN YOUR NEIGHBOURHOOD
GET FREE ACCESS – CLICK HERE
Region-wide, months of supply has hovered above four months for the third consecutive month. Homes priced above $800,000 make up the majority of months of supply. Conditions are more balanced for lower-priced properties. Additional supply has weighed on home prices, which have eased compared to levels reported earlier this year. As of November, the unadjusted benchmark price was $805,700, nearly 3% lower than last month and last year’s levels.
NOVEMBER 2023 MARKET REPORT – SALES BY NEIGHBOURHOOD
Sales eased compared to last year across most areas. However, Hamilton Centre, Dundas and Glanbrook all reported an increase in sales. Changes in new listings relative to sales contributed to higher inventories than last November in all areas except Dundas. The recent boost in sales in Hamilton Centre, Dundas and Flamborough helped offset the impact of higher inventory levels in those areas. Still, all other areas reported a significant year-over-year gain in the months of supply. The months of supply ranged from a low of 2.4 months in Dundas to a high of nearly seven months in Flamborough.
NOVEMBER 2023 MARKET REPORT – PROPERTY TYPES
November sales improved for both semi-detached and apartment-style homes compared to last year and last month. However, year-to-date sales activity has eased across all property types, with the most significant declines occurring in the detached sector. While a monthly pullback in new listings caused inventories to decline over the last month in alignment with seasonal patterns, inventory levels are much higher than last year’s and long-term trends across all property types. With a month of supply in November ranging from a low of nearly three months in the semi-detached sector to a high of almost five months in the apartment condominium sector, there is downward pressure on prices across all property types.
In the last 30 days, the real estate market in your area has experienced significant activity. Contact us for an accurate Home Estimate and see if now is the right to maximize your profits!
