OCTOBER 2023 MARKET REPORT RISING SUPPLY COMPARED TO SALES IS PLACING DOWNWARD PRESSURE ON HOME PRICES
The REALTORS® Association of Hamilton-Burlington (RAHB) October 2023 Market Report, shows gains in new listings for the second month in a row.
Supply levels reached highs for the month of October 2023 not seen in nearly a decade. Increased supply is welcome news for buyers who now have more choice and flexibility in their homebuying decisions.
A total of 2,106 new listings in October 2023 were met with 653 sales, keeping the sales to new listings ratio exceptionally low at 31 per cent. The recent rise in new listings has placed upward pressure on inventory levels, which rose to 3,145 units.
Inventory levels are the highest reported since 2011, with nearly five months of supply available. The increase in supply is contributing to minor price decreases. As of October 2023, the unadjusted Benchmark price was $829,100 nearly three per cent lower than last month and just slightly lower than levels reported last year at this time. Prices trended down across all property types. The smallest monthly price decline occurred in the apartment condominium sector. Home prices continue to be higher than pre-pandemic pricing as per the October 2023 Real Estate Market Report.
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October 2023 Market Report – SALES BY NEIGHBOURHOODS
Conditions continue to shift throughout the Hamilton Region. New listings are up over last year across all
areas of the Hamilton region except Dundas, which remained at levels similar to last year. Sales activity
generally declined across most areas compared to last year. The only exceptions were Hamilton West, Dundas and Stoney Creek, which are all reporting year-over-year gains in sales. Despite some shifts, the sales to new listings ratio remained below 44 per cent across all areas within the Hamilton Region.
October 2023 Market Report – PROPERTY TYPES
New listings increased across most property types in October. The one exception was the semi-detached sector, where new listings remain lower than both last year’s levels and longer-term trends. The rise in new listings compared to sales caused the sales to new listings ratio to range from a low of 29 percent in the apartment sector to 37 per cent in the Semi-detached sector.
The recent gain in supply has provided more choices to prospective homebuyers. Increased supply is weighing on home prices across all property types. Detached, Semi-detached and Row properties all reported an unadjusted monthly benchmark price decline that exceeded three per cent. However, prices generally remained in line with levels reported last year. Apartment condominium benchmark prices reported a smaller monthly decline of less than one per cent but are still more than six percent lower than levels reported last October.
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!