Hamilton, ON (November 4, 2024) — Home sales improved over last month and last year’s levels for the second consecutive month. While October sales are still lower than long-term trends for the month, this represents a significant improvement.
The rise in sales relative to new listings supported a modest monthly decline in inventory levels, which aligns with typical seasonal behaviour. Nonetheless, the adjustment caused the months of supply to fall below four, representing a shift from buyer’s market conditions to a more balanced market. While this shift is likely welcome news for many sellers, it is important to note that supply levels remain elevated compared to regional sales, and it will take time to work through the inventory.
“Many potential purchasers were happy to sit on the sidelines until there was more certainty regarding interest rate movements. The recent rounds of cuts seem to be the incentive needed for some to enter the market. While sales are still lower than historical trends, we expect to see changes as the Bank of Canada makes further cuts to interest rates, making purchasing more attainable for hopeful buyers,” –says Nicolas von Bredow, Cornerstone spokesperson for the HamiltonBurlington market area.
Despite the adjustment, prices still eased, albeit at a slower pace. In October, the unadjusted benchmark price was $820,800, a decline over last month and less than one percent lower than levels reported in the previous year.
October sales improved across nearly every location within the Hamilton region. However, when considering new listings coming onto the market, the only areas to report a monthly decline in inventory were Hamilton Mountain, Hamilton West, Flamborough, and Glanbrook. The range of the months-of-supply was also significant across all locations. Hamilton Mountain reported the lowest months-of-supply, at under three months, while Flamborough reported the highest at over six months.
October2024 MARKET REPORT BY PROPERTY TYPE
Sales improved across all property types in October, enough so that both detached and row homes reported year-to-date sales comparable to levels reported last year. Meanwhile, new listings mainly eased due to declines in detached new listings. Months-of-supply for both detached and row homes was below four months. Unadjusted benchmark prices in October ranged from a high of $826,700 for detached homes to $468,700 for apartment-style condominiums. While the residential unadjusted benchmark price remained unchanged over last October, both detached and semi-detached homes reported a year-over-year gain of just over one percent. The largest year-over-year decline occurred for apartment-style homes, which reported the highest supply/demand ratios.
BENCHMARK PRICE
WHAT’S YOUR HOME WORTH?
Find out what your home may sell for in today’s market.
Thinking of selling your home or interested in learning about what a neighbor’s house is selling for?
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
