Sales Decline in October Amid High Inventory and Price Adjustments
In October, a total of 757 homes sold across Hamilton, Burlington, Haldimand County, and Niagara North through the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This figure represents only 16 fewer sales than the previous month; however, it is 34 per cent below the typical levels expected for October.
“Persistently high supply levels compared to sales have put downward pressure on home prices this month, Many were hopeful that the recent policy rate cut from the Bank of Canada would attract more buyers; however, slowing economic conditions and a decrease in migration are likely continuing to weigh on confidence in the market.” “Within Cornerstone’s market area, varying conditions are playing out in every corner across all property types,” says Nicolas von Bredow. “At the neighbourhood level, each local market tells a different story, which is why it’s important to work with a local REALTOR® when buying or selling.”
– Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
The number of new listings also decreased in October, with 1,778 listings added. This led to an improved sales-to-new listings ratio of 43 per cent compared to the previous month, helping to prevent further inventory gains. While inventories eased compared to last month, the overall supply remained steady at five months. In October, the unadjusted benchmark price was $747,200, which is similar to the price from last month and nine per cent lower than the same period the previous year.
The statistics provided in this report are based on information from the ITSO MLS® System. Multiple MLS® Systems operate within Ontario, and while none can be guaranteed to include every property listed or sold within a given area, they effectively illustrate market trends.
In September, Hamilton experienced 12 fewer sales than in the previous month. With 463 sales reported in October, the year-to-date sales declined by eight per cent, marking the slowest level reported since 2010. The number of new listings also slowed, which prevented further increases in inventory levels. Despite this, the sales-to-new listings ratio stands at 40 per cent, with the months of supply at five months. These conditions continue to favour buyers in the market. Elevated supply levels have continued to impact prices, causing the unadjusted benchmark price to fall to $700,100. This represents a slight decrease from last month and is over eight per cent lower than last year. The year-over-year declines were most significant for apartment-style homes, which saw a drop of 14 per cent. Meanwhile, sale prices for detached homes eased by seven per cent. Dundas remains the most balanced market, with three months of supply and a sales-to-new listings ratio of 63%.
The statistics provided in this report are based on information from the ITSO MLS® System. Multiple MLS® Systems operate within Ontario, and while none can be guaranteed to include every property listed or sold within a given area, they effectively illustrate market trends.
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