SEPTEMBER 2023 MARKET REPORT SHOWS A SURGE IN NEW LISTINGS AS SALES SLOW – THE HIGHEST SEEN SINCE 2012
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 620 home sales in September, the slowest level of activity seen for this month since 2010. The 18 per cent decline in sales was met with a surge in new listings. The combined impact of lower sales and higher new listings caused the sales-to-new listings ratio to fall to 30 per cent. There was a 19 per cent gain in inventory, which is 12 per cent higher than last year.
Inventory levels rose across all property types and price ranges. The sudden shift, coupled with easing sales, caused the months of supply to grow to nearly five months in September. This is up almost two whole months compared to August.
In September, the unadjusted benchmark price fell to $854,200, a monthly decline of one per cent. Despite the monthly decrease, levels remain higher than the $838,300 reported last September and the $581,500 reported pre-pandemic.
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REAL ESTATE MARKET SALES BY NEIGHBOURHOODS
Year-to-date sales and new listings have declined across every area in the Hamilton region. The shift
caused inventories to trend up over the last month. Despite it all, inventory levels remain below long-term
trends in Flamborough, Dundas and Glanbrook. Months of supply rose across all areas compared to the
previous month. However, Dundas continues to see the months of supply remain below the levels reported last year.
PROPERTY TYPES
A decrease in detached and row-style properties drove year-over-year sales declines in September. New listings rose across all property types, causing inventories to increase across all property types, with the most significant gains occurring in the apartment condominium sector.
Rising supply relative to sales caused the months of supply to grow compared to last month across all property types. The semi-detached sector was the only area with months of supply below three months. The unadjusted benchmark price for detached, semi-detached and row homes eased by nearly one per cent. However, they are still much higher than the levels reported in 2022. In contrast, apartments showed minor price growth of less than one per cent. However, apartment prices are still lower than the 531,600 reported last year.
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