Following several months of easing sales, September reported a shift in activity as sales rose over last year’s levels. Sales improved across all of the reporting areas within the region and were driven mainly by gains for detached and row homes. Despite the increase in sales, levels remained below long-term trends for the month and did not offset the pullback reported earlier in the year. Year-to-date sales are four percent lower than last year and nearly 28 percent below long-term trends.
Rising sales were met with further gains in new listings and inventory levels, causing the months of supply to remain relatively high at five months. The persistent buyer market conditions witnessed over the past several months continued to weigh on home prices.
“Further rate cuts, recent price declines and improving supply choice helped bring more buyers back to the market this month. While this is not a drastic change in the market, it does point to a potential shift in trends. Buyer optimism is returning and will likely increase as interest rates continue to decrease,” says Nicolas von Bredow, Cornerstone spokesperson for the HamiltonBurlington market area.
In September, the unadjusted benchmark price was $831,500, down over last month and over two percent lower than levels reported in the previous year. Prices have been trending down over the past four months and have offset the gains reported earlier this year, leaving the average year-to-date benchmark price one percent below 2023 levels. So far this year, benchmark prices have eased across all property types, but the most significant adjustment has occurred for apartment-style homes.
While sales activity improved across most locations within the Hamilton region, the only areas to report year-to-date sales growth were Hamilton East, Flamborough, Dundas, and Ancaster. Meanwhile, September new listings improved across nearly every district compared to last year, keeping sales-to-new listings ratios low in every area and driving year-over-year inventory gains.
September2024 MARKET REPORT BY PROPERTY TYPE
Improvements in detached and row-style homes drove the growth in sales this month. Meanwhile, new listings improved for detached, row, and apartment-style properties, with the most significant gains occurring for apartment-style homes. Overall, higher supply levels than sales continue to weigh on home prices across all property types. Year-over-year declines ranged from just over one percent in the detached sector to over six percent in the apartment condominium sector. Apartment-style homes face the highest levels of over-supply compared to other property types.
BENCHMARK PRICE
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