Realtors in the Hamilton-Burlington area say they’re still seeing a cooling trend in the local residential home market as year-over-year sales figures fell for the third month in a row.
In June, the Realtors Association of Hamilton-Burlington (RAHB) reported a 37.8% drop in overall sales activity in the region between 2021 and 2022, with the city of Hamilton seeing a 35% decline over the same period .
While sales declined, new listings in the RAHB coverage area continued to grow, with 2,543 reported in June, up 27.1 percent compared to June 2021.
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Hamilton has about 26 percent more listings compared to a year ago, with 1,509 registered last June compared to 1,198 homes available in the same month in 2021.
RAHB President Lou Piriano says rising prices and falling sales indicate a more balanced market and is good news for buyers as it gives them greater bargaining power and more options.
“In June, mortgage rates rose 0.5 percent and as a result some potential buyers may have delayed their purchase because they may be taking a ‘wait and see’ approach to the market or may no longer qualify.” Pirian said. CHML900 bill kelly show.
“The overall median residential sales price in the RAHB market area fell five percent from May to $946,026, while months of inventory rose above the two-month mark for the first time in more than two years” .
The average Hamilton property again lost value for the fourth month in a row, checking in at $863,061 but still down 10 percent year-over-year from the 2021 city average of $787,772.
The Hamilton-Burlington Association of Realtors (RAHB) says that homes costing more than $1 million in the Hamilton area are in Flamborough, Dundas and Ancaster as of May 2022. The median price in Burlington has returned to climb year over year from about $1.14 million to $1.25 million.
RAHB
The RAHB says that the only homes not costing more than $1 million in the Hamilton area as of June 2022 are those located in Hamilton proper.
A single-family home in Hamilton was worth about eight percent more year over year, posting an average of $949,730 last June compared to a median price of $875,957 as of June 2021.
Hamilton’s average detached unit prices have fallen for the fourth consecutive month, from a reported average of $1.13 million in February to $949,730 in June.
Burlington continues to have the highest single-family home cost in the region at just over $1.67 million, an increase of nine percent year over year.
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Apartment-style residences in Hamilton also increased 14 percent year over year to $529,014, compared to the June 2021 average of $463,693.
Month over month, the median apartment fell in value 11 percent to $529,014 from the May median price of $591,303.
An average unit in Burlington checked in at $627,178 last June, up just two percent from the same period last year.
Flamborough continued to have the highest median price for a home in Hamilton proper, at around $1.4 million.
Value in the area has risen for the median home year over year, by 16 percent, but is down month over month, dropping eight percent.
The lowest prices are found in Hamilton Centre, where the median home sales price was $631,785 at the end of June, up 13 percent year-over-year and down eight percent month-over-month.
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