Jul 5, 2023 | Uncategorized |
MODEST INVENTORY GAINS CONTINUE TO KEEP CONDITIONS BALANCED
Hamilton, ON (July 5, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,115 sales in June. This represents a decrease of 182 units sold over the previous month. Despite the month-over-month decline, sales are up 19 per cent over last year. The monthly pullback in sales was not met with the same level of pullback in new listings, which supported some modest inventory gains over the previous month. Still, inventory levels remain more than 20 per cent lower than long-term trends for June. The increase in new listings caused market conditions to ease slightly compared to the previous three months.
“Low inventory has been a challenge throughout the past several months. Inventory levels may continue to slowly increase as buyers pause to evaluate the impacts of recent interest rate adjustments,” says Nicolas von Bredow, RAHB President.
Following five consecutive months of price gains, the unadjusted benchmark price across the RAHB market area decreased 0.45 per cent over last month to $873,100. This is a relatively insignificant decrease and remains much higher than pre- pandemic pricing.
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Jun 1, 2023 | Uncategorized |
Hamilton, ON (June 1, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,254 sales in May. This represents a 12 per cent increase in homes sold over the previous month and a three per cent increase in sales compared to May 2022. The three per cent year-over-year increase in sales was driven by stronger home sales in Hamilton, Niagara North and Burlington. New listings remain well below the levels traditionally reported this time of year. However, listings rose 32 per cent over the previous month , with 2,031 new homes listed in May.
With 1,860 units available in May, inventory remains lower than what was available last year and 25 per cent below long-term trends for the month. Rising sales and lower inventories caused the months of supply to fall from 1.7 months in May 2022 to 1.5 months this month.
“Higher lending rates have impacted sales. However, lower inventory levels are preventing the market from becoming oversupplied and are likely contributing to some of the recent monthly gains we are seeing in home prices,” says Nicolas von Bredow, RAHB President. “While prices remain below last year’s peak, the recent gains have helped support more confidence amongst both buyers and sellers.”
The unadjusted benchmark price in May was $877,100 across the RAHB market area. This is just shy of a one per cent price increase over the previous month and 11 per cent lower than May 2022. Even with the adjustments in 2022, May prices remain higher than levels reported throughout most of 2021.
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May 2, 2023 | Uncategorized |
Hamilton, ON (May 1, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,102 sales and 1,566 new listings in April. This marks the first time since early 2022 that the sales-to-new listings ratio pushed above 70 per cent. The increase in sales placed a strain on the pace of inventory growth, causing supply levels to trend down compared to earlier in the year. There were 1.6 months of supply available in April, and while this is a marked increase over peak pandemic levels, it is significantly less than the over three months of supply reported throughout most of the latter half of 2022.
“The gains in lending rates impacted sales across the RAHB market area, but we also saw a shift come from existing homeowners who were also reluctant to sell their home,” says Nicolas von Bredow, RAHB President. “In April, new listings coming onto the market were much lower than levels traditionally seen at this time of year, keeping inventories relatively low in our market, and placing upward pressure on home prices.”
Low supply and increased sales are supporting an upward shift in prices in the region. In April, the unadjusted benchmark price reached $868,700, reflecting the fourth consecutive month prices have increased. Prices are still below the unprecedented highs seen during the peak in 2022, but provide some reassurance as to where prices will stabilize.
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Apr 4, 2023 | Uncategorized |
Hamilton, ON (April 3, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) market area reported 1,031 sales in March. While this is a 33 per cent decline over last year’s levels, activity is just slightly slower than what was reported in the area before the pandemic. Higher lending rates continue to weigh on sales activity. New listings remain lower than we see in a typical pre-pandemic March.
Sales and new listing activity have increased over the past several months. However, this did little to impact supply as inventory levels fell below two months. Buying conditions are not as tight as they were last year. The shift in the market has resulted in more price stability and is much more comparable to the pre-pandemic market.
“We are seeing our housing market shift back to activity more consistent with pre-pandemic levels and more stable pricing,” said Lou Piriano, RAHB President. “While prices are lower than the highs reported in 2022, it is important to note that last year’s year-over-year growth was over 24 per cent. Our market has experienced significant price growth since 2019 when home prices were still below $600,000.”
The unadjusted benchmark price reached $835,800 in March, the third consecutive month where prices trended up. Prices in the region are still 21 per cent below levels reported last year but remain higher than levels reported in March 2021.
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Mar 2, 2023 | Uncategorized |
Hamilton, ON (February 2, 2023) – Current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are comparable to what we saw pre-pandemic. This is likely due to higher interest rates and a rise in new listings hitting the market. Inventory has increased across all price points, particularly the lower price ranges. The new year has shown an increase in sales of homes priced under $800,000 and supply options in that price range are better compared to last January. However, total home sales are down 26 per cent year over year.
“Low lending rates and the pandemic contributed to a surge in demand. Supply could not keep pace, and prices rose faster than expected. Higher lending rates and prices have impacted affordability and allowed the market to build supply levels back up to pre-pandemic levels,” says Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
Currently, we have a little less than a three-month supply of market inventory. While conditions are not as tight as they have been the past several years, we are also not dealing with the oversupply scenario we faced during the financial crisis. This will likely limit how much prices adjust from recent highs.
Across the RAHB market area, home prices are 20 per cent lower than they were at the start of 2022. However, after ten months of consecutive declines, benchmark prices increased over December. The unadjusted benchmark price was $809,800, below the $1,012,700 reported in January 2022, but well above the $602,700 reported at the beginning of the pandemic in 2020. This could potentially reflect a stabilization in prices.
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Feb 2, 2023 | Uncategorized |
Hamilton, ON (February 2, 2023) – Current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are comparable to what we saw pre-pandemic. This is likely due to higher interest rates and a rise in new listings hitting the market. Inventory has increased across all price points, particularly the lower price ranges. The new year has shown an increase in sales of homes priced under $800,000 and supply options in that price range are better compared to last January. However, total home sales are down 26 per cent year over year.
“Low lending rates and the pandemic contributed to a surge in demand. Supply could not keep pace, and prices rose faster than expected. Higher lending rates and prices have impacted affordability and allowed the market to build supply levels back up to pre-pandemic levels,” says Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
Currently, we have a little less than a three-month supply of market inventory. While conditions are not as tight as they have been the past several years, we are also not dealing with the oversupply scenario we faced during the financial crisis. This will likely limit how much prices adjust from recent highs.
Across the RAHB market area, home prices are 20 per cent lower than they were at the start of 2022. However, after ten months of consecutive declines, benchmark prices increased over December. The unadjusted benchmark price was $809,800, below the $1,012,700 reported in January 2022, but well above the $602,700 reported at the beginning of the pandemic in 2020. This could potentially reflect a stabilization in prices.
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Jan 5, 2023 | MLS®, Stats & Technology |
Hamilton, ON (January 4, 2023) – 2022 marked a year of adjustment in housing demand across the REALTORS® Association of Hamilton-Burlington (RAHB) market area as sales activity eased by 30 per cent over the near-record highs achieved in 2021. Rising lending rates, previous price gains and limited supply options weighed on potential purchasers. At the same time, new listings continued to grow in the region, but only for homes priced above $800,000. The pullback in sales was enough to support inventory gains across all price ranges by December. While inventories have nearly doubled, levels reported in 2022 are still nearly 20 per cent below long-term averages for the region. Moreover, supply levels remained well below typical levels for homes priced below $600,000.
“The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period,” said Lou Piriano, RAHB President. “2022 saw conditions start to shift back to a more balanced market. Improved supply is an important component to stabilizing both sales and home prices.”
Across the RAHB market area, easing sales and rising supply have shifted the market from the extreme sellers’ market conditions at the beginning of the year to one considered relatively balanced. The shift took some pressure off home prices, which hit a record high in February but declined 25 per cent by December. While the price adjustment within the year was significant, it is important to note that as of December, prices remain over 16 per cent higher than pre-pandemic levels. On an annual basis, prices are still nearly 10 per cent higher than in 2021.
“If higher lending rates continue, they will weigh on home sales in 2023, however; the dip in prices coupled with better supply choice could start to support a more stable market for the foreseeable future,” continued Piriano.
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Dec 16, 2022 | Uncategorized |
Hamilton, ON (December 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 672 sales of residential properties across the RAHB market area through the Multiple Listing Service® (MLS®) System in November 2022. The number of sales were down by 13 per cent from October 2022 and down by 42 per cent compared to November 2021. There were 1,248 new listings in November 2022, which was down 21 per cent from October 2022, and compared to November 2021, there was an increase in listings of nearly two per cent. The benchmark price* for residential properties across the RAHB market area was $830,900, down 0.7 per cent from October 2022, and down nine per cent compared to November 2021. There were 3.2 months of inventory** in November 2022, compared to 3.1 months in October 2022.
“The RAHB market area has seen some much-needed improvements in supply levels allowing for more choice and negotiation power for buyers and the levels are more consistent with long-term trends for November,” said Lou Piriano, RAHB President. “It is important to note that while shifting conditions have caused prices to trend down from the peak, the pace of monthly decline has eased over the past several months. Overall, residential prices are still significantly above levels reported prior to the pandemic.”
Piriano adds, “Buyers and sellers should be aware that neighbourhoods can differ even amongst property types. One neighbourhood’s results could also be very different to the RAHB market area average, so using a local RAHB REALTOR® will help buyers and sellers make informed decisions and avoid confusion and disappointment.”
*The benchmark price is the estimated value of a “typical” home within a community.
**Months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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Nov 10, 2022 | Uncategorized |
Hamilton, ON (November 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 756 sales in October, similar to levels reported last month. While sales are below the ten-year average, new listings levels are higher than last year and support more balanced conditions when measured against sales. The adjustments in sales relative to new listings have caused inventory levels to rise from record lows, but inventories remain well below record highs.
“There is no question that we have seen a shift from the unsustainable activity that occurred throughout the pandemic as some of the supply challenges have eased,” says Lou Piriano, President of RAHB. “While fewer new properties are being listed below $800,000, there are more opportunities for buyers looking to move up in the market. The danger for both buyers and sellers can be trying to time the market. With conditions sometimes turning quickly or silently, it is important to talk to a professional RAHB REALTOR® who is plugged into the local market.”
For the moment, prices continue to trend down from the peak levels reported earlier this year, with the October benchmark price reaching $836,800, six per cent lower than in the same period last year. However, compared to home prices pre-pandemic, which were below $600,000, prices remain over 40 per cent higher than 2019 levels and 16 per cent higher than 2020 levels.
In the short term, varying price trends are likely to continue without action to combat inflation, higher interest rates and a lack of supply in lower priced homes. It remains imperative that all levels of government work together to tackle affordable and attainable housing supply challenges.
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Oct 11, 2022 | Uncategorized |
SUPPLY LEVELS RETURNING TO PRE-PANDEMIC LEVELS
Hamilton, ON (October 5, 2022) – Sales eased across all property types and regions in September, contributing to the lowest September sales since 2010.
“Significant gains in lending rates impacting affordability and concern regarding a housing correction has dampened consumer confidence. This is contributing to the decline in sales seen throughout our market,” says Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
The pullback in sales was also met with a gain in new listings supporting supply growth. While supply levels in September are significantly higher than the record lows seen last year, they have returned to levels similar to what was recorded in 2019 and remain well below historical highs.
“Adjustments in both supply and demand have shifted the market out of the extreme seller’s market conditions that persisted throughout most of 2020 and 2021 and into the first quarter of this year. With just over three months of supply, our market has not entirely shifted to favour the buyer, but it has cooled some of the consumer behaviour that contributed to last year’s price gain that pushed above 33 per cent.”
Shifting conditions have been weighing on home prices as the benchmark price for a typical home eased for the seventh consecutive month. Yet, despite the adjustments, prices still remain well above levels reported prior to the pandemic.
Sep 1, 2022 | Uncategorized |
Hamilton, ON (September 1, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 906 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in August 2022. The number of sales were up by 11.7 per cent from July 2022 and down by 24.2 per cent compared to August 2021. There were 1,641 new listings in August 2022, which was down eight per cent from July 2022, and compared to August 2021, there was an increase in listings of 20 per cent. The average sale price for residential properties across the RAHB market area was $858,405, which was down 2.3 per cent from July 2022, and up two per cent compared to August 2021. There were 2.6 months of inventory in August 2022 compared to 3.1 months in July 2022.
*The news release will be posted to www.rahb.ca/market-stats/ on September 2, 2022.*
Follow the links below for:
Burlington
Haldimand
Hamilton
Niagara North
Aug 2, 2022 | Uncategorized |
Hamilton, ON (August 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 811 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in July 2022. Sales were down by 18.5 per cent from June 2022 and down by 35.6 per cent compared to July 2021. There were 1,783 new listings in July 2022, which was down 29.9 per cent from June 2022, and compared to July 2021, there was an increase in listings of 18.6 per cent. The average sale price for residential properties across the RAHB market area was $878,816, which was down 7.1 per cent from June 2022, and up 3.9 per cent compared to July 2021. There were 3.1 months of inventory* in July 2022 compared to 2.6 months in June 2022.
*The news release will be posted to www.rahb.ca/market-stats/ on August 3, 2022.*
Follow the links below for:
Burlington
Haldimand
Hamilton
Niagara North
