Hamilton home sales off to slowest start in 12 years: report
Published February 2, 2023 at 1:28 pm
Not only has the Hamilton housing market cooled, but it also appears to have slowed to levels not seen in the last 12 years.
According to the latest report from the Realtors Association of Hamilton-Burlington (RAHB), there were 349 homes sold in January — the lowest since Jan. 2011.
In addition, there was an increase in new listings, supporting inventory growth in the Hamilton market. While inventory levels are much higher than in the past two years, RAHB says they’re still low compared to pre-pandemic levels.
“Low lending rates and the pandemic contributed to a surge in demand (last year),” said Lou Piriano, RAHB president. “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.”
The RAHB report adds that market conditions remain relatively balanced for homes priced below $800,000, while higher-priced properties are seeing a shift to buyer’s market conditions.
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Last month, the benchmark home price in Hamilton was $754,100 — 21 per cent below Jan. 2022 prices but slightly higher than December.
RAHB says it’s “too early to say if this trend will continue, but it could be pointing to a more stable price environment.”
Prices in Hamilton are still above pre-pandemic levels.
Listed homes spent an average of 37.8 days on the market, nearly three times longer than last year.
January sales eased across most areas in Hamilton, but the pace of decline ranged from area to area. Flamborough saw the largest decline, partly related to the significant drop in new listings. Meanwhile, Glanbrook was the only area to report sales growth.
Both Glanbrook and Hamilton Mountain reported January sales that were relatively consistent with long-term trends for the area.
According to the report, there’s been an overall shift away from the tight conditions reported last year. The sales-to-new listings ratio ranged from a high of 68 per cent in Hamilton Mountain to a low of 38 per cent in the Dundas area.
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