Home prices and sales increasing in Hamilton, with homes still costing over $800k
Published May 2, 2023 at 1:25 pm
It’s not just the weather that’s warming up in Hamilton, so is the real estate market!
Realtors in the Hamilton-Burlington area released a report that showed a steady uptick in the sales of new homes in April, with 69 per cent of growth in sales of properties for the first time since the pandemic.
Prices are also up month-over-month, but down quite a bit year-over-year.
While there is a significant increase in sales, the low supply of new listings on the market is causing a rise in the prices of properties in the region.
“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,” said Nicolas von Bredow, President at the REALTORS Association of Hamilton-Burlington (RAHB).
In April, the unadjusted benchmark price reached $868,700, which is around 16 per cent lower than the 2022 peak season. Meaning the upward trend in property prices may be slowing down.
While discussing the regional breakdown, the RAHB report suggests that Glandbrook is the only area that has not seen a decrease in property listings compared to other areas in the region. However, the Hamilton mountain area continues to be a competitive and expensive market, with a benchmark price of $782,286.
“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,” added Bredow.
The good news, however, is that the benchmark price for all types of properties has decreased since April 2022. The RAHB report shows that the largest decrease was seen in the semi-detached properties, which fell by 21.1 per cent. The average price for detached properties dropped by 13.7 per cent in April 2023.insauga's Editorial Standards and Policies advertising