Real estate prices continue to drop in Hamilton and Burlington along with inventory
Published August 3, 2022 at 3:00 pm
According to the Realtors Association of Hamilton-Burlington (RAHB), sales were down 18.5 per cent compared to June and down 35.6 per cent compared to July 2021.
“Unlike June’s figures, there are a number of anomalies in our July 2022 market report,” says RAHB president Lou Piriano.”While residential sales and new listings were down overall compared to June 2022, the average sale prices across the RAHB market area were down from June 2022, except in the apartment-style property category.”
Last month, the average Hamilton home sold for $793,062 compared to $863,016 in June.
In Burlington, the average home sold for $1,142,997 in July and $1,250,673 the previous month.
Year-over-year, prices are still higher on average; however, the return of a balanced market after interest rates increased appears to have slowed things down considerably.
RAHB saw the average home sale drop below $1 million for the first time since Oct. 2021.
The only area that experienced growth in July compared to June in RAHB’s overall network was northern Niagara.
In July, townhomes had the least fluctuation in number of sales across the RAHB market area, dropping to 159 sales compared to 182 sales in June.
The average sale price of townhomes came in at $721,654 in Hamilton, $825,071 in Burlington, $600,700 in Haldimand County, and $694,853 in Niagara North.
“With a 28.3 per cent drop in new listings, the townhome segment also finished off July 2022 with the lowest inventory levels compared to other property categories which may contribute to tighter competition in this market,” said Piriano.
Apartment-style properties finished the month with the highest inventory levels compared to other property types, “which means there is more choice and negotiation power for buyers and investors,” says Piriano.
Both Hamilton and Burlington have also seen the average number of days a listing remains on the market increase significantly.
The average home stayed on the market for 18 days in Hamilton, compared to nine in July 2021. In Burlington, the average listing was on the market for 19 days, compared to nine last year.insauga's Editorial Standards and Policies advertising