Hamilton-area home sales down 42% from last year, listings up 2% from 2021: RAHB

The Realtors Association of Hamilton-Burlington (RAHB) says home sales in the city of Hamilton plunged 44 per cent from the previous year.

Realtors in the Hamilton-Burlington area say the market area saw some improvements in supply in November resulting in price drops year over year but still significantly above levels reported prior to the pandemic.

The Realtors Association of Hamilton-Burlington (RAHB) says the benchmark price of properties across the market area moved to $830,900, down 0.7 per cent from October 2022, and down nine per cent compared with November 2021.

The region’s 672 reported sales mark a decline by 13 per cent from October 2022 and a decrease 42 per cent from November 2021.

Inventory was up slightly month over month, with approximately 3.2 months reported in November, compared with 3.1 months in October.

There were 1,248 new listings in November, down 21 per cent month over month and up nearly two per cent over the same period in 2021.

“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,” RAHB president Lou Piriano said in a release.

“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.”

The average price for a detached home in the RAHB market area in November was $888,025 with an apartment-style purchase around $590,773.