05 Jul 2022
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Balanced market returns to RAHB area

July 5, 2022 | Comments Closed | , , , , , , , , , , , ,

Hamilton, ON (July 5, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 995 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in June 2022. Sales were down by 19.2 per cent from May 2022 and down by 37.8 per cent compared to June 2021. There were 2,543 new listings in June 2022, which was down 3.3 per cent from May 2022, and compared to June 2021, there was an increase in listings of 27.1 per cent. The average sale price for residential properties across the RAHB market area was $946,026, which was down five per cent from May 2022, and up nine per cent compared to June 2021. There were 2.6 months of inventory* in June 2022 compared to 1.7 months in May 2022.

“Similar to May, sales activity in June was below the five and ten-year historical averages. This was the experience for all dwelling types and sub-regions across the RAHB market area,” says RAHB President Lou Piriano. “In June, mortgage rates increased by 0.5 per cent, and as a result, some potential buyers have likely delayed their purchase because they may be taking a “wait and see” approach to the market or they can no longer qualify. The overall residential average sale price across the RAHB market area fell five per cent from May to $946,026, while the months of inventory climbed above the two-month mark for the first time in over two years. The increase in active listings signals a more balanced market where buyers have greater negotiation power and more options.” 

There were 689 sales of residential detached properties in the RAHB market area reported in June 2022, down 19.2 per cent from May 2022, and down 35.3 per cent compared to June 2021. There were 1,793 new residential-detached properties listed, a decrease of one per cent from May 2022, and a rise of 29.6 per cent compared to June 2021. The average sale price for detached properties across the RAHB market area was $1,054,851, down five per cent from May 2022, and an increase of 7.5 per cent compared to June 2021. The inventory of single-detached properties increased from 1.7 months in May 2022 to 2.6 months in June 2022.

“In June, the average sale price of residential detached properties across the RAHB market area decreased by five per cent from May; this represented the smallest average price decrease across all property types. However, in Burlington, the average price increased by nearly six per cent over May to $1,668,418,” says Piriano. 

There were 182 sales of townhomes reported in the RAHB market area in June 2022, which was down 23.8 per cent from May 2022, and a decrease of 40.5 per cent compared to June 2021. There were 434 new townhomes listed in June 2022, which decreased 9.8 per cent from May 2022, and increased 25.8 per cent over June 2021. The average sale price of townhomes across the RAHB market area was $775,511, down 5.1 per cent from May 2022, and up 8.4 per cent compared to June 2021. The inventory of townhomes was 2.2 months, up from 1.4 months in May 2022. 

“In June, townhomes experienced the greatest drop from May’s figures in both the number of sales and new listings over all other property categories. The average sale price of townhomes came in at $752,874 in Hamilton, $892,044 in Burlington, $663,750 in Haldimand County and $696,640 in Niagara North,” said Piriano. 

There were 114 sales of apartment-style properties in the RAHB market area in June 2022, which was down by 23.8 per cent from May 2022, and down 47.7 per cent compared to June 2021. There were 295 new apartment-style listings in June 2022, which remained unchanged from May 2022, and represents an increase of 13.9 per cent compared to June 2021. The average sale price in this property category was $582,798 in June 2022, a decrease of 12.9 per cent from May 2022, and an increase of 9.1 per cent compared to June 2021. The inventory of apartment-style properties increased from 1.9 months in May 2022 to 2.9 months in June 2022. 

“Overall, the average sale price of apartment style properties had the biggest hit in June from all other property types with nearly a 13 per cent drop over May. The number of sales in this property type also dipped by 20 per cent, while the number of new listings introduced to the market did not fluctuate from May. With these two factors combined, apartment-style properties continue to have the highest inventory levels,” says Piriano. “This property type continues to be attractive amongst buyers and investors with the most affordable price point and choice available.” 

Specific neighbourhoods within the overall RAHB market see results that often differ from the entire RAHB market area. Neighbourhoods vary and determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.

Piriano adds, “It’s never too early to talk to a member of the REALTORS® Association of Hamilton-Burlington about your real estate and investment goals. Whether you are buying or selling, RAHB REALTORS® have the best tools and systems to help you navigate the market.” 

**Average sale price can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local REALTOR®.

For more detailed statistical information about a specific RAHB geographic area, please contact Crystal Henderson at crystalh@rahb.ca.

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