MARKET CONDITIONS DIFFER WITHIN THE REGION
Hamilton, ON (February 1, 2024)–
The 608 sales are slightly higher than levels reported last year, as gains in detached and semi-detached sales offset the declines in apartment and row-style homes. Meanwhile, inventory levels slowed compared to those seen at the end of 2023 but are 11 per cent higher than those reported a year earlier.
The year-over-year gains in inventory was mostly offset by the gains in sales and the months of supply remained relatively stable compared to the previous year. Inventories are higher than reported in the past decade; however, they are more consistent with what was reported in the region before 2014.
“It is not a surprise that sales remained below long-term trends, given higher interest rates. And while inventory levels are also higher, they are still considered low when you look beyond the past decade that struggled with low inventory,” says Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
The benchmark price in January totalled $809,600 in the region, slightly higher than last month. While overall prices have not changed much, we have seen variations based on location and property types. The region’s relatively tighter market conditions in Hamilton and Burlington kept home prices stable. At the same time, higher months of supply in Haldimand and Niagara North contributed to modest declines in price.
