Pace of price adjustment is showing signs of slowing
Hamilton, ON (December 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 672 sales of residential properties across the RAHB market area through the Multiple Listing Service® (MLS®) System in November 2022. The number of sales were down by 13 per cent from October 2022 and down by 42 per cent compared to November 2021. There were 1,248 new listings in November 2022, which was down 21 per cent from October 2022, and compared to November 2021, there was an increase in listings of nearly two per cent. The benchmark price* for residential properties across the RAHB market area was $830,900, down 0.7 per cent from October 2022, and down nine per cent compared to November 2021. There were 3.2 months of inventory** in November 2022, compared to 3.1 months in October 2022.
“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,” said Lou Piriano, RAHB President. “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. Overall, residential prices are still significantly above levels reported prior to the pandemic.”
Piriano adds, “Buyers and sellers should be aware that neighbourhoods can differ even amongst property types. One neighbourhood’s results could also be very different to the RAHB market area average, so using a local RAHB REALTOR® will help buyers and sellers make informed decisions and avoid confusion and disappointment.”
*The benchmark price is the estimated value of a “typical” home within a community.
**Months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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