April housing market saw slow sales activity: Realtors Association

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The latest update from the Realtors Association of Hamilton-Burlington (RAHB) says that sales activity is slow, while new listings rise and prices continue to trend slightly upwards.

The report notes that the region, which includes Hamilton, Burlington, Haldimand County, and Niagara North, saw 1,041 sales in April.

April sales were nearly seven per cent fewer than in 2023 and “well below long-term trends for the month of April.”

The decline in April sales follows March where sales were nearly six per cent lower than in 2023.

However, year-to-date sales are reportedly still comparable to 2023 due to the significant gains in sales in January and February of this year.

Similar to March, inventory levels continue to trend upwards due to slower sales and a higher number of new listings.

Nicolas von Bredow, President of RAHB, explains, “Higher lending rates continue to weigh on potential purchasers, with some delaying any decision until later this year. At the same time, we continue to see new listings rise, providing more choice in the market and preventing any significant shifts in home prices.”

In regards to the City of Hamilton in particular, there were 611 sales in April which is a nine per cent decline from April 2023.

There were also 1,257 new listings (up 32.7 per cent year over year), inventory stands at 1,567 units (up 45.9 per cent), there are now 2.6 months of supply (up 60.0 per cent), and listings spend an average of 26.8 days on the market (up 15.3 per cent).

RAHB says that there are 2.6 months of supply which is the highest reported for the month of April since 2020. 

The average listing currently spends an average of 26.8 days on the market, which is also up.

The unadjusted benchmark price in Hamilton in April was $794,400, up from $788,300 in March, but over one per cent lower than April 2023.

Benchmark prices in Hamilton based on housing type are $853,900 for a detached home, $760,800 for semi-detached, $664,200 for a row house, and $464,200 for an apartment.

All prices have decreased year over year, but have increased since last month.

Detached – $853,900 (-1.0 per cent compared to April 2023)

Semi-detached – $760,800 (-1.0 per cent)

Row – $664,200 (+0.0 per cent)

Apartment – $464,200 (-3.0 per cent)

Sales numbers and prices also vary considerably across the different areas within Hamilton.

For April 2024, the median price for the homes listed within each area of Hamilton, from most affordable to least affordable were as follows:

Hamilton Centre – $552,000

Hamilton East – $620,000

Hamilton West – $646,800

Stoney Creek – $751,500

Hamilton Mountain – $762,500

Glanbrook – $762,500

Dundas – $977,000

Waterdown – $1,005,000

Ancaster – $1,015,000

Flamborough – $1,275,000

So far this year sales activity is highest in Hamilton East, Flamborough, Dundas, Ancaster, and Glanbrook.

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