SIGNS OF A BALANCED MARKET RETURNING TO RAHB AREA

Tuesday, May 3, 2022
SIGNS OF A BALANCED MARKET RETURNING TO RAHB AREA
Hamilton, ON (May 3, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,298 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in April 2022. Sales were down by 20.7 per cent month over month, and down by 31.3 per cent compared to April 2021. There were 2,451 new listings in April, which was down 3.6 per cent month over month, and compared to April 2021, there was a decrease of 7 per cent. The average sale price for residential properties across the RAHB market area was $1,013,081, which was down 5.6 per cent over the previous month, and up 18.2 per cent compared to April 2021. The inventory of listings increased to 1.2 months of inventory in April compared to 0.7 months in March.
 
“With the exception of last year, new listings coming to market exceed that of every other April for the last ten years. With the increase in inventory, buyers are finally experiencing more choices in the market. While inventory is still below the norm, we finally see signs of a more balanced market as the number of active listings increases,” says RAHB President Lou Piriano. “The rise in interest rates has likely attributed to a decrease in the number of sales month over month in every residential property category across the RAHB market area. While average prices remain strong, and still above the $1 million mark, we did experience another dip for the second month in a row.”



There were 867 sales of residential detached properties in the RAHB market area reported in April, down 21.3 per cent month over month, and down 32.1 per cent compared to April 2021. There were 1,676 new residential-detached properties listed, which is a decrease of 0.2 per cent month over month, and a decrease of 7.5 per cent compared to April 2021. The average sale price for detached properties across the RAHB market area was $1,135,779, down 4.3 per cent month over month, and an increase of 18.9 per cent compared to April 2021. The inventory of single-detached properties increased from 0.7 months to 1.3 months.
 
“In April, detached properties had the smallest decrease in average sale price month over month than any other property category, coming in at an average price of $1,135,779 across the RAHB market area. With the number of sales down month over month, we also experienced the greatest increase in active listings with 1.3 months of inventory available at the end of the month,” says Piraino.


There were 184 sales of apartment-style properties in the RAHB market area in April, which was down by 10.7 per cent month over month, and down 15.6 per cent compared to April 2021. There were 284 new apartment-style listings in April, which decreased 11.8 per cent month over month, and decreased 6.3 per cent compared to April 2021. The average sale price in this property category was $647,411 in April, a decrease of 6.5 per cent month over month, and an increase of 20.3 per cent compared to April 2021. The inventory of apartment-style properties increased from 0.9 months to 1.1 months.
 

“Apartment-style properties experienced the greatest decrease in new listings month over month, and the lowest increase in inventory over detached and townhome properties,” says Piriano. “While apartment-style properties continue to appeal to buyers due to the attractive price point, there is currently less choice in this property category.”


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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