NOVEMBER SUPPLY LEVELS 32 PER CENT HIGHER THAN TYPICAL LEVELS FOR THE MONTH
Hamilton, ON (Dec 1, 2023) –
The REALTORS® Association of Hamilton-Burlington (RAHB) reported declines in November sales, making it one of the weakest Novembers since 2010. Rising sales for apartment-style and semi-detached homes were insufficient to offset pullbacks in detached and row home sales. Year-to-date sales are down by 11 per cent over last year and are 30 per cent below the long-term trends.
New listings trended down over the last month; however, this is typical for this time of year. There were 1,384 new listings, which elevated supply levels higher than traditionally reported in November. Despite this, inventories trended down over the last month, but with 2,728 units available, supply levels are 23 per cent higher than last year and 32 per cent above long-term November trends.
“Persistently high lending rates are not only impacting demand but have also supported gains in new listings over the second half of the year. Consumers are generally seeking out homes in the lower-price ranges. However, much of the recent growth in new listings has been driven by higher-priced homes creating buyer market conditions in the upper end of the market,” says Nicolas von Bredow, President of RAHB.
Region-wide, months of supply has hovered above four months for the third consecutive month. Homes priced above $800,000 make up the majority of months of supply. Conditions are more balanced for lower-priced properties. Additional supply has weighed on home prices, which have eased compared to levels reported earlier this year. As of November, the unadjusted benchmark price was $805,700, nearly 3 per cent lower than last month and last year’s levels.