Hamilton, ON (August 3, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 811 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in July 2022. Sales were down by 18.5 per cent from June 2022 and down by 35.6 per cent compared to July 2021. There were 1,783 new listings in July 2022, which was down 29.9 per cent from June 2022, and compared to July 2021, there was an increase in listings of 18.6 per cent. The average sale price for residential properties across the RAHB market area was $878,816, which was down 7.1 per cent from June 2022, and up 3.9 per cent compared to July 2021. There were 3.1 months of inventory* in July 2022 compared to 2.6 months in June 2022.
“Unlike June’s figures, there are a number of anomalies in our July 2022 market report,” says RAHB President Lou Piriano. “While residential sales and new listings were down overall compared to June 2022, the average sale prices across the RAHB market area were down from June 2022, except in the apartment-style property category. Looking at individual markets, Niagara North experienced double-digit per cent growth of average sale prices in all property categories with the exception of the townhome segment, and Burlington saw a 14.2 per cent increase in average sale price in the apartment-style segment over June 2022. The July 2022 market statistics highlights the importance of consumers using a RAHB REALTOR® to help them navigate the intricacies of each local market.”
There were 513 sales of residential detached properties in the RAHB market area reported in July 2022, down 25.5 per cent from June 2022, and down 37.3 per cent compared to July 2021. There were 1,146 new detached properties listed, a decrease of 36.1 per cent from June 2022, and an increase of 19.9 per cent compared to July 2021. The average sale price for detached properties across the RAHB market area was $985,363, down 6.6 per cent from June 2022, and up 4.4 per cent compared to July 2021. The inventory of detached properties increased from 2.6 months in June 2022 to 3.2 months in July 2022.
“July saw the first dip below the $1,000,000 mark since October 2021 in the average sale price of detached properties across the RAHB market area. While that represented an overall decrease of 6.6 per cent from June 2022 to $985,363, average sale prices of detached properties are still up by nearly five per cent compared to the same period in 2021,” says Piriano. “Not all markets are reacting the same way though – the area of Niagara North witnessed an increase of 13.3 per cent from June 2022 to $912,751, so all the pieces of the puzzle need to be considered in order to get a complete picture,” continued Piriano.
There were 159 sales of townhomes reported in the RAHB market area in July 2022, which was down 12.6 per cent from June 2022, and down 28.7 per cent compared to July 2021. There were 311 new townhomes listed in July 2022, which decreased 28.3 per cent from June 2022, and increased 13.1 per cent over July 2021. The average sale price of townhomes across the RAHB market area was $751,397, down 3.1 per cent from June 2022, and up 2.1 per cent compared to July 2021. The inventory of townhomes was 2.4 months, up from 2.2 months in June 2022.
“In July, the townhome property category had the least fluctuation in number of sales across the RAHB market area, dropping to 159 sales in July compared to 182 sales in June 2022. The average sale price of townhomes came in at $721,654 in Hamilton, $825,071 in Burlington, $600,700 in Haldimand County and $694,853 in Niagara North,” said Piriano. “With a 28.3 per cent drop in new listings, the townhome segment also finished off July 2022 with the lowest inventory levels compared to other property categories which may contribute to tighter competition in this market.”
There were 96 sales of apartment-style properties in the RAHB market area in July 2022, which was down by 15.8 per cent from June 2022, and down 39.2 per cent compared to July 2021. There were 223 new apartment-style listings in July 2022, which was down 24.4 per cent from June 2022, and an increase of 10.4 per cent compared to July 2021. The average sale price in this property category was $598,852 in July 2022, an increase of 2.8 per cent from June 2022, and an increase of 14.9 per cent compared to July 2021. The inventory of apartment-style properties increased from 2.9 months in June 2022 to 3.6 months in July 2022.
“Apartment-style properties finished the month off with the highest inventory levels compared to other property types which means there is more choice and negotiation power for buyers and investors,” says Piriano. “This segment posted the only increase in average sale price since June 2022 and this segment was also up 14.9 per cent compared to the same period in 2021.”
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.”
*Months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
**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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