Hamilton-Burlington real estate agents say home sales are down about 36% as of July 2021 – Hamilton

Real estate agents in the Hamilton-Burlington area say the slowing trend in the local housing market continued in July, with sales down about a third year-on-year.

Last month, the Realtors Association of Hamilton-Burlington (RAHB) reported a 35.6 percent drop in total sales activity in the region compared to 2021, with the city of Hamilton reporting a 39.8 percent drop over the same period.

While sales fell, new registrations in RAHB’s coverage area continued to increase, with 1,783 reported in July, an increase of 18.6 percent from July 2021.

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Hamilton had about 117 percent more active listings year-over-year, with 1,464 on the market last July compared to 674 in the same month of 2021.

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RAHB announced that its July median selling price fell 7.1 percent month-on-month to $878,816.

Year-on-year, the price will increase by around 3.9 percent from July 2021.

Hamilton Proper’s median selling price increased two percent year-on-year, moving from $777,604 to $793,062.

Single-family home sales in the region fell 25.5 percent from June 2022 and 37.3 percent from the same period last year, suggesting some concern buyers could be making big spends over the past month.

“In July, the median selling price of single-family homes in the RAHB market area fell below the $1,000,000 mark for the first time since October 2021,” said President Lou Piriano.

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“While this represented an overall decrease of 6.6 percent from June 2022 to $985,363, average single-family home sales prices are still up almost five percent compared to the same period in 2021.”

A single-family home in Hamilton was worth just 1 percent year over year, averaging $861,194.

Month-over-month, this price fell nine percent from the average of $949,730 reported in June.

The Estate Agents Association says there are homes in Flamborough, Ancaster and Waterdown in July 2022 that cost more than $1 million in the Hamilton area.

Burlington continues to have the highest cost for single-family homes in the region at just over $1.4 million, up four percent from last year.

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Apartment-style residences in Hamilton are up approximately 11 percent year-on-year to $524,611 compared to the average of $471,931 in July 2021.

Month-over-month, the median home slipped about one percent from the June median price of $529,014.

The average apartment-style unit in Burlington is up 14 percent month-on-month to cost $716,303 this past July, up 28 percent from the same period last year.

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In terms of supply, Piriano says apartment-style properties closed July with the highest inventory levels compared to other property types, indicating more choice and bargaining power for buyers.

“This segment saw the only increase in average selling price since June 2022 and … was also up 14.9 percent compared to the same period in 2021,” Piriano said.

Flamborough continued to have the highest median price for a home in Hamilton, at around $1.3 million.

Value in the area for the average home has risen four percent year over year but has fallen six percent month over month.

The lowest average prices are in Hamilton Centre, where a home cost around US$596,425 at the end of July – down 6% month-on-month and up 6% year-on-year.

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https://globalnews.ca/news/9035242/hamilton-burlington-home-sales-july-2022/ Hamilton-Burlington real estate agents say home sales are down about 36% as of July 2021 – Hamilton

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