Realtors in the Hamilton-Burlington area say the cooling trend in the local residential market continued in July with sales down about a third year over year.
Last month, the Hamilton-Burlington Association of Realtors (RAHB) reported a 35.6% drop in overall sales activity in the region compared to 2021, and the city of Hamilton saw a 39.8% drop over the same period.
While sales were down, new listings in RAHB’s coverage area continued to grow, with 1,783 reported in July, up 18.6 percent from July 2021.
Read more: Toronto-area home sales down 47% from last July, down 24% from June: Real Estate Board
Hamilton had roughly 117 percent more active listings compared to a year ago, with 1,464 on the market last July compared to 674 available in the same month in 2021.
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RAHB revealed the average sales price fell 7.1% month-on-month to $878,816 in July.
Year-over-year, the price is up about 3.9 percent from July 2021.
The average sales price in Hamilton itself has increased two percent year over year from $777,604 to $793,062.
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Single-family home sales in the region fell 25.5 percent from June 2022 and 37.3 percent from the same time last year, indicating some apprehension last month for shoppers to spend a lot.
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“July saw the first drop below the $1,000,000 mark since October 2021 in the median sales price of single-family properties in the RAHB market area,” said President Lou Piriano .
“While this represented an overall decrease of 6.6 percent from June 2022 to $985,363, median sales prices for single-family properties are still up nearly five percent compared to the same period in 2021” .
A single-family home in Hamilton was worth just one per cent more year-over-year, registering at a median price of $861,194.
Month-over-month, that price was down nine percent from the average of $949,730 reported in June.
Association of Realtors says Hamilton-area homes costing more than $1 million are in Flamborough, Ancaster and Waterdown as of July 2022 Burlington median price rises again year-over-year year from about $1.04 million to $1.14 million.
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Burlington continues to have the highest single-family home cost in the region at just over $1.4 million, a four percent jump year over year.
Apartment-style residences in Hamilton are up about 11% year-over-year to $524,611 compared to the July 2021 median of $471,931.
Month-over-month, the median apartment dropped in value by about 1% from June’s median price of $529,014.
The average apartment-style unit is up 14 percent month-over-month in Burlington to $716,303 last July, up 28 percent from the same period last year.
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On the supply side, Piriano says condo-style properties ended July with the highest inventory levels compared to other property types, pointing to more choice and bargaining power for buyers .
“This segment posted the only increase in median sales price since June 2022 and … also increased 14.9 percent compared to the same period in 2021,” Piriano said.
Flamborough continued to have the highest average price for a home in Hamilton proper, clocking in at about $1.3 million.
The value of the area is up for the average home year-on-year, by 4%, but down month-on-month, down 6%.
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The lowest median prices are in Hamilton Centre, where a home was about $596,425 at the end of July, down six per cent month-on-month and up six per cent year-over-year.
Piriano says the Niagara region has recently become a “hot spot” with an average price increase of 13.3 percent over June, an 18 percent increase for single-family homes and 17 percent for condos.
“I guess if I was in the Niagara Region as a vendor, I’d be very happy,” Piriano commented.
“But as a buyer, there are opportunities elsewhere.”
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