Hamilton-area housing market saw ‘seasonal’ dip in sales and listings in August: RAHB
The Hamilton-Burlington housing market saw a slight dip in sales in August, as well as a sharp decrease" in townhome listings, according to the regional realtor association.
A little over 1,200 homes were sold last month, marking a five per cent decrease in sales from July as well as last August.
When compared to July, the number of sales of detached homes saw a decrease of 10 per cent, while those of townhouses dipped by four per cent. Apartment-style properties, however, saw a small increase of four per cent in their sales.
New listings also dipped down 15 per cent compared to the same time last year, according to the latest figures released by the Realtors Association of Hamilton-Burlington (RAHB).
In a news release, RAHB president Donna Bacher said the numbers match the typical seasonal trends" of the summer, where there are normally fewer" new listings and sales.
But the inventory of the housing market is still facing critical low levels," she noted.
We definitely need more supply on the market," said Bacher.
New listings for residential properties were down in nearly every category in August, according to the association.
Listings for detached properties saw a dip of seven per cent, while the number of active listings fell by 10 per cent compared to July.
Bacher said the most worrying" trend was in the townhouse sector, which is facing the region's lowest level" of inventory. The number of new listings for townhomes was down 20 per cent in August and active listings saw a sharp decrease" of 35 per cent when compared to July, she added.
Apartment-style property listings also fell by 10 per cent when compared to July. But, Bacher said they showed better inventory levels than any of the other property types" despite being below normal levels.
As for house prices, the average price for a home in the region was $839,881 last month, a more than 20 per cent increase from the same time last year.
In Hamilton, a detached home sat on the market for an average of 17 days in August compared to 26 days the same time last year. Semi-detached, townhouses and row houses sat on the market for 13 days last month, compared to 16 in August 2020.
Fallon Hewitt is a Hamilton-based reporter at The Spectator. Reach her via email: fhewitt@thespec.com