Hamilton home sales in September lowest in a decade, RAHB says

September saw the decade's lowest number of home sales in the Hamilton-Burlington region, while the supply of houses returned to pre-pandemic levels.

Sales of residential homes in Hamilton dipped 41.3 per cent this month, compared to September 2021, a Realtors Association of Hamilton and Burlington report showed, noting the total was the lowest in the month of September since 2010.

Lou Pririano, president of the Realtors Association of Hamilton and Burlington, cited significant gains in lending rates" as the reason for shifts in demand and supply in the housing market.

He said high interest rates impacting affordability and concern regarding a housing correction has dampened consumer confidence."

This is contributing to the decline in sales seen throughout our market," Pririano said in a release on Wednesday.

In September, only 425 homes were sold in Hamilton, compared to 1,226 houses sold in September 2021.

The adjustment in both supply and demand last month has shifted the market out of the extreme seller's market condition" that persisted during the pandemic years and into the first quarter of this year, Pririano said.

Last month, there were 1,056 total listings - a 10 per cent increase year-over-year - while an average property listing stayed for about 27.7 days, which is also higher than last September's average.

Meanwhile, the supply of detached homes priced below $600,000 remain exceptionally low," likely creating differing price trends" for lower-priced homes in the city, the report said.

Detached homes, townhouses and semi-detached homes saw their average selling price dip close to five per cent in September compared to 2021, while the average price of apartment-style homes was higher than this time last year.

Sales for apartment-style homes fell by 62.3 per cent year-over-year, as the prices increased slightly to an average of $494,945.

Waterdown and Dundas have witnessed the lowest price adjustments throughout the year, where the average price of a house is over $1 million.

Flamborough remains the most expensive part of Hamilton, with an average house costing $1.35 million in September, while east Hamilton was the most affordable, averaging to $631,867 for a home.

Piriano said with just over three months of supply, our market has not entirely shifted to favour the buyer, but it has cooled some of the consumer behaviour that contributed to last year's price gain that pushed above 33 per cent."

Ritika Dubey is a reporter at The Spectator. rdubey@thespec.com