Hamilton home listings hit 10-month low in November
New home listings in Hamilton hit a 10-month low in November as potent demand and meagre supply kept sale prices sky high.
The 810 fresh property listings posted last month are the fewest the city has seen since January, when there was 611, according to figures released Thursday by the Realtors Association of Hamilton-Burlington (RAHB).
The dip in November is part of a broader trend that's sent home prices soaring in recent months: new listings haven't eclipsed the 1,000 mark since June, while average sale prices have jumped more than $55,000 during that period.
This month we experienced fewer properties changing hands and fever listings coming to the market overall, which is not unusual as we move closer to the end of the year," RAHB president Donna Bacher said in a release.
We have also never seen inventory this low as the level of active listings and months of inventory available continue to fall."
With fewer listings come higher prices and tighter buying periods.
After a record-setting October that saw the average Hamilton home sell for $864,474, November experienced a slight drop of three per cent in sale price. Still, its monthly average of $835,640 far outpaces November 2020 by 28 per cent.
Hamilton neighbourhoods with the highest average priced homes in November were Ancaster at $1.2 million and Waterdown and Flamborough each at $1.1 million.
All property styles increased in average sale price in November, but townhomes underwent the most pointed growth, jumping nearly $200,000 relative to the same month last year.
The average sale price of townhomes spiked to a new record in November 2021 coming in just shy of $800,000," said Bacher, noting the property category only had 53 active listing across the RAHB market, which includes Haldimand County and Niagara North, by the end of the month.
Local properties lasted an average of 13.5 days during the last month, the same as October but a decrease from 16.8 in September. Meanwhile, listings in Haldimand lasted an average of 27.4 days and in Niagara North 23.9 days.
Sebastian Bron is a Hamilton-based reporter at The Spectator. Reach him via email: sbron@thespec.com