Hamilton real estate market seeing a ‘resilient spring’

The Hamilton housing market appears to be making a comeback, with April marking its busiest month of the year - so far.

The Realtors Association of Hamilton-Burlington (RAHB) reported Monday that in April, 644 homes sold in the city, which is around an 18 per cent drop from the same time last year.

However, it's an improvement of nearly 59 per cent from January, when 349 sold signs went up across Hamilton, as previously reported.

The average sale price of a home in the city hit $806,809 in April - which is around a 14 per cent drop from the same time last year, but up from the average price of $750,529 in January.

While the price gains have not been enough to offset earlier declines, it does provide some reassurance that declines have stopped and point to a resilient spring," read the report.

Last month, 930 homes hit the market in Steeltown, marking a nearly 37 per cent plunge from the same time last year, but when compared to January, it was a 33 per cent increase.

The city's inventory levels rose to 1,022 last month, marking a modest six per cent jump from the same time last year and increase of more than nine per cent from January.

While inventory levels are higher than ultralow levels seen during the pandemic, they remain over 20 per cent lower than what is traditionally available in the market in April," read the report.

A detached home in Hamilton stayed on the market for an average of 22 days last month, compared to 25 in March.

Semi-detached properties in the city saw the largest year-over-year sale price decrease, falling by more than 25 per cent to $640,421, while detached homes saw their prices drop by more than 13 per cent to $901,044.

More than 150 homes were sold on the Hamilton Mountain, 96 were sold in Stoney Creek and 81 were sold in central Hamilton. Flamborough saw the slowest month for sales, with just 16 transactions - marking a nearly 45 per cent decrease from last April.

Dundas experienced the least amount of new listings with 27 properties hitting the market last month, while Hamilton Centre saw 195 homes listed for sale.

Fallon Hewitt is a reporter at The Spectator. fhewitt@thespec.com