Fewer homes sold in April in Burlington and Hamilton, but inventory on the rise
Published May 3, 2024 at 1:38 pm
Home sales were down last month in Burlington and Hamilton according to a report released today (May 3).
The Realtors Association of Hamilton-Burlington reported 1,041 sales in April, seven per cent fewer than in 2023 and well below long-term trends for the month of April.
Despite the pullback in sales over the past two months, year-to-date sales are comparable to those recorded in 2023.
Apartment home sales reported a modest decline compared to 2023, which was offset by rising sales for semi-detached and row-style units.
A promising sign for the market, however, saw new listings rise to 2,085 units in April. The sales-to-new listings ratio reduced to 50 per cent, driving further inventory gains. Inventory levels rose across all property types and price ranges.
While the gain in inventory levels is significant compared to 2023, it is important to note that inventory levels have been exceptionally low for most of the past decade.
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“Higher lending rates continue to weigh on potential purchasers, with some delaying any decision until later this year. At the same time, we continue to see new listings rise, providing more choice in the market and preventing any significant shifts in home prices,” said Nicolas von Bredow, president of the Realtors Association of Hamilton-Burlington.
The unadjusted benchmark price trended up over March, reaching $859,600 in April. Despite the monthly gains, prices were just over one percent lower than levels reported in April 2023. Prices trended up over the last month across all regions.
In Burlington, in April, there were 271 sales, down 5.6 per cent compared to last April, while listings rose 35.8 per cent.
“While sales remained below long-term trends across all areas in Burlington, on a year-to-date basis, sales improved across most areas. At the same time, inventory levels were also higher across all areas in the district compared to last April, causing the months of supply to rise over last year in most areas. This likely limited the pace of price growth compared to last month,” says the report.
“Nonetheless, prices in April were lower than levels reported in the previous year across nearly all areas.”
Hamilton saw a bigger drop in April, with 611 sales being down 8.8 per cent compared to last April. Again, listings were up, 32.7 per cent.
“Year-to-date sales activity has varied within the region, as higher sales in Hamilton East, Flamborough, Dundas, Ancaster, and Glanbrook offset pullbacks in other areas in the region,” said the report.
“However, the pullback in sales for Hamilton Centre and Hamilton West may be related to the supply of new listings, which did not see the same jump as other areas. Overall, the months of supply in April improved compared to last year across all areas in the Hamilton region. Months of supply range from under two months in Dundas to a high of nearly six months in Flamborough.”
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