RAHB AREA HOME PRICES TREND UP LEADING INTO SPRING; SALES-TO-NEW LISTINGS RATIO CONTINUES TO RISE, SLOWING INVENTORY GAINS
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,102 sales and 1,566 new listings in April. This marks the first time since early 2022 that the sales-to-new listings ratio pushed above 70 per cent. The increase in sales placed a strain on the pace of inventory growth, causing supply levels to trend down compared to earlier in the year. There were 1.6 months of supply available in April, and while this is a marked increase over peak pandemic levels, it is significantly less than the over three months of supply reported throughout most of the latter half of 2022.
“The gains in lending rates impacted sales across the RAHB market area, but we also saw a shift come from existing homeowners who were also reluctant to sell their home,” says Nicolas von Bredow, RAHB President. “In April, new listings coming onto the market were much lower than levels traditionally seen at this time of year, keeping inventories relatively low in our market, and placing upward pressure on home prices.”
Low supply and increased sales are supporting an upward shift in prices in the region. In April, the unadjusted benchmark price reached $868,700, reflecting the fourth consecutive month prices have increased. Prices are still below the unprecedented highs seen during the peak in 2022, but provide some reassurance as to where prices will stabilize.
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BOARD & ASSOCIATION INFORMATION
Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 3,000 real estate brokers and sales representatives from Hamilton, Burlington and outlying areas. Members of the Association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics.
The Association operates the local Multiple Listing Service® (MLS®) System and provides ongoing professional education courses for its members. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.
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Nicolas von Bredow