Home Trends From John Baier

JOHN BAIER

BALANCEDMARKET RETURNS TO RAHB AREA

ANCASTER

HAMILTON

BURLINGTON

AVG. SALE PRICE All Residential $1,399,799

AVG. SALE PRICE Single Family Dwelling $949,730

AVG. SALE PRICE Single Family Dwelling $350,013

NUMBER OF SALES All Residential 52

NUMBER OF SALES All Residential 626

NUMBER OF SALES All Residential 198

Hamilton, July 5, 2022 - The REALTORS® Association of Hamilton-Burlington (RAHB) reported 995 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in June 2022. Sales were down by 19.2 per cent fromMay 2022 and down by 37.8 per cent compared to June 2021. There were 2,543 new listings in June 2022, which was down 3.3 per cent fromMay 2022, and compared to June 2021, there was an increase in listings of 27.1 per cent. The average sale price for residential properties across the RAHB market area was $946,026, which was down five per cent fromMay 2022, and up nine per cent compared to June 2021. There were 2.6 months of inventory* in June 2022 compared to 1.7 months in May 2022. “Similar to May, sales activity in June was below the five and ten-year historical averages. This was the experience for all dwelling types and sub-regions across the RAHB market area,” says RAHB President Lou Piriano. “In June, mortgage rates increased by 0.5 per cent, and as a result, some potential buyers have likely delayed their purchase because they may be taking a “wait and see” approach to the market or they can no longer qualify. The overall residential average sale price across the RAHB market area fell five per cent from May to $946,026, while the months of inventory climbed above the two-month mark for the first time in over two years. The increase in active listings signals a more balanced market where buyers have greater negotiation power and more options.” Source: REALTORS® Association of Hamilton-Burlington | Market values stated are of the average of Hamilton-Burlington and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home. *Hamilton includes: HamiltonWest, Hamilton East, Hamilton Centre, Hamilton Mountain, Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook

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