Home sales in Hamilton slowed in April after three months of steady growth, new data shows.
The Realtors Association of Hamilton-Burlington (RAHB) recently reported that house sales in the city slumped to 611 last month — a drop off nearly nine per cent from last April.
And so far this year, 2,156 homes have sold in the city, representing an increase of less than one per cent over the same four-month period last year.
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“Higher lending rates continue to weigh on potential purchasers, with some delaying any decision until later this year,” said RHAB president Nicolas von Bredow, in a press release.
“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,” von Bredow added.
While sales fell, new listings in the city soared last month, with 1,257 homes hitting the market — a surge of almost 33 per cent compared to April 2023.
The city’s inventory levels also grew to 1,567 last month — a 46 per cent jump year-over-year. That’s more than two and half months’ worth of supply.
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Last month represented the highest reported supply for April since 2020, according to the report. Supply, which is a measure of how long it would take to sell all the homes on the market in a given month, was up 60 per cent over April 2023.
The average home price in the city in April was $818,381, representing a slight drop from March and a one per cent increase over the same time last year.
And the average home in Hamilton had been on the market for nearly 27 days in April, nearly the same amount of time as in March.
By the numbers
Home sales fell in several areas around the city, with Glanbrook seeing its sales plunge by more than 17 per cent compared to last April. Meanwhile, Flamborough had roughly 17 per cent more sales year-over-year.
Hamilton Mountain was the most popular place to buy, with 142 homes sold, followed by Stoney Creek with 94 and Hamilton East with 61.
The most expensive area of the city to buy was Flamborough, with the average property selling at roughly $1.35 million, while the least expensive spot to purchase a home was Hamilton Centre, with an average sale price around $570,000.
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Homes in the $600,000 to $799,999 range represented a majority of sales for the city in April.
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