03/22/2024
Hamilton, ON (March 1, 2024)–
February sales reached 839 units, a modest gain compared to last year.While the leap year provided an additional day of activity, it did not impact Haldimand County, where sales activity slowed compared to the previous year. However, substantial gains were reported in Niagara North and Burlington, offsetting the pullbacks in Haldimand. Year-to-date sales are nine per cent higher than last but 16 per cent below long-term trends.
A total of 1,489 new units were listed in February, which is slightly higher than long-term trends. However, levels were nearly 23 per cent higher compared to last year. The sales-to-new listings ratio was 56 per cent, which helped boost inventory levels over the previous month. Inventory levels were nearly 18 per cent higher than last year. Supply improved across almost every price range in the total region.
“While supply gains may seem significant, it is important to remember that we have generally seen lower re-sale supply levels in our market for nearly a decade. At the same time, we are starting to see improvements in sales, keeping our market relatively balanced with over two months of supply and a sales-to-new listings ratio of 57 per cent,” says Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
In line with typical seasonal behaviour, the unadjusted benchmark price trended up over the previous month, reaching $835,900. Overall prices are relatively stable compared to levels reported at the start of last year.
