The statistics provided in this report are based on information from the ITSO MLS® System. Multiple MLS® Systems operate within Ontario, and while none can be guaranteed to include every property listed or sold within a given area, they effectively illustrate market trends.
Home Sales Show Improvement for Third Consecutive Month Compared to Last Year
In September, 773 homes were sold across Hamilton, Burlington, Haldimand County, and Niagara North through the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This marks the third consecutive month with improved sales activity compared to the levels reported last year, however the sales recorded in September are 27 per cent below long-term trends, and on a year-to-date basis, they are still nearly 10 per cent lower than last year and 33 per cent below the 10-year average.
“September has brought some positive shifts in sales activity, but overall numbers still lag behind historical trends,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area. “While the increase in new listings and inventory is beneficial for buyers, it has created a substantial supply that is affecting pricing in some areas. Benchmark prices for the Hamilton-Burlington area are down over nine per cent from last year. However, many communities and neighbourhoods are performing better than the overall average. This highlights the importance of working with a local REALTOR® to navigate the local market effectively.”
The number of new listings surged this month. With 2,188 new listings and 773 sales, the sales-to-new listings ratio dropped to 35 per cent, causing further gains in inventory levels, which pushed the months of supply up to five months.
In September, the unadjusted benchmark price was $753,300, relatively similar to last month, but still over nine per cent lower than last year.
Crystal Henderson, Chief Stakeholder Officer
To learn more, visit CORNERSTONE ASSOCIATION OF REALTORS®
