06/03/2024
May Inventories Reach New Highs, Sales Slow Down ๐ ๐
Hamilton, ON (June 1, 2024) โ The REALTORSยฎ Association of Hamilton-Burlington (RAHB) reported 1,032 sales in May, a significant 20% drop from last year and 31% below the long-term average for this month. Sales declined across all property types, leading to a 3% decrease in year-to-date sales.
New listings increased, pushing the sales-to-new-listings ratio down to 46% in May. The largest rise in new listings was for homes priced over $1,000,000. This dynamic caused a dramatic 56% jump in inventory levels compared to May last year, the highest since 2018.
โInventory is up across all price ranges, especially in higher-priced homes. High-interest rates are prompting more sellers to list in this bracket. However, these same rates and rising costs are making it harder for buyers, causing some to hold off,โ says Nicolas von Bredow, President of RAHB.
These changes have created the most balanced market conditions in over a decade, stabilizing home prices. In May, the unadjusted residential benchmark price was $868,300, up 1% from last month but nearly 1% lower than May last year.
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