Hamilton-area home sales slip 38% in December from 2021, show shift back to balanced market

Realtors in the Hamilton area say inventory was up in December 2022, primarily in homes above $800,000, precipitating a shift to a 'relatively balanced' market.

Realtors in the Hamilton-Burlington area say a “pullback” by potential purchasers amid recent rising lending rates and previous price gains supported inventory growth across the region in December.

The Realtors Association of Hamilton-Burlington (RAHB) says the increase was double the monthly average for 2022 and primarily in homes above $800,000, precipitating a shift from an “extreme sellers’ market” to one “relatively balanced.”

However, overall inventory was nearly 20 per cent below long-term averages for the region in homes priced under $600,000.

“The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period,” RAHB president Lou Piriano explained in a release.

“2022 saw conditions start to shift back to a more balanced market.”

The RAHB says the average residential price of properties across the market area moved to $808,295 in December 2022, down about 13 per cent year over year and down about three per cent month over month.

The region’s 458 reported sales marked a decline of 37.8 per cent from December 2021.

Inventory was up slightly year over year, 3.9 per cent, presenting 584 new listings last month.