Hamilton-Burlington realtors say home sales off about 36% from July 2021

The Realtors Association of Hamilton-Burlington reported a drop of 35.6 per cent in overall sales activity in the region compared with 2021.

Realtors in the Hamilton-Burlington area say the cooling trend in the local residential home market continued in July with sales down year over year by about a third.

Last month, the Realtors Association of Hamilton-Burlington (RAHB) reported a drop of 35.6 per cent in overall sales activity in the region compared with 2021, with the city of Hamilton seeing a 39.8 per cent decline over the same period.

While sales were down, new listings in RAHB’s coverage area continued to grow, with 1,783 reported in July, up 18.6 per cent from July 2021.

Hamilton had about 117 per cent more active listings compared to a year ago, with 1,464 on the market this past July compared with the 674 available in the same month in 2021.

RAHB revealed the average sale price was down month over month 7.1 per cent to $878,816 in July.

Year over year, the price is up from July 2021 by about 3.9 per cent.

Hamilton proper’s average sale price is up two per cent year over year moving from $777, 604 to $793,062.

The sale of detached properties in the region was down 25.5 per cent from June 2022 and off 37.3 per cent compared with the same time last year, pointing to some apprehension last month for buyers to spend big.