Hamilton's housing market continues to face a shortage of listings even though the number of new listings has steadily increased over the summer months, according to the latest report from the local real estate association.
New listings increased by 8 per cent in August compared to the same time a year ago, according to a monthly report by the Realtors Association of Hamilton-Burlington (RAHB). But the association's president says there is still a gap between supply and demand.
"We are into a seller's market right now," RAHB president Bruce Moran told CBC News. "The shortage of listings makes it tougher for the buyer."
The report also shows that sales increased by more than 10 per cent in August compared to July and by 8.8 per cent compared to August 2012. Meanwhile, the average property sale price saw a 5-per-cent leap from last August to $383,561, but it's slightly down from the previous three months. The average days on market remained constant at 45 days for both condominiums and freehold properties.
Moran said, however, that trend watchers shouldn't jump to conclusions based on August numbers alone. He described August as "a funny month" that is largely influenced by weather and disrupted by vacations and holidays.
The fall season, starting on Labour Day, would give sellers and buyers a more accurate picture of the city's real estate market, he said.
Buyers from east of Hamilton — like those from Toronto, Mississauga and Oakville — continue to hold the city's strong real estate market. That's largely because the city offers a home for buyers of any budget, according to Moran.
"You could be down under $100,000. you could be up over a million dollars. We got pricing to accommodate most people," he said.