Housing sales dropped 17% in November, realtor's association reports
'Apartment-style' property sales rose 3.1% compared to November of last year, organization says
Housing sales in Hamilton and Burlington dropped 17 per cent compared to the same month last year, according to the newest figured from the Realtor's Association of Hamilton-Burlington (RAHB).
The association says that year to date, sales are 17.4 per cent lower than last year at the same time.
"The numbers this month point to a seller's market; however, this number represents our entire market area that covers Hamilton, Burlington, Haldimand and Niagara North, and may not be indicative for each individual area," said RAHB CEO George O'Neill, in a statement.
"Each area is different and distinct, that's why it's best to talk to a local realtor, as they know the neighbourhood trends."
According to Canada Mortgage and Housing Corporation Senior Market Analyst Anthony Passarelli, the housing market has cooled both for sales and prices, but pockets of the city are still surging with high demand.
Houses around the Gage Park and St. Clair areas outperformed both on price and number of sales compared to the rest of Hamilton in 2018, Passarelli said last week at the Hamilton-Burlington market economic outlook for 2019 breakfast.
Gibson/Stipley, Crown Point and the North Sherman areas are all spots where price is outperforming the rest of the city, he said. It was a similar story in the McQuesten, Parkview and Homeside neighbourhoods.
It was the opposite on parts of the Mountain, Passarelli said. The Mountview, Westcliffe and Buchanan areas all saw sales underperform, while the nearby Centremount, Inch Park and Eastmount areas underperformed on price.
Some parts of West Hamilton, Passarelli said, saw some areas outperforming on sales, but underperforming on prices. "It's because there's so much inventory in that area relative to the number of sales," he said.
Meanwhile, Ancaster generally underperformed on price, while Dundas and Waterdown were fairly neutral, he said.
According to the RAHB's latest numbers, the number of sales for single family properties within the region fell by 17.5 per cent compared to the same month last year, while the average sale price increased by 5.2 per cent.
Townhouse sale activity also dropped from 2017, but the average townhouse sale price rose by 5.6 per cent.
Condominium sales rose 3.1 per cent compared to November of last year, but their average sale price dropped by 1.6 per cent compared to last November.
All "major areas" within Hamilton and Burlington saw an increase in overall average sale price, the RAHB says.
"November and December are typically slower months in real estate, which is why there is a decrease in the number of new listings for this month," O'Neill said in a statement.
"With the decrease in new listings from the same time last year, combined with increases in average sale price for detached homes and townhouses, it will be interesting to see what the market will do for the remainder of year and leading into 2019."