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Hamilton, Burlington home listings hit lowest level in 15 years

Posted: March 7, 2018

By Kelly Bennett, CBC News

Fewer homes were listed for sale last month than any February in 15 years, the realtors board said. (Mark Blinch/Reuters)

The number of homes put up for sale last month was the lowest number of listings for any February in 15 years, the local realtors board said.

Sales were down, too.

There were 779 homes sold in February, which was 40 per cent fewer than the same month last year, and more than 25 per cent lower than the February sales average over the last decade, according to data released by the Realtors Association of Hamilton-Burlington.

Prices were still up compared to the same month last year, but down compared to the peak reached last spring.

The overall median price for homes sold in Hamilton and Burlington was $480,000, up 1.9 per cent from February 2017.

But compared to last April, when prices peaked before provincial cooling measures were announced, the median price in February was down 10.3 per cent.

In February, detached homes sold for a median price – $523,500 – that was 2.7 per cent higher than the same month last year. The median price for condos was up 4.5 per cent year-over-year to $375,000.

Realtors association CEO George O’Neill cautioned that February 2017 was a “remarkably active month” and so this February was bound to pale at least somewhat in comparison.

Detached homes took an average of 37 days on the market to sell, up from 22 days for February last year. And condos were on the market for an average of 34 days, compared to 21 days last year.

Hamilton and Burlington breakdown

The median price for homes sold in Hamilton only was $466,499, up 4.8 per cent from the same month last year.

Meanwhile, prices were down in Burlington. The median price of $660,000 for homes sold in February was 8 per cent lower than February 2017.

Hamilton’s median price was down 8.5 per cent from last April, when prices hit a peak. And Burlington median price has fallen 11.4 per cent from that city’s peak last May.