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Bay area House sales down from 2021, prices drop slightly

Bay area House sales down from 2021, prices drop slightly

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 906 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in August 2022. The number of sales were up by 11.7 per cent from July 2022 and down by 24.2 per cent compared to August 2021. There were 1,641 new listings in August 2022, which was down 8 per cent from July 2022, and compared to August 2021, there was an increase in listings of 20 per cent. The average sale price for residential properties across the RAHB market area was $858,405, down 2.3 per cent from July 2022, and up 2 per cent compared to August 2021. There were 2.6 months of inventory* in August 2022 compared to 3.1 months in July 2022.

“RAHB witnessed a rare occurrence for August 2022 as the number of sales increased and the number of new listings to market dropped from July 2022. As this is not a typical pattern for August, this may suggest that sales activity may have bottomed out in July,” says RAHB President Lou Piriano. “Meanwhile, RAHB is again seeing certain areas and property categories performing better than others. For example, Haldimand County experienced an overall residential average sale price increase of 3.9 per cent, and the townhouse segment in Burlington saw an average sale price bump of 5.6 per cent. With these variations in mind, contacting a RAHB REALTOR® before you buy or sell remains a key element to help you navigate the local market.”

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