March sales hit 996 units, almost 6% down from last year, but it didn't wipe out the gains from the first two months of 2024. Still, first-quarter sales didn't reach the usual yearly trends.
New listings are up, keeping the sales-to-new listings ratio under 60%, leading to more inventory. Inventory jumped 28% from last March, although last year's levels were super low.
Inventory ended March with about two months' supply, better than last year but not as high as the four months at 2023's end.
Burlington's market is the tightest, with under two months of supply. Haldimand has the best supply-demand balance, nearing four months.
The benchmark price in March went up to $850,500, about 2% higher than last March. Prices rose across the RAHB market, with Haldimand and Hamilton seeing the biggest jumps. Prices haven't topped the 2022 peak but are way above pre-pandemic levels.
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*Data includes detached homes, semi detached homes, town homes, apartments, and mobile homes.
The content provided is informational and should not be considered as financial or legal advice. It is not a substitute for seeking professional guidance from qualified financial or legal experts.
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