Hamilton-Burlington December home sales down as prices level off

Housing prices in Hamilton stayed cool last month compared to a sizzling peak back in the spring, but are still up from the same time period last year, according to new numbers from the Hamilton-Burlington realtors association.

The median price of all houses and condos sold across Hamilton and Burlington was $460,000 last month, which was the same as November.

That number was up 1.6 per cent from October and up 13 per cent from December of 2016.

The median price is a point at which half of the homes sold for higher prices, and half sold for lower. It's less susceptible to being skewed by extremely expensive or inexpensive sales.

The overall November/Decembermedian price was still down 14 per cent from a peak reached in April before the provincial government stepped in with attempts to cool the Greater Golden Horseshoe housing markets.

Fewer sales year over year

For a second consecutive month, fewer homes sold last month than did at the same time a year ago. Sales were down 15.7 per cent in December.compared to December 2016.

Across the region, homes are taking longer to sell. Sellers of detached houses spent an average of 41 days waiting for a successful offer, up from 30 days a year ago.

Condo sellers had to wait an average of 39 days, compared to 17 days on the market in December of 2016 a 129 per cent increase.

The CEO of the Realtors Association of Hamilton-Burlington said that he was expecting softer sales in December.

"December is traditionally the slowest month for listings and one of the slower months for sales," said RAHB CEO George O'Neill, in a statement. He said, despite the numbers, that he considered the month a good one.

"We saw record sales for the month of December in 2016, so it's no surprise that this December's numbers were lower."