Real Estate Expert Tips and Advice - Articles by Judy Marsales

Hamilton Real Estate Statistics for April 2023

The REALTORS® Association of Hamilton-Burlington (RAHB), released their April 2023 real estate statistics in a detailed report. According to RAHB, there were a total of 1,102 sales of residential properties within the entire RAHB real estate market area. There were a total of 1,566 new listings in April 2023.

“This marks the first time since early 2022 that the sales-to-new listings ratio pushed above 70 per cent. The increase in sales placed a strain on the pace of inventory growth, causing supply levels to trend down compared to earlier in the year.”

In this blog post, we’ll review the real estate statistics as they relate to Hamilton real estate market and surrounding areas for April 2023. You’ll notice that there are various charts and graphs that illustrate the real estate trends and see how they compared year-over-year. These help us to better understand the real estate statistics. 

Hamilton Real Estate Statistics 

It was reported by RAHB that there were a total of 644 sales of residential properties within the Hamilton real estate market. That makes this an 18.2 per cent decrease when compared to the previous year. There was also a decrease in the number of new listings with a total of 930 reported in April 2023, with a 36.6 per cent decrease. 

The sales-to-new listing ratio had an increase of 69 per cent which in turn helped to keep the inventory levels stable, there were a total of 1,022 units in April 2023. However, inventory remained 20 per cent lower than what we would usually expect in April. RAHB reported that the average price of a residential property was $806,809, this was a decrease of 14.3 per cent year-over-year. 

“In April the unadjusted benchmark price reached $803,000, which is a significant improvement over January when the benchmark price sat at $754,000. While prices are nearly 16 per cent lower than the high levels seen last year, they are still much higher than pre-pandemic prices.”

Regional Summary for April 2023

The above chart, Regional Summary, allows us to see what each area within the Hamilton real estate market is doing. We’re able to see how many sales were recorded, the average price of a residential property was and how many new listings there were. The chart also allows us to see whether these numbers have increased or decreased and compare them to the previous year. 

The area that had the greatest number of sales was Hamilton Mountain, with a total of 152 sales. This was a decrease of only 16.9 per cent compared to the previous year. There were a total of 195 new listings, which was a decrease of 44.3 per cent compared to the same time last year. When it came to the average price of a residential property, it was reported that it was $782,286 in April 2023. This was a decrease of 11.4 per cent compared to the previous year. 

Stoney Creek reported the second highest number of residential property sales in April 2023, with a total of 96. This was a decrease of 22 per cent compared to the previous year. There were a total of 134 new listings in this area, which was a decline of 53.6 per cent year-over-year. The average price of a residential property in Stoney Creek was reported to have been $822,416, only a 20.8 per cent decrease compared to the same period last year. 

The final area that we’ll review is Hamilton Centre, with the third greatest number of residential property sales, a reported 81 sales. This was a 29.6 per cent decrease when compared to the same period last year. There were also a reported 138 new listings in April 2023, this was a decrease of 31.3 per cent compared the previous year. The Hamilton Centre had an average residential property sale price of $566,988, only a 15.3 per cent decrease compared to the same period last year. 

“Sales activity improved compared to last year in the areas of Ancaster and Glanbrook. Interestingly, Glanbrook is the only area that has seen sales rise above long-term trends and has not seen the same pullback in new listings. Hamilton Mountain is the only area that has seen conditions not only tighten from earlier in the year, but from levels reported last year.”

Average Residential Price by District 

The above map, Average Residential Price by District, illustrates the different areas within the Hamilton real estate market. We’re able to see what each sub area's average price was for a residential property. Then we’re able to compare that price year-over-year and see whether it’s had an increase or decrease. Let’s take a look at the areas that reported the greatest number of sales and get a closer look at what the average price was for a property. 

Hamilton Mountain reported the greatest number of sales of residential properties, with a total of 152 sales. This was a decrease of only 16.9 per cent compared to the previous year. The average price of a residential property in this area was $782,286, this was a decrease of 11.4 per cent compared to the same period last year. Now let’s take a look at the sub areas (15, 16, 17, 18, 25, 26) and see if they had decreases or increases in their average residential sales price. 

15 → $796,646, -20% 

16 → $807,532, 0% 

17 → $716,344, -11% 

18 → $891,201, -6% 

25 → $727,908 -17% 

26 → $691,180 -21% 

Stoney Creek was the area that reported the second highest number of sales in April 2023. This area had a total of 96 sales of residential properties, this was a 22.6 per cent decrease compared to the previous year. The average price of a residential property in Stoney Creek was $822,410, this was a 20.8 per cent decrease compared to the previous year. Let’s now take a closer look at the sub (50, 51, 52) areas that make up Stoney Creek and see whether they increased or decreased when it came to the average sale price. 

50 → $850,407, -16% 

51 → $773,116, -26% 

52 → $1,949,900 +58% 

The last area we’ll review is Hamilton Centre, which had the third highest number of residential property sales. It as reported that Hamilton Centre had a total of 81 sales and an average residential property price of $566,988, which was a decrease of 15.3 per cent compared to the same time last year. We can now take a look at the sub areas (13, 14, 20, 21, 22) and see what their average sales price was and whether they saw an increase or decrease. 

13 → $607,000, -9% 

14 → $510,104, -21% 

20 → $597,500, -8% 

21 → $456,000, -16% 

22 → $727,908, -17% 

There are many other sub areas that you can take a look at on this map, maybe you’ll even find your nieghbourbood! It’s always interesting to see how the numbers have changed and then compare them to the previous year. Next we’ll review our final chart, Property Type Comparison to see how each different property did in April 2023. 

Property Type Comparison

In our final chart, Property Type Comparison, we’ll review each property type and compare their average sale price, new listings and property sales total to the previous year. These statistics are compared to April 2022. 

According to the REALTORS® Association of Hamilton-Burlington (RAHB), there were a total of 408 sales of detached homes in April 2023. This was a decrease of 28 per cent compared to the same period last year. The average sale price of this type of property was $901,044, which was a decrease of 13 per cent compared to the previous year. It was also reported that there were a total of 605 new listings of detached homes, this was a decrease of 38 per cent compared to the same time last year. 

When it came to the number of semi detached homes sold in April 2023, there were a total of 29 sales. This was a decrease of 23 per cent compared to the previous year. The average price of a semi detached property was $640,421, this was a decrease of 25.1 per cent when compared to the previous year. It was also reported that there were a total of 34 new listings of this type of property, which was a decrease of 50.7 per cent compared to the same period last year. 

Row style properties had a total of 139 sales reported in April 2023 by RAHB, this was a decrease of 0.7 per cent compared to the previous year. The average sale price of this type of property was reported to have been $718,353. This sale price was a small decrease of 12.8 per cent compared to the previous year. There were also a total of 172 new listings reported in April by RAHB, which was a decrease of 36.3 per cent compared to April 2022. 

The final property type that we’ll review from the above chart is the apartment-style properties. There were a total of 67 sales with an average sale price of $497,248, which was a decrease of 13.5 per cent compared to the previous year. This type of property had a total of 117 new listings, which was a decrease of 14 per cent compared the same time last year. 

Summary of Statistics for the Hamilton Real Estate Market

In this blog post we reviewed the real estate statistics for the Hamilton and surrounding areas. According to RAHB, there were a total of 1,102 sales of residential properties within the entire RAHB real estate market area. There were a total of 1,566 new listings in April 2023, marking the first time since early 2022 that we saw the sales-to-new-listing ratio above 70 per cent.

“The gains in lending rates impacted sales across the RAHB market area, but we also saw a shift come from existing homeowners who were also reluctant to sell their home. In April, new listings coming onto the market were much lower than levels traditionally seen at this time of year, keeping inventories relatively low in our market, and placing upward pressure on home prices.”  – Nicolas von Bredow, RAHB President. 

There were a lot of real estate statistics that were reviewed in this blog post and you might have some questions about them. We’ve made sure to include some additional materials supplied by RAHB that might help to answer some of these questions. 

For More Information About These Statistics 

For a more indepth review of these statistics? Please refer to the Hamilton Real Estate Statistics for April 2023.

Contact a Realtor at Judy Marsales Brokerage

There were a lot of real estate statistics reviewed in this blog. Sometimes this means there are even more questions. Please feel free to contact one of our realtors and they will be more than happy to help answer any questions you may have. 

Have you been wondering about what your home might be worth? Give our “What’s My Home Worth” calculator a try and find out. All of our realtors at Judy Marsales Real Estate Brokerage are excited to help you find the perfect home! 

Hamilton Real Estate Statistics for March 2023

The REALTORS® Association of Hamilton-Burlington (RAHB), recently released their March 2023 real estate statistics. According to RAHB there were a total of 1,031 sales of residential properties within the entire RAHB real estate market area. This was a reported decrease of 33 per cent from the same time last year. However, this is still above what it was before the pandemic. 

New listings in the entire RAHB real estate market area continue to remain lower than what they were before the pandemic. “Sales and new listing activity have increased over the past several months. However, this did little to impact supply as inventory levels fell below two months. Buying conditions are not as tight as they were last year.”

Housing Market Sees slowest March in years, however there are some encouraging signs that things may be improving

The Hamilton real estate market saw a total of 624 sales of residential properties in March 2023. This was a 33.8 per cent decrease compared to the same period last year. There was also a decrease of 39.9 per cent in the number of new listings, with a total of 928. The inventory levels also saw an improvement when compared to the same period last year. 

“After two months of relatively strong monthly price gains, the unadjusted benchmark price in Hamilton eased slightly over the last month to $770,600. Year over year, this represents a decline of 22 per cent. Prices remain comparable to levels seen at the end of 2022 and are well above pre-pandemic levels.”

It’s not all doom and gloom. On the bright side, in the first two months of 2023 the average price of a residential home in Hamilton has risen to levels not seen since July of 2022. Take a look at the above graph and you can get a better idea of what we’re talking about. Now let’s turn our attention to the chart below and review the Hamilton Regional Summary for March 2023. 

Hamilton Regional Summary for March 2023

The above chart, Regional Summary, we’ll review the different areas in the Hamilton real estate market. RAHB reported that even though sales were trending up over the last few months, it didn’t reflect the usual inventory that we see this time of year. 

“Dundas, Hamilton West and Hamilton Mountain reported a sales-to-new listings ratio above 70 per cent and saw inventories trend down compared to February. Hamilton Mountain faced the tightest conditions in Hamilton, with only one month of supply. This is still an improvement over the conditions at the same time in 2022.”

The area that had the greatest number of sales was the Hamilton Mountain, with a total of 137 sales in March 2023. There were a total of 183 new listings, which was a decrease of 41.3 per cent compared to the same time last year. The average price of a residential property in this area saw a decrease of 23.3 per cent compared to the same time last year and was $742,519.

Hamilton Centre reported a total of 99 sales, this was a decrease of 28.8 per cent compared to March 2022. There were a total of 146 new listings in this area, which was a decrease of 34.5 per cent compared to the same period last year. While the average price of a residential property saw a decrease of 26 per cent and was $561,452.

Average Residential Price by District 

The Hamilton real estate market is divided into different areas and then those areas are divided into sub areas. This way we can see what each area's average price was and whether that price saw an increase or decrease in the month of March. That number is compared to the previous year, the above map, Average Residential Price by District, helps to illustrate this for us. 

Hamilton Mountain reported the greatest number of residential sales in March 2023, with a total of 137. The average price of a residential property in this area was $741,519, and is made up of the sub areas 15, 16, 17, 18, 25 and 26. Listed below are the different sub areas showing their average sale price and whether that price saw an increase or decrease.

• 15 → $786,279, -28%
• 16 → $792,478, -18%
• 17 → $643,134, -21%
• 18 → $806,319, -25%
• 25 → $660,204, -32%
• 26 → $708,981, -21% 

Hamilton Centre is another notable area to talk about in this article, this is because this area had the second highest number of sales in March 2023. With a total of 99 sales and with an average price of $561,452. This area is made up of the sub areas, 13, 14, 20, 21 and 22. Once again we have listed these sub areas below so that you can take a closer look at their average prices. We can then see if those sales prices have had an increase or decrease. 

• 13 → $607,133, -25%
• 14 → $521,941, -18%
• 20 → $520,238, -31%
• 21 → $463,928, -24%
• 22 → $677,917, -17% 

It’s interesting to review these numbers and compare them to the same time last year. We can even look back and see what they were last month. There might have been some slight decreases in the sales price when we look back at February 2023. You can see for yourself if you check out our last real estate statistics article. Let’s now focus our attention on the final chart, Property Type Comparison.

Property Type Comparison

The Property Type Comparison chart allows you to compare what each property type had in terms of sales, new listings, average price and more. Then we can see whether that property type had increased or decreased statistics. Each of these real estate statistics are compared to March 2022. 

According to RAHB, detached properties had a decrease of 33.9 per cent in sales with a total of 423 in March 2023. New listings saw a decrease of 41.7 per cent with a total of 607 new listings. The average sales price of this type of property was $871,682, this was a 21.4 per cent decrease compared to the previous year.

There was a 35.5% decrease in the number of sales of semi-detached properties with a total of 21 sales. This type of property had a total of 41 new listings and an average sale price of $642,370, that’s a decrease of only 21 per cent compared to the previous year. 

When it came to the sale of townhouses or row houses, there were a total of 111 sales. This was a decrease of 32.7 per cent when we compare it to the same time last year. Townhouses had a total of 165 new listings in the Hamilton real estate market. This type of property had an average sale price of $727,205. The sale price saw only a small decrease of 16.5 per cent compared to the previous year. 

Finally, we’ll review apartment-style properties which had a total of 60 sales in March 2023. This was a 38.8 per cent decrease when compared to the same period last year. There was a decrease of 21.7 percent in the number of new listings with a total of 112. The average sales price of an apartment-style property was reported to have decreased by 25.4 per cent and was $458,465. 

Summary of Statistics for the Hamilton Real Estate Market 

In this article we review the Hamilton real estate market for March 2023. There were a total of 624 sales of residential properties within the Hamilton real estate market. This was a decrease of 33.8 per cent compared to the previous year. It was also reported that there were a total of 1,031 sales of residential properties within the entire RAHB real estate market area.

The average price of a residential property was $793,241, which was a decrease of 20.9 per cent compared to the same time last year. It was also reported that sales and new listings in the entire RAHB market area saw an increase over the last few months. Meaning that there was a shift in the market and it’s now more stable, it’s also now more comparable to pre-pandemic levels. 

“We are seeing our housing market shift back to activity more consistent with pre-pandemic levels and more stable pricing. While prices are lower than the highs reported in 2022, it is important to note that last year’s year-over-year growth was over 24 per cent.  Our market has experienced significant price growth since 2019 when home prices were still below $600,000.”  –  Lou Piriano, RAHB President.

For More Information About These Statistics 

Are you looking for a more indepth review of these statistics? Please refer to the Hamilton Real Estate Statistics for March 2023.

Contact a Realtor at Judy Marsales Brokerage

There were a lot of  real estate statistics reviewed in this article and you might have some questions. Please feel free to contact one of our knowledgeable realtors, they’ll be more than happy to help. To serve you better Judy Marsales Brokerage has three locations; Dundas, Ancaster and Locke Street South. 

Have you ever been curious about what your home might be worth? Give our “What’s My Home Worth” calculator a try and find out! All of us at Judy Marsales Brokerage are looking forward to meeting you soon and helping you find the perfect home.

Real Estate Statistics for February 2023 

The REALTORS® Association of Hamilton-Burlington (RAHB), recently released their February 2023 real estate statistics. RAHB reported that there were a total of 765 sales of residential properties within the RAHB real estate market, a decrease of 37 per cent. This decrease in sales was felt in properties that were priced higher. 

There was a reported drop in the number of new listings, most likely due to those that were more reluctant to list. There were a total of 1,203 new listings in the entire RAHB market area. This was a 27 per cent decrease from the previous year. 

“For the second month in a row, unadjusted benchmark prices trended up over the previous month. This may indicate that prices are starting to stabilize. Prices in February 2022 were perhaps the most competitive of all time. This February, sales were over 22 per cent below last year. However, all gains are not lost as prices are still well above the under $600,000 price reported prior to the pandemic.”

Hamilton Real Estate Statistics 

The Hamilton real estate market saw a total of 736 new listings in February 2023. This was a 40 per cent decrease from the same period last year. Sales saw an improvement for lower priced properties, with a total of 464 sales in February 2023. There were a total of 736 new listings reported by RAHB, this was a 30.3 per cent decrease when compared to the previous year.  

The amount of time a property remained on the market was 31.2 days, this is an increase when compared to the previous year. The average price of a residential property in the Hamilton real estate market area was $800,584. There was a decrease of 21.6 per cent when compared to the same time last year. 

“For the second month in a row, unadjusted benchmark prices trended up, reaching $773,500. This may indicate that prices are starting to stabilize compared to the unprecedented prices in February 2022. While prices are 22 per cent below last year, all gains are not lost, as current home prices are well above pre-pandemic levels.”

Regional Summary for February 2023

In the regional summary we’ll review some of the interesting statistics that relate to the Hamilton real estate market. RAHB reported that sales did in fact ease across all regions in February 2023. The level at which they declined was dependent on the region, with the Hamilton East seeing the greatest decline. 

The area that had the greatest number of residential property sales was Hamilton Mountain. This area had a total of 114 sales reported in February 2023, this was a decline of 27.8 per cent. When it came to the average price of a residential property, this area reported it to be $732,258, this was a decrease of 26.4 per cent compared to the previous year. There were a total of 135 new listings in this area, which was a 40 per cent decrease compared to the same time last year. 

The REALTORS® Association of Hamilton-Burlington (RAHB), reported that Stoney Creek had the second greatest number of residential property sales. There were a total of 80 sales reported in February 2023. This was a decrease of 34.3 per cent compared to the same period last year. The average price of a residential property in this area was reported to have been $812,627, this was a 27 per cent decrease compared to the previous year. Stoney Creek also reported a total of 148 new listings, this was a decrease of 22.1 per cent compared to the same period last year. 

Finally, we’ll review the area that had the third greatest number of residential property sales in February 2023. This area was Hamilton Centre, with a total of 52 sales, this was a 53.2 per cent decrease compared to the previous year. The average price of a residential property in this area was $565,710, this was a decrease of 21.6 per cent compared to the previous year. There were a total of 102 new listings in this area, which was a 30.1 per cent decrease compared to the same period last year. Let’s now discuss the Average Residential Price by District map.

Average Residential Price by District

The Hamilton real estate market is divided up into different areas and then each of those areas are divided into sub areas. On the map, Average Residential Price by District, we can clearly see what each sub area's average price of a residential property price was for February 2023.

Since the Hamilton Mountain had the greatest number of sales in February, there were a total of 114 sales with an average property price of $732,258. The Hamilton Mountain is made of of the sub areas, 15, 16, 17, 18, 25 and 26. Let's take a look at the sub areas and what their average residential property price was and whether it increased or decreased compared to the same time last year. 

• 15 → $667,089, - 34% 
• 16 → $773,570, - 14% 
• 17 → $645,811, - 30% 
• 18 → $831,291, - 22% 
• 25 → $699,958, - 27% 
• 26 → $684,667, - 38%

The next area that we’ll review is Hamilton Centre, there were a total of 52 sales of residential properties in February 2023. RAHB reported that the average price of a residential property in this area was $565,710, this was a 21.6 percent decline when compared to the previous year. Hamilton Centre is made up of the sub areas, 13, 14, 20, 21 and 22. Below you can see the breakdown of each of these areas' average price of a residential property.

• 13 → $627,183, - 11% 
• 14 → $523,886, -18% 
• 20 → $530,229, -28% 
• 21 → $531,667, -15% 
• 22 → $695,205, -23% 

When we review these numbers we can see that there are a lot of declines when it comes to the average price of a residential property. There can be many factors that are the reason why this is occurring. The best thing to do is to speak with a realtor and they can help answer any questions or concerns you may have. Let’s now review our final section, the property type comparison chart. 

Property Type Comparison

There are quite a few different property types and each of them have a different outcome in February 2023. In this section we’ll review each property type and see whether it had decreases or increases compared to the previous year. 

RAHB reported that when it came to detached properties there were a total of 308 sales, a decline of 39.5 per cent. This type of property had a total of 474 new listings in February, which was a 33.7 per cent decrease compared to the previous year. The average price of this type of property was $895,388, this was a decrease of 22.8 per cent compared to the same time period last year. 

Semi-detached properties saw a decline in supply in February 2023 and had an average property price of $761,011, a 14 per cent decrease. There were a total of 23 sales, which was a decrease of 39.5 per cent when compared to the previous year. This type of property had a total of 30 new listings reported in February 2023, this was a decrease of 31.8 per cent. 

When it came to row/townhouse properties within the Hamilton real estate market area, there were a total of 93 sales, a decrease of 31.3 per cent. There were 131 new listings reported in February 2023, a decrease of 32.1 per cent compared to the previous year. For this type of property, the average price was reported to have been $710,971, a decrease of 21.6 per cent.

The final property type that we’ll review is apartment-style properties. This type of property had a total of 40 sales in February 2023, a decrease of 56.5 per cent compared to the previous year. There were 98 new listings, which were a decrease of 3.9 per cent. The average price of this type of property was $455,698, a decrease of 26.5 per cent compared to the same time last year. 

“Benchmark prices rose over the last month across all property types except apartment condominiums. However, apartment condominium prices have declined significantly less compared to other property types, dropping only five per cent year over year. Detached home prices saw the largest year-over-year adjustment at nearly 24 percent. Despite the year-over-year decline, the recent shifts in price trends should help support a more stable price environment this year.”

Summary of Statistics for the Hamilton Real Estate Market 

In this article we reviewed a lot of real estate statistics for the Hamilton real estate market area. To summarize, there were a total of 464 sales of residential properties in February 2023. This was a decrease of 40 per cent when compared to the previous year. 

There were a total of 765 residential property sales within the entire RAHB market area, a decrease of 37 per cent compared to the same time last year. The average price of a residential property within the Hamilton real estate market area was $800,584. 

“Demand at the lower end of the market is increasing as higher interest rates impact affordability and attainability. Buyers have more options than they did a year ago and are less likely to compete in unfavourable market conditions. Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment.” 

For More Information About These Statistics 

Do you want to learn more about these real estate statistics? If you’re looking for a more indepth matrix, please refer to the Hamilton Real Estate Statistics for February 2023.

Contact a Sales Representative at Judy Marsales Real Estate Ltd. Brokerage

We covered a lot of real estate statistics in this article and you might have some questions about them. Please feel free to contact one of our sales representatives or brokers today and they’ll be more than happy to help. Judy Marsales has three locaitons to serve you better in Dundas, Ancaster and Locke Street South. 

If you’ve been thinking about listing your property and are curious about how much it might be worth, give our “What’s My Home Worth” calculator a try! All of us at Judy Marsales Real Estate Ltd. Brokerage are looking forward to providing you with excellent real estate advice and service, we hope to hear from you soon.

"As an active member of a number of community and professional groups, Judy Marsales, owner of Judy Marsales Real Estate Ltd., has a deep understanding of community and its importance for people buying and selling their homes."

Read the full article that was featured in the February issue of Neighbours of Ancaster Magazine here. 

Real Estate Statistics for January 2023 

The REALTORS® Association of Hamilton-Burlington (RAHB), released their January 2023 real estate statistics. RAHB reported that there were a total of 349 sales of residential properties within the Hamilton real estate market, a decrease of 21.2 per cent. It was also reported that there were a total of 666 sales in the Hamilton real estate market area, an increase of 23.3 per cent when compared to the same time last year. 

The inventory levels reported in the entire RAHB market area are now comparable to what they were pre-pandemic, according to RAHB. This is due to higher interest rates and most likely due to the inventory increases, particularly in the lower price range. The rise in new listings is also a possible reason why we have seen this increase. 

RAHB reported that the new year has seen an increase in the sales of homes priced below $800,000, the supply options are now better than they were in January 2022. Residential property sales were still down across the entire RAHB market area by 13 per cent year-over-year. According to RAHB, there was a 20 per cent decrease in the residential property prices across the entire market area. This is lower than what it was at the beginning of 2022, however, the benchmark price saw an increase in December. 

“The unadjusted benchmark price was $809,800, below the $1,012,700 reported in January 2022, but well above the $602,700 reported at the beginning of the pandemic in 2020. This could potentially reflect a stabilization in prices.” 

Hamilton Real Estate Statistics 

When it comes to the Hamilton real estate market, as we mentioned above, there were a total of 349 sales in January 2023. This was a decrease of 21.2 per cent when we compare it to the same time last year. There were a total of 666 new listings, which were an increase of 23.3 per cent compared to January 2022. 

The inventory levels are higher than they have been in the past two years, however, they’re still lower than they were pre-pandemic, with a total of 933. The average price of a residential property within the Hamilton real estate market area was $750,529, this was a 22.2 per cent decrease. “Market conditions remain relatively balanced for homes priced below $800,000, while higher-priced properties are seeing a shift to buyer’s market conditions.”

Hamilton’s benchmark price for a residential property had a 21 per cent decrease compared to January 2022. With the price reported by RAHB being $754,100. This price was still above the pre-pandemic levels. 

“As of January, the benchmark price in the Hamilton region was $754,100, 21 per cent below January 2022 prices but slightly higher than last month. It is too early to say if this trend will continue, but it could be pointing to a more stable price environment. Prices in the region are still above pre-pandemic levels.”

Regional Summary for January 2023 

January sales reportedly slowed across most of the Hamilton real estate market, this pace varied depending on the area. Flamborough had the greatest decline and this was partly due to the drop in new listings. Glanbrook is another area of note, according to RAHB, this area was the only one that had an increase in sales. The Hamilton Mountain and Glanbrook reportedly had sales that were consistent with the long-term trends in the area. 

“Across the board, there has been a shift away from the tight conditions reported last year. Sales-to-new listings ratios range from a high of 68 per cent in Hamilton Mountain to a low of 38 per cent in the Dundas area.”

When we take a look at the above chart, Regional Summary, we can get an even closer look at each area within the Hamilton real estate market. The chart shows us different real estate statistics such as the average price of a residential property, the number of sales, new listings and more. Let’s take a closer look at the three areas that had the greatest number of residential property sales in January 2023.

The area that had the greatest number of sales in January 2023 was the Hamilton Mountain, with a total of 98 sales, a decrease of 6.7 per cent. There were a total of 145 new listings in this area, this was an increase of 20.8 per cent compared to the same time last year. The average price of a residential property was $719,720, a decrease of 20.6 per cent. 

According to RAHB, Stoney Creek had the second greatest number of residential property sales in January 2023. There were a total of 53 sales, this was a 15.9 per cent decrease compared to the same time last year. The average price of a residential property in this area was $809,564, a decrease of 22.4 per cent. Stoney Creek had a total of 117 new listings, which was an increase of 48.1 per cent compared to January 2022. 

Finally, we’ll take a look at the Hamilton Mountain, this area had a total of 51 sales of residential properties. According to RAHB, this area had the third greatest number of sales in January 2023. This was a 17.7 per cent decrease compared to the same time last year. There were 103 new listings and an average residential property price of $583,651, a decrease of 13.9 per cent. 

Average Residential Price by District

The above map, Average Residential Price by District, illustrates the entire Hamilton real estate market area. The map allows us to see each area's average residential property price and whether that price has had an increase or a decrease in January 2023. 

The area that had the greatest number of sales in January 2023 was the Hamilton Mountain, this seems to be an ongoing trend. There were a total of 98 sales and an average residential property price of $719,780. The Hamilton Mountain consists of the sub areas, 15, 16, 17, 18, 25 and 26. Please see the list below that breaks down each of these areas. 

• 15 — $781,113 — 20% decrease 
• 16 — $784,950 — 15% decrease 
• 17 — $619,611 — 19% decrease
• 18 — $744,395 — 25% decrease 
• 25 — $659,717 — 33% decrease 
• 26 — $618,309 — 33% decrease

Similarly to December 2022, we also see that across all the sub areas in the Hamilton Mountain, there were decreases in the average residential price. The next area that we’re going to review is Stoney Creek, this area had the second greatest number of residential property sales in January 2023. 

According to the report released by RAHB, Stoney Creek had a total of 53 sales in January 2023. The average residential property price in this area was reported to have been $809,564. Stoney Creek consists of the sub areas, 50, 51 and 52. Below is a list of each of these areas and their average residential property price, allowing us to see whether that price had decreased or an increased price in January 2023.

• 50 — $804,595 — 33% decrease 
• 51 — $759,206 — 19% decrease 
• 52 — $2,475,000 — 125% increase 

It’s clear that area 52 had a very significant increase, while the other two areas had slight decreases. Take a look at the map and see if you can locate your area, this way you can get an idea of what your home might have been worth. Next we’ll take a look at the Property Type Comparison chart. 

Property Type Comparison

The above chart, Property Type Comparison, shows us the different property types within the Hamilton real estate market area. The chart then allows us to see the average price, sales, new listings etc. In this section we’re going to review the detached properties, semi-detached, apartment style and townhouse or row house. 

According to RAHB, detached properties had a total of 230 sales in January 2023, this was a decrease of 17 per cent. The average price of this type of property was $809,019, which was a decrease of 26 per cent compared to the same time last year. Finally, there were a total of 432 new listings in January 2023, this was an increase of 23.4 per cent compared to January 2022. 

When it came to the sale of semi-detached residential properties there were a total of 10 sales, this was a 41.2 per cent decrease. There were a reported 23 new listings with an average property price of $683,400 in the Hamilton real estate market area. This was a 24.9 per cent decrease compared to the same time last year. 

Moving on to the next property type, we’ll take a look at the row or townhouse. This type of property saw a total of 73 sales in January 2023, this was a 13.1 per cent decrease. There were 124 new listings with an average property price of $684,416, which was a 21.7 per cent decrease compared to January 2023. 

Finally, it was reported by RAHB that when it came to the apartment-style properties there were a total of 35 sales, this was a 44.4 per cent decrease. There were 84 new listings, this was an increase of 29.2 per cent compared to the previous year. The average price of this type of property was $531,397, this was a decrease of 5.9 per cent. 

Summary of Statistics for The Hamilton Real Estate Market

Finally we’ll recap some of the statistics that we discussed in this article. There were a total of 349 residential property sales within the Hamilton real estate market in January 2023. This was a decline of 21.2 per cent compared to the same time last year. 

According to the REALTORS® Association of Hamilton-Burlington (RAHB), the average price of a residential property within the Hamilton real estate market was $750,529, this was a 22.2 per cent decrease compared to the same time last year. Across the entire RAHB market area it was reported that the inventory levels are now comparable to what they were pre-pandemic. RAHB mentions in their report that this is most likely due to higher interest rates and an increase in new listings. 

“Low lending rates and the pandemic contributed to a surge in demand. Supply could not keep pace, and prices rose faster than expected. Higher lending rates and prices have impacted affordability and allowed the market to build supply levels back up to pre-pandemic levels,” —-Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB). 

For More Information About These Statistics 

Do you want to learn more about these real estate statistics? If you’re looking for a more in-depth matrix of these real estate statistics, please refer to the Hamilton Real Estate Statistics for January 2023.

Contact a Sales Representative at Judy Marsales LTD. Brokerage 

We covered a lot of real estate statistics for the Hamilton real estate market in this article and we’re sure you might have a question or two. Please feel free to contact one of our sales representatives or brokers any time at one of our three locations in Hamilton, Ancaster and Dundas. 

If you’ve been curious about what your home might be worth and have been thinking about possibly listing, try our “What’s My Home Worth” calculator. All of us at Judy Marsales LTD. Brokerage are looking forward to hearing from you soon!