Information and updates about the Greater Hamilton Area Real Estate market conditions

Hamilton Real Estate Market Statistics for March 2024

 Wednesday, April 10, 2024     Kirsten McNamee     Local Hamilton Market Statistics Real Estate Trends

Featured Photo

Real Estate Statistics for March 2024

The REALTORS® Association of Hamilton-Burlington (RAHB), recently released the March 2024 real estate statistics for the entire real estate market area. In this report we’ll review some of these statistics, with a strong focus on the Hamilton real estate market.

RAHB reported that there were a total of 996 residential real estate sales within the entire real estate market. This was a six percent decrease when compared to the same time last year. This decrease, however, was not enough to offset the gains that were seen during both February and January. 

It was also reported that in the first quarter sales in the region remained lower than the long term real estate trends for 2024. In the RAHB report it also stated that new listings continued to rise, and due to this rise the sales-to-new-listings ratio was below 60 percent. The result was a further supply in the inventory gains. The inventory levels saw an increase of 28 percent compared to March 2023, however, last year the levels were remarkably low. 

“Inventory levels in March closed out with just over two months of supply. This is an increase over last year but lower than the four months of supply reported at the end of 2023. Conditions are the tightest in the Burlington region, with less than two months of supply. Haldimand saw the highest supply-to-demand ratios, with just below four months of supply.” – RAHB 

In the next section of this report we’ll focus on the Hamilton real estate market area and review the new listings, sales and average price of a residential property. We’ll then compare these numbers to what we saw this time last year. 

Hamilton Real Estate Market – Residential Activity 

residential-activity-and-prices-march-2024

In the above graph, Residential Activity and Prices, we can see that it illustrates the number of sales of residential properties within the Hamilton real estate market. This graph shows the sales, number of new listings, the benchmark price and the average residential price of a property from March 2023 to March 2024.

RAHB reported that there were a total of 596 sales within the Hamilton real estate market area in March 2024. This was a slight decrease from the previous year, with a difference of only seven percent. Even though this decrease was small compared to March 2023, the year-to-date sales are comparable to last year, however, they still remain lower than the long term trends. New listings saw an increase of 12.6 percent compared to the previous year, with a total of 1,053 new listings reported in the Hamilton real estate area. 

This is the third month in a row that we saw an increase in new listings and due to this rise, there was an ease in the sales to new listings ratio with a difference of 57 percent. Inventory also had an increase, it was reported that there was an increase of 31.3 percent with a total of 1,486 units in March 2024. 

“Rising new listings compared to sales equated to further inventory gains. While inventory levels have improved compared to the low levels reported in the past four years, they are low relative to what was available in the market before 2014.” – RAHB 

The average price of a residential property had a small increase of 3.9 percent in March 2024, with the price of $826,462. While the unadjusted benchmark price was reported to have been $788,300 – this was an increase compared to the previous month and a two percent increase when compared to March 2023. 

“The unadjusted benchmark price in March was $788,300, up from last month and over two per cent higher than last year. The shift to more balanced conditions relative to the later part of 2023 is supporting some of the rebound in home prices.” – RAHB 

Now that we’ve had an overview of the Hamilton area real estate market statistics, let’s dive a little deeper. In the next section of this report we’ll take a look at the different property types and how they contributed to the overall real estate statistics for March 2024. 

Property Type Comparison for March 2024

property-type-comparison-for-march-24

The REALTORS® Association of Hamilton-Burlington (RAHB), reported that the year-over-year sales for March 2024 saw a “pullback” and this was due to the slowing of sales in detached properties. However, new listings saw increases across all property types and this helped to support the inventory gains that were seen in March 2024. 

“Months of supply rose compared to last year across all property types, ranging from a high of four months in the apartment sector to under two months for semi-detached and row properties. Higher supply levels relative to demand in the apartment condominium sector left prices slightly lower than levels reported in March 2023. However, prices have improved for all other property types, with year-over-year gains pushing above three per cent in the detached and semidetached sectors.” – RAHB 

We’ve listed a breakdown of the different property types, their average prices and number of new listings for March 2024 compared to the previous year and whether that price had an increase or decrease. This breakdown also includes the number of sales of each property type. 

Detached: 

  • Average price → $927,501 +6%
  • Sales → 387 -11.6% 
  • New Listings → 651 +6.2%

Semi-Detached: 

  • Average Price → $701,434 +9%
  • Sales → 29 +3.6%
  • New Listings → 42 +2.4%

Row: 

  • Average Price → $708,920 -2.1%
  • Sales → 116 +3.6%
  • New Listings → 216 +30.1%

Apartment: 

  • Average Price → $481,159 +4.9%
  • Sales → 62 +3.3%
  • New Listings → 142 +26.8%

Now that we’ve reviewed the different property types, we can take a closer look at the different real estate market areas. In the next section of this report we’ll review the below chart which breaks down each area and allows us to see the average price, number of sales, new listings and more.

Regional Summary for the Hamilton Real Estate Market

regional-summary-march-24

The REALTORS® Association of Hamilton-Burlington (RAHB), reported that the sales activity saw an increase in Hamilton East, Flamborough, Dundas, Ancaster and Glanbrook in March 2024. This sales activity was able to help “offset any pullbacks” reported in other parts of the city. RAHB also reported that, “new listings increased across most of Hamilton, enough to drive year-over-year inventory gains across most areas.”  

Let’s now take a closer look at the above chart, Regional Summary, which allows us to see each area within the Hamilton real estate market. Our focus in this section of the report will be Hamilton East, Dundas and Ancaster. We’ll review their total number of sales, average prices and number of new listings. Then we’ll look at how that price compares to the same time period last year. 

RAHB reported that in Hamilton East there were a total of 55 sales of residential properties. This was a decrease of 12.7 percent when compared to the same period last year. Inventory levels in this area were reported to have had an increase of 18.9 percent with a total of 107 units. However, when it came to new listings there was a decrease of 11.8 percent and a total of 82 properties listed. The average price of a residential property in this area was $627,437 – this was a small decline of only 2.2 percent when compared to the previous year. 

The next area that we’ll take a closer look at is Dundas, this area had a total of 38 sales in March 2024, which was a 31 percent increase. Inventory levels in this area also saw an increase, the increase was 16.7 percent with a total of 35 units. It was reported that new listings also had an increase, it was small and was 5.9 percent with a total of 36 new listings. The average price of a residential property in Dundas in March 2024 was $948,290, reporting an 11.9 percent increase from the previous year. 

Finally, we’ll review Ancaster which saw an increase in almost all areas. The total number of sales in this area in March 2024 was 55, a 3.8 percent increase when compared to the same period last year. Inventory levels were reported to have had a 55 percent increase with a total of 145 units. New listings had a total of 108 with an increase of 33.3 percent year over year. In Ancaster the average price of a residential property in March 2024 was reported to be $1,223,189, a very small decrease of only 0.4 percent respectively. 

Moving onto the Average Residential Price by District map, as seen below in the next section of this report. We’ll be able to take a close look at the entire Hamilton real estate market area. Each area is broken down into sub areas, allowing us to get a closer look at the average price of a residential property. 

Average Residential Price by District

average-residential-price-by-district-march-24

The above map, Average Residential Price by District, illustrates the different areas within the Hamilton real estate market area. Each of these areas are broken down into sub areas, allowing us to see what the average price of a residential property was and whether that price saw an increase or decrease compared to the previous year. 

The previous section focused on the areas that had an increase in residential property sales, we’ll continue that focus in this section as well. Those areas were, Hamilton East, Dundas and Ancaster. We’ve broken each area down into sections below that include a list of each sub area, this is to better understand the price breakdowns and the increases and decreases. 

Starting with Hamilton East, which had an average residential property price of $627,437, this was a decline of 2.2 percent when compared to the same period last year. The total number of sales in this area were 55, which was a 12.5 percent decrease compared to March 2023. Hamilton East comprises the sub areas; 23, 24, 27 and 28. 

  • 23 → $579,885 +11%
  • 24 → $640,386 -9%
  • 27 → $723,350 +6%
  • 28 → $636,005 -9% 

Dundas and Ancaster only each take up one sub area, with Dundas in area 41 and Ancaster in area 42. Dundas reported an average price of a residential property to be $948,290, this was a 12 percent increase when compared to the previous year. The total number of sales in this area, as we mentioned in the previous section, was 38 in March 2024. 

Ancater reported that the average residential property price in March 2024 was $1,223,189 and was only a slight decrease of 0.4 percent. This area reported a total of 55 sales in March 2024, a 3.8 percent increase when compared to the same period last year. As mentioned above, Ancaster comprises the sub area 41 on the map, take a look and see where your area is to get a better understanding of what the average price of a residential property was in March 2024. In the final section of this report we’ll summarize the statistics and also provide information on how you can contact a sales representative at Judy Marsales Real Estate Brokerage. 

Summary of Statistics for the Hamilton Real Estate Market – March 2024

In conclusion, when we look at the entire real estate market area, we can clearly see that there were a total of 996 sales of residential properties in March 2024 – six percent lower than reported this time last year. RAHB reported that the sales to new listings ratio was 60 percent, helping to support inventory gains.

In the Hamilton real estate market, RAHB reported that there were a total of 596 sales of residential properties, this was a seven percent decrease compared to the previous year. RAHB also reported that in Hamilton the average price of a residential property was $826,462, only a small increase of 3.9 percent lower than the previous year. New listings in Hamilton saw an increase of 12.6 percent with a total of 1,053. When it came to inventory levels in the Hamilton real estate market, the area saw an increase of 31.3 percent. 

“Recent gains in inventory are helping our market return to more balanced conditions, something that we have not seen since 2014. It is still early in the year, and many purchasers may be waiting for changes in lending rates, but for the first time in years, we are not entering the spring market with limited supply,” – Julie Sergi, President-Elect of the REALTORS® Association of Hamilton-Burlington (RAHB).

For More Information About These Statistics 

Looking for a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for March 2024.

Contact a Sales Representative at Judy Marsales Real Estate Brokerage

Do you have any questions about the Hamilton real estate market? Then please don't hesitate to contact one of our knowledgeable and professional sales representatives at Judy Marsales Real Estate Brokerage. 

Please note that Judy Marsales Real Estate Brokerage has three locations in the Hamilton area; Locke Street South, Westdale and Ancaster – please feel free to contact us at any of these locations. 

If you're interested in learning more about what your home might cost, give our “What’s My Home Worth” calculator a try. All of us at Judy Marsales Real Estate Brokerage look forward to working with you soon.

Please feel free to email us at one of our three office locations, westdale@judymarsales.com, ancaster@judymarsales.com, or locke@judymarsales.com. You can also reach us directly by phone at one of the following numbers, Westdale 905-522-3300, Ancaster 905-648-6800, and Locke Street South 905-529-3300. 


Hamilton Real Estate Market Statistics for February 2024

 Friday, March 8, 2024     Kirsten McNamee     Local Hamilton Market Statistics Real Estate Trends

Featured Photo

Real Estate Statistics for February 2024

The REALTORS® Association of Hamilton-Burlington (RAHB), have released their report on the February 2024 real estate statistics, in this report we’ll be reviewing some of these statistics. Our report will have a strong focus on the Hamilton real estate market area statistics.

RAHB reported that there were a total of 839 sales of residential real estate properties in the entire real estate market in February 2024. This was a moderate increase compared to the previous year. Since this year was a leap year, it offered one more day of the February market, however, RAHB stated in their report that this extra day had no impact on Haldimand County where activity was reported to have slowed compared to the year before. 

It was reported that there were significant increases in Niagara North and Burlington, which were able to help offset the slowed activity seen in Haldimand County. There was a nine percent increase year-to-date, but this was still 19 percent lower than the long-term trends. 

“A total of 1,489 new units were listed in February, which is slightly higher than long-term trends. However, levels were nearly 23 per cent higher compared to last year. The sales-to-new listings ratio was 56 per cent, which helped boost inventory levels over the previous month. Inventory levels were nearly 18 per cent higher than last year. Supply improved across almost every price range in the total region.” – RAHB

In the next section of this report we’ll focus on the Hamilton real estate market and review the residential activity. This chart is able to show us the total number of sales of residential properties within the Hamilton real estate market, we’ll also look at the number of new listings recorded in February 2024 and the average price of a property in Hamilton. 

Hamilton Real Estate Market – Residential Activity 

residential-activity-feb-2024

The above chart, Residential Activity and Prices, illustrates the number of sales of residential properties within the Hamilton real estate market, the number of new listings, the benchmark price and the average residential price of a property for February 2024. RAHB also reported that there were a total of 487 sales of residential properties – this was a 2.1 percent increase when compared to the same period last year and with a six percent increase year-to-date sales. Inventory levels were reported to have improved when compared to the lower levels seen over the last four years. However, the inventory levels are still considerably low comparative to the levels that were seen before 2014. 

The average price of a residential property within the Hamilton real estate market was reported to have decreased by 2.4 percent when compared to the previous year. With the average price of a property being $778,238 in February 2024. The number of new listings reported by RAHB for February was 890, which was an increase of 19.8 percent compared to the previous year. The sales to new listings ratio was below 60 percent which also helped to drive the inventory levels. 

“The shift to more balanced conditions helped support home prices in the region. The unadjusted benchmark price in February reached $777,400, trending up over the previous month and nearly one per cent higher than last year.” – RAHB

The next section of this report will focus on the different property types. The chart below will allow us to get a close look at the number of properties sold, sales and average prices reported in February 2024. 

Property Type Comparison for February 2024

property-type-comparision-feb-2024

The REALTORS® Association of Hamilton-Burlington (RAHB), reported that there were increases seen in row and apartment sales. These sales helped to outweigh the withdrawals that were reported in the detached and semi-detached sectors. The report also makes it clear that the gains in new listings were driven by detached properties, row and apartment-style properties; this factor is also seen in the inventory levels reported by RAHB in their February 2024 report.  

“Despite some shifts in detached and semi-detached activity, prices for those property types rose by one and two per cent, respectively, over last February. Meanwhile, year-over-year price growth remained relatively flat for row-style homes and declined in the apartment condominium sector.” – RHAB

Listed below is a breakdown of the different property types, their average prices for February 2024 compared to the previous year and whether that price had an increase or decrease. This breakdown also includes the number of sales of each property type. 

Detached: 

  • Average Price → $863,806 -1.1% 
  • Sales → 306 -2.5%
  • New Listings → 589 +23.7%

Semi-Detached: 

  • Average Price → $607,947 -20.1% 
  • Sales → 19 -17.4% 
  • New Listings → 26 -20.2%

Row: 

  • Average Price → $713,584 +0.7%
  • Sales → 109 +13.5% 
  • New Listings → 150 +13.6% 

Apartment: 

  • Average Price → $471,259 0.0% 
  • Sales → 52 +18.2%
  • New Listings → 119 +20.2% 

We’ve now reviewed the different property types in the Hamilton real estate market and we can now take a closer look at the different real estate market areas. The below chart breaks down each area and allows us to see the average price, number of sales, new listings and more. 

Regional Summary for the Hamilton Real Estate Market

regional-summary-feb-2024

In the report released by RAHB, it found that the adjustments, when it came to new listings, varied across the entire Hamilton real estate market. It was reported that while the sales were below the long-term trends, the year-to-date sales saw an improvement in Hamilton Centre, Hamilton East, Hamilton West, Flamborough, Ancaster and Waterdown. According to RAHB, “at the same time, inventory levels eased in Hamilton Centre and Hamilton West, contributing to slightly tighter conditions than in the previous year in those areas.”

Let’s now take a closer look at the above chart, Regional Summary, which allows us to see each area within the Hamilton real estate market. Our focus will be on Hamilton Centre, Hamilton Mountain and Stoney Creek. The reason why we’re choosing to focus on these areas is because they had the greatest number of residential property sales reported in February 2024. 

The Hamilton Mountain reported the greatest number of residential property sales in February 2024, with a total of 108 sales – this was a decrease of 6.9 percent when compared to the same period last year. When it came to the average price of a property it was reported to have been $723,042. The average price of a residential property saw a very small decrease of only 1.4 percent year-over-year. When it came to the number of new listings there were a total of 198, which was a significant increase of 44.5 percent compared to the previous year. 

RAHB reported that Stoney Creek had a total of 80 sales of residential properties in February 2024. This makes it the area with the second highest number of sales and with only a small decrease of 3.5 percent year-over-year. When it came to the average sales price of a property, it was reported to have been $793,013, a very small decrease compared to the same period last year. New listings were reported to have had a slight decrease of only 2.7 percent compared to the previous year with a total of 145 residential listings. 

The final area we’ll review in our report is Hamilton Centre, which reported the third highest number of sales. The number of sales in this area, as reported by RAHB, was 63 and this was an increase of 14.5 percent compared to the same time last year. The average price of a residential property in this area was reported to have been $566,699 – this was an increase of 1.0 percent compared to the previous year. Finally, the new listings reported by RAHB for this area were 123, an increase of 19.4% year-over-year. 

Next we’ll take a look at the map below, this map illustrates the different areas within the Hamilton real estate market and their sub areas. We’ll further breakdown the Hamilton Mountain, Hamilton Centre and Stoney Creek areas.

Average Residential Price by District

average-price-by-district-feb-2024

In this section of our report we’ll review the above map, Average Residential Price by District, and we’ll take a closer look at each sub area. The map allows us to see what the average price of a residential property was within each area and whether that price saw an increase or decrease compared to the same time period last year. 

The previous section focused on the areas that had the greatest number of residential property sales, we’ll continue that focus in this section as well. We’ve broken each area down into sections below that include a list of each sub area, this is to better understand the price breakdowns and the increases and decreases. 

Let’s take a look at the Hamilton Mountain which had a total of 108 sales, the greatest number of sales compared to all other areas within the Hamilton real estate market. This was a decrease of 6.9 percent compared to the previous year. The average price of a residential property was $723,042, this was a small decrease of 1.4 percent. The sub areas that comprise the Hamilton Mountain are, 15, 16. 17, 18, 25 and 26. Please see the list below with all of their average prices and percentages indicating whether the price saw an increase or decrease. 

  • 15 → $772,300 +14%
  • 16 → $809,987 +4%
  • 17 → $657,238 +1% 
  • 18 → $751,290 -10% 
  • 25 → $656,250 -6$
  • 26 → $667,191 -3% 

The next area that we’ll take a closer look at is Stoney Creek, which reported a total of 80 sales, making it the area with the second highest number of sales. The number of new listings RAHB reported in this area were 145 and an average residential property price of $793,013 – which was a slight decrease of 2.3 percent compared to the previous year. Stoney Creek comprises the sub areas, 50, 51 and 51. Let’s take a closer look at each of these areas to see what their average sale prices were for a residential property. 

  • 50 → $857,153 +2% 
  • 51 → $731,578 -4% 
  • 52 → $677,500 -68% 

The final area that we’ll review on this map is Hamilton Centre, which had the third highest number of residential property sales in February 2024. The total number of sales in this area, as reported by RAHB were 63 and a total of 123 new listings. The average price of a residential property in this area was $566,699 – this was a very small increase of only one percent year-over-year. Hamilton Centre comprises the sub areas, 13, 14, 20, 21, and 22. Listed below are each of these areas with their average residential sale prices and percentages indicating whether the price saw an increase or decrease.

  • 13 → $566,500 -10% 
  • 14 → $509,846 -5%
  • 20 → $547,705 +3% 
  • 21 → $475,778 +2%
  • 22 → $746,411 +7%

This concludes our review of the Average Residential Price by District map. In the final section of this report we’ll summarize the overall statistics and the Hamilton real estate market statistics for February 2024. Then we’ll explain how you can contact one of our knowledgeable and professional sales representatives who can help you find your next home. 

Summary of Statistics for the Hamilton Real Estate Market – February 2024

As we bring this report to a close we can conclude that there were a total of 839 sales of residential properties within the entire RAHB real estate market area. This was a moderate gain when compared to the previous year. It was also reported that there were a total of 1,489 new listings and that this was somewhat of an increase when compared to the long-term trends. 

The REALTORS® Association of Hamilton-Burlington (RAHB), reported that in the Hamilton real estate market there were a total of 487 sales of residential properties. This was a 2.1 percent increase when compared last year and with year-to-date sales seeing a six percent increase when compared to the previous year. The average price of a residential property within the Hamilton real estate market area was $778,238, this was 2.4 percent decrease compared to the previous year. 

“While supply gains may seem significant, it is important to remember that we have generally seen lower resale supply levels in our market for nearly a decade. At the same time, we are starting to see improvements in sales, keeping our market relatively balanced with over two months of supply and a sales-to-new listings ratio of 57 per cent,” – Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).

For More Information About These Statistics 

Looking for a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for February 2024.

Contact a Sales Representative at Judy Marsales Real Estate Brokerage

Do you have any questions about the Hamilton real estate market? Then please don't hesitate to contact one of our knowledgeable and professional sales representatives at Judy Marsales Real Estate Brokerage. 

Please note that our real estate brokerage has three locations in the Hamilton area; Locke Street South, Westdale and Ancaster. You can count on our knowledgeable and professional sales representatives who will be more than happy to assist you. If you're interested in learning more about what your home might cost, give our “What’s My Home Worth” calculator a try. All of us at Judy Marsales Real Estate Brokerage look forward to working with you soon.


Hamilton Real Estate Market Statistics for January 2024

 Friday, February 9, 2024     Kirsten McNamee     Local Hamilton Market Statistics Real Estate Trends

Featured Photo

Real Estate Statistics for January 2024

The REALTORS® Association of Hamilton-Burlington (RAHB), have released their report on the January 2024 real estate statistics. We will review and summarize some of these real estate statistics. Our report and summary covers the entire RAHB real estate market with a strong focus on the Hamilton real estate market and statistics.

RAHB reported that there were a total of 608 sales of residential real estate properties in the entire RAHB real estate market area. This was slightly higher than the levels that were seen last year at the same time. There were also a reported 1,132 new listings in the entire RAHB real estate market area, only 0.3 percent lower than last year. The average price of a residential property in the entire RAHB real estate market area was $818,902, this was a 3.7 percent increase when compared to the previous year. They also reported on the inventory levels that were seen across the entire RAHB real estate market.

“The year-over-year gains in inventory was mostly offset by the gains in sales and the months of supply remained relatively stable compared to the previous year. Inventories are higher than reported in the past decade; however, they are more consistent with what was reported in the region before 2014.” – RAHB

In the next section of this report we’ll focus on the Hamilton real estate market, looking at the residential activity first. This section will review the total number of sales of residential properties within the Hamilton real estate market, we’ll also look at the number of new listings recorded in January 2024 and the average price of a property in Hamilton. 

Hamilton Real Estate Market – Residential Activity 

residential-activity-and-prices-jan-2024

In Hamilton there were a total of 383 residential property sales in January 2024, this was a 4.9 percent increase year-over-year. Sales were reported to have been below the long-term trends usually seen in the area. 

Inventory levels were reported to have been higher than the levels reported at the beginning of 2023. These inventory levels are starting to now resemble the levels reported before the pandemic.  There were a reported 671 new listings in the Hamilton real estate market in January 2024, this was a decrease of 0.6 percent when compared to the same period last year. When it came to the average price of a residential property, it was reported by RAHB to have been $794,982, a decrease of 5.8 percent compared to the previous year.

“Adjustments to sales and inventory levels meant that months of supply increased slightly over last January. However, conditions are relatively balanced, with just under three months of supply. The unadjusted benchmark price in January was $760,000, a modest gain over last month and relatively stable compared to prices reported in the previous year at this time.” – RAHB

Let's now turn our attention to the next section of this report, we’ll be focusing on the different property types in the Hamilton real estate market. We’ll take a look at what the average price was for each property type, the number of sales reported and the number of new listings. All of these statistics will be in comparison to the same time period last year. 

Property Type Comparison for January 2024 

property-types-jan-2024

The slower sales of row properties that were reported by RAHB in January 2024 didn't outweigh the gains reported in the detached, semi-detached and apartment sectors. However, the changes seen by the new listings caused the sales-to-new listings ratio to decrease in the row and apartment sectors, when compared to last year. 

“Lower sales-to-new listings ratio for apartments and row homes may have contributed to some of the monthly price declines as consumers had more options. Compared to the previous year, the unadjusted benchmark prices reported the most substantial gains in the semi-detached and detached sectors while remaining stable for row homes and declining for apartment condominiums.” – RAHB

Listed below is a breakdown of each property type's average prices and whether that price had an increase or decrease when compared to the same time last year. This list also includes the total number of sales and new listings for January 2024. 

Detached: 

  • Average Price → $876,675 +8.1% 
  • Sales → 266 +10.4%
  • New Listings → 424 -3%

Semi-Detached: 

  • Average Price → $746,923 +9.3%
  • Sales → 17 +70%
  • New Listings → 28 +27.3%

Row: 

  • Average Price → $675,963 -1.4%
  • Sales → 59 -22.4%
  • New Listings → 115 -10.2%

Apartment: 

  • Average Price → $468,367 -11%
  • Sales → 39 +5.4%
  • New Listings → 101 +18.8%

Now that we’ve reviewed the different property types in the Hamilton real estate market, let’s take a closer look at each area within the real estate market area. The below chart breaks down each area and allows us to see the average price, number of sales, new listings and more. 

Regional Summary for the Hamilton Real Estate Market

regional-summary-jan-2024

It was reported by the REALTORS® Association of Hamilton-Burlington (RAHB), that adjustments in the sales and new listings shifted. There was a higher sales-to-new-listings ratio when compared to the previous year reported in Hamilton Centre, Hamilton Mountain, Hamilton West, Flamborough, Waterdown and Glanbrook.

The above chart, Regional Summary, illustrates to us the different real estate areas within the Hamilton real estate market. We can clearly see that the area that had the greatest number of sales in January 2024 was the Hamilton Mountain with a total of 95 sales. In this section of the report we’ll focus on the first three areas listed at the beginning of this section and Stoney Creek.

It was reported that the Hamilton Mountain had the greatest number of sales recorded in January 2024, as we mentioned above. There were a total of 95 sales, this was a decrease of 7.8 percent when compared to the same period last year. The average price of a residential property in this area was reported to have been $713,361, a decrease of 1.5 percent compared to the previous year. The Hamilton Mountain reported a total of 125 new listings in January 2024, this was also the greatest number of new listings in the Hamilton real estate market.

The next real estate market area we’ll take a closer look at is Hamilton Centre, which shares the title of the second greatest number of sales with Stoney Creek. Both of these areas reported a total of 54 sales of residential properties in January 2024. Hamilton Centre had an increase when it came to the number of sales with a percentage of 3.8. The average price of a residential property in this area was $581,767 – this was a decrease of 0.6 percent when compared to the previous year. Finally, in this area there were a total of 92 new listings, a decrease of 10.7 percent. 

In the paragraph above we mentioned that Stoney Creek shared second place when it came to the number of sales in January 2024. For Stoney Creek this was a 1.8 percent decrease when compared to the previous year. The average price of a residential property in this area was $925,293, an increase of 14.9 percent. When it came to the number of new listings in Stoney Creek, there were a total of 108 which was a decrease of 8.5 percent. 

Hamilton West reported a total of 40 sales of residential properties in January 2024, this was an increase of 21.2 percent compared to the previous year. The average price of a property in this area was reported to have increased by 2.4 percent and was $678,725. The number of new listings in this area increased as well with a total of 73 new listings and an increase of 2.8 percent.

In the final section of this report we’re going to review the real estate market area map for the Hamilton and surrounding areas. This map will help us to better understand the average price of a residential property and show us whether that price had an increase or decrease in January 2024. 

Average Residential Price by District – January 2024

average-residential-price-by-district-jan-2024

The above map, Average Residential Price by District, helps to illustrate the different real estate sub areas within the Hamilton real estate market. The map shows each sub area's average price and a percentage representing whether or not that price saw an increase or decrease in January 2024. 

In our previous section we focused on the real estate areas of Hamilton Mountain, Stoney Creek, Hamilton West and Hamilton Centre. We’ll continue that focus in this section as well, listed below are each of these areas broken down into their respective sub areas. 

The Hamilton Mountain had a total of 95 sales, this was a decrease of 7.8 percent compared to the previous year. The average price of a residential property had only a slight decrease of 1.5 percent and was $713,361. The sub areas that comprise the Hamilton Mountain are, 15, 16. 17, 18, 25 and 26. Please see the list below with all of their average prices and percentages indicating whether the price saw an increase or decrease. 

  • 15 → $750,300 -4%
  • 16 → $762,392 -3% 
  • 17 → $623,816 +1% 
  • 18 → $775,500 +3%
  • 25 → $703,108 +7% 
  • 26 → $725,972 +17% 

Next let’s take a closer look at Hamilton Centre, which had a reported 52 sales, a 3.8 percent increase compared to the previous year. This area had an average residential property price of $581,767, which was only a small decrease of 0.6 percent compared to the previous year. Hamilton Centre comprises the sub areas, 13, 14, 20, 21, and 22. Listed below are each of these areas with their respective average residential sale prices and percentages indicating whether the price saw an increase or decrease in January 2024. 

  • 13 → $535,000 -2% 
  • 14 → $590,594 +1%
  • 20 → $554,667 +2%
  • 21 → $406,900 -21%
  • 22 → $721,340 +6%

It was reported that Stoney Creek also had a total of 54 sales in January 2024, this is the same as Hamilton Centre. However, for Stoney Creek this was a slight decrease of 1.8 percent when compared to the same period last year. The average price of a residential property in this area was $925,293, this was a 14 percent increase compared to the previous year. Stoney Creek comprises the sub areas, 50, 51 and 51. Let’s now take a look at each of these areas to see what their average sale prices were for a residential property. 

  • 50 → $876,548 +9%
  • 51 → $965,541 +28% 
  • 52 → $661,000 -73% 

Finally, we want to review Hamilton West, as it was mentioned in the RAHB report in the section, Regional Summary, as having had a sales-to-new listings ratio that was an increase compared to January 2023. We also mentioned this area in our Regional Summary section. Hamilton West reported a total of 40 sales in January 2024 and an average residential property price of $678,725, which was an increase of 2.5 percent compared to the same period last year. This area comprises the sub areas, 10, 11 and 12. We have once again listed them below showing each average residential property price and the percentages of whether that price saw an increase or decrease. 

  • 10 → $615,454 -3%
  • 11 → $750,077 -1% 
  • 12 → $671,221 -1% 

This concludes our analysis of the Average Residential Price by District map, in the final section of this report we’ll summarize the overall statistics and the Hamilton real estate market statistics for January 2024. 

Summary of Statistics for the Hamilton Real Estate Market – January 2024

In conclusion, there were a total of 383 sales of residential properties within the Hamilton real estate market area. This was an increase of 4.9 percent when compared to the previous year. In January 2024 there were a total of 671 new listings and this was only a small decrease of 0.6 percent when compared to the previous year. The average price of a residential property in the Hamilton real estate market area was $749,982, which was an increase of 5.8 percent. 

The REALTORS® Association of Hamilton-Burlington (RAHB), reported that in the entire real estate market area there was a total of 608 sales. This was an increase of 7.6 percent compared to the previous year. They also reported that there were a total of 1,132 new listings, which was a very small decrease of only 0.3 percent compared to the same period last year. The average price of a residential property within the entire RAHB real estate market area was $818,901, this was an increase of 3.7 percent compared to the previous year. 

“It is not a surprise that sales remained below long-term trends, given higher interest rates. And while inventory levels are also higher, they are still considered low when you look beyond the past decade that struggled with low inventory,” –  Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).

For More Information About These Statistics 

For a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for January 2024.

Contact a Sales Representative at Judy Marsales Real Estate Brokerage

Do you have any questions about the Hamilton real estate market? Then please don't hesitate to contact one of our knowledgeable and professional sales representatives at Judy Marsales Real Estate Brokerage. 

Our real estate brokerage has three locations in the Hamilton area; Locke Street South, Westdale and Ancaster. You can count on our knowledgeable and professional sales representatives who will be more than happy to assist you. If you're interested in learning more about what your home might cost, give our “What’s My Home Worth” calculator a try. All of us at Judy Marsales Real Estate Brokerage look forward to working with you soon.


Hamilton Real Estate Market Statistics for December 2023

 Thursday, January 11, 2024     Kirsten McNamee     Local Hamilton Market Statistics Real Estate Trends

Featured Photo

Real Estate Market Statistics for December 2023 

The REALTORS® Association of Hamilton-Burlington (RAHB), released their December 2023 real estate statistics. In this report we will review and summarize some of these real estate statistics. Our report and summary covers the entire RAHB real estate market with a strong focus on the Hamilton real estate market and statistics.

RAHB reported that this was the second year in a row that they saw a decrease in the sales of residential real estate properties. The decline in real estate sales was 11 percent when compared to the same period last year and almost 30 percent lower when compared to the long-term trends for the region. 

When it came to the inventory levels RAHB reported that there was an increase in 2023. During the first half of the year there was a pullback when it came to new listings in relation to the number of sales. This caused the market conditions to remain relatively tight, the second half of the year saw an increase in the number of new listings. Which caused the sales-to-new-listings ratio drop and therefore helped to drive inventory gains. 

“Tighter conditions earlier in the year caused prices to trend up over the levels reported at the end of 2022. However, as supply increased in the latter half of 2023, we saw downward pressure on home prices. The average benchmark price fell by nearly nine per cent over the previous year erasing much of the gains reported in 2022. However, prices remain consistent with 2021 levels and are well above pre-pandemic.” – RAHB 

Hamilton Real Estate Market – Residential Activity 

residential-activity-prices-dec-2023

It was reported by the REALTORS® Association of Hamilton-Burlington (RAHB), that in 2023 there were a total of 6,131 sales of residential properties in the Hamilton area. This was a 12 percent decrease from 2022 – the decrease was driven by the house's prices over $800,000 and was also due to higher lending rates, all of which impacted buyers. 

In December 2023, there were a reported 296 sales of residential properties within the Hamilton real estate market area, this was an increase of 0.7 percent year-over-year. When it came to the number of new listings the Hamilton real estate market had a total of 309. This was an increase of only 12.7 percent when compared to the previous year. RAHB also reported that in December 2023 the average residential property price in Hamilton was $760,376 – an increase of 1.2 percent higher than the previous year. 

The Hamilton region had some increases when it came to new listings in the second half of 2023. However, the annual new listings were actually reported to have been lower than what was reported in 2022. This combination of decreased sales and the rise in new listings caused the sales-to-new-listings ratio to decrease in the second half of the year. This then helped the inventory to see some growth and increased the supply. 

“Supply gains in the latter half of the year caused prices to trend down from levels seen in the first half of 2023. The annual benchmark price decreased by nearly ten per cent, reaching $784,267. However, as of December, prices were still significantly higher than pre-pandemic levels.” – RAHB 

Property Types in the Hamilton Real Estate Market

propery-types-dec-2023

RAHB reported that sales eased for all property types in December 2023 and that inventory levels saw an increase for almost all property types. This caused the months of supply to trend up and over the levels reported in 2022. The annual benchmark price was reported to have seen a decline of almost eight percent in the row sector and almost a nine percent increase in the detached, apartment and semi-detached sectors.

See below for a breakdown of the average prices for each property type and whether that price had an increase or decrease when compared to the same time last year. This list also includes the total number of sales and new listings for December 2023. 

Detached: 

  • Average Price → $822,234 +0.5% 
  • Sales → 206 +3.5%
  • New Listings → 207 -11.5%

Semi-Detached 

  • Average Price → $668,039 -4.5% 
  • Sales → 19 +5.6%
  • New Listing → 14 -12.5%

Row 

  • Average Price → $667,709 0.0% 
  • Sales → 53 +15.2%
  • New Listings → 51 +4.1%

Apartment-Style 

  • Average Price → $428,524 -8.6% 
  • Sales → 17 -41.4%
  • New Listings → 36 -30.8%

In the next section of this report we’ll review the regional summary for the entire Hamilton real estate market area. The below chart helps to illustrate the different areas in the Hamilton real estate market – allowing us to compare to the previous years average residential real estate prices. The chart also makes it possible for us to see the total number of sales, inventory and new listings. 

Regional Summary for the Hamilton Real Estate Market

regional-summary-dec-2023

It was reported that sales and new listings eased across the Hamilton real estate market area in all areas in 2023. The REALTORS® Association of Hamilton-Burlington (RAHB) also reported that sales were slower when compared to new listings, which then led to an increase in the inventory outlined in the report they released. However, there was an exception to this in the Hamilton East and Dundas areas. 

The above chart, Regional Summary, illustrates the different real estate areas within the Hamilton real estate market. We can clearly see that the area that had the greatest number of sales in December 2023 was the Hamilton Mountain, we’ll also take a look at Stoney Creek and Hamilton Centre. 

It was reported that the Hamilton Mountain had a total of  70 sales in December 2023. This was a small increase of just six percent when compared to the previous year. We can see a slight decrease in sales when compared to the previous month where there were a reported 95 sales. There were a total of 67 new listings, this was a slight increase of 6.3 percent compared to the same period last year. The average price of a residential property in this area in December was $707,996 – a decrease of 3.3 percent when compared to the previous year. 

When we take a look at the total number of sales for Stoney Creek, we can see that there was an 8.2 percent increase with a total of 53 sales. This was a slight decrease when compared to the previous month where there were a reported total of 55 sales. RAHB reported that there were a total of 56 new listings which was a decrease of 16 percent compared to December 2022. When it came to the average price of a residential property in this area it was reported to have had a two percent decrease when compared to the previous year and was $767,974.

Hamilton Centre reported a total of 38 sales in December 2023 which was a 13.6 percent decrease compared to the previous year. This area had a total of 40 new listings, this was another decrease of 13 percent compared to the same period last year. The average price of a residential property in this area was $495,645 and was a decrease of 13.3 percent when compared to the previous year. In the next section of this report we’ll review the map of the Hamilton real estate market area and get a better understanding of each area and their sub areas. 

Average Residential Property Price by District 

average-residential-price-by-district-dec-2023

The above map, Average Residential Price by District, helps to illustrate the different areas within the Hamilton real estate market. By looking at the map we can see that each sub area has its average price and a percentage representing whether or not that price saw an increase or decrease in December 2023. 

In our previous section we focused on the real estate areas of Hamilton Mountain, Stoney Creek and Hamilton Centre. We’ll continue that focus in this section and try to get a better understanding of how each of these areas are broken down in terms of their average residential property price. 

The Hamilton Mountain had a total of 70 sales in December 2023 and an average residential property sale price of $707,966. This was a slight decrease of only 3.3 percent when compared to the previous year. This area comprises the sub areas; 15, 16, 17, 18, 25 and 26 – see the below list to get a better understanding of each sub area's average residential sale price. 

  • 15 → $774,289 +8% 
  • 16 → $744,840 -3%
  • 17 → $636,581 -1%
  • 18 → $767,293 -11%
  • 25 → $669,633 +7%
  • 26 → $593,233 -22% 

Stoney Creek had the second highest number of sales in December 2023 with a total of 53 sales, this was an increase of 8.2 percent when compared to the same period last year. The average residential sale price in this area was reported to have been $767,974, which was a slight decrease from the previous year and was only two percent lower. This area comprises the sub areas; 50, 51 and 52 – please see the list below where we break each area down and learn more about their average residential sale price 

  • 50 → $790,738 +2% 
  • 51 → $740,934 -2% 
  • 52 → $870,000 -21% 

Finally, we’ll take a look at Hamilton Centre which had the third highest number of residential property sales in December 2023. This area had a decrease in sales of only 13.6 percent compared to the same period last year with a total of 38. The average price of a residential property in this area had a 13.3 percent decrease and was $495,645. Hamilton Centre comprises the sub areas; 13,14, 20, 21 and 22. The list below breaks down these areas so that they are easier to understand. 

  • 13 → $493,444 -23% 
  • 14 → $404,562 -19%
  • 20 → $464,045 -5%
  • 21 → $460,250 -3% 
  • 22 → $692,750 -7%

Take a look at the map and see if you can find the area that you live in or the area that you might wish to move to. This can be a helpful tool in better understanding what you might be able to possibly list your home for or to find an area that you would be able to afford. The possibilities are endless and our sales representatives are ready to help you make that dream come true. 

Summary of Statistics for the Hamilton Real Estate Market

In conclusion, there were a total of 296 sales of residential properties within the Hamilton real estate market area. This was only a slight increase of 0.7 percent when compared to the previous year. In December 2023 there were a total of 309 new listings and this was only a small decrease compared to the previous year. 

The average residential property price was reported by RAHB to have been $760,376 – an increase of 1.2 percent compared to the same time last year. It was also reported that in 2023 there were a total of 6,131 sales of residential properties in the Hamilton real estate market area – this was a 12 percent decrease compared to 2022.

“Lending rates have not been at these levels in two decades, which is weighing on housing demand. What we saw in 2023 is that higher-priced detached and semi-detached properties were the primary drivers of sales declines. Sales improved for homes priced below $600,000, but this range only represents 20 percent of supply,” – Nicolas von Bredow, President of RAHB.

For More Information About These Statistics 

For a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for December 2023.

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

Do you have any questions about the Hamilton real estate market, or would like to learn more about the selling and buying process? Then please don't hesitate to contact one of our knowledgeable and professional sales representatives at Judy Marsales Real Estate Ltd., Brokerage. 

Judy Marsales Real Estate has three locations in the Hamilton area; Locke Street South, Westdale and Ancaster. One of our knowledgeable and professional sales representatives will be more than happy to assist you. If you're interested to learn more about what your home might cost, give our “What’s My Home Worth” calculator a try. All of us at Judy Marsales Real Estate Brokerage look forward to working with you soon.


Hamilton Real Estate Market Statistics for November 2023

 Thursday, December 7, 2023     Kirsten McNamee     Local Hamilton Market Statistics Real Estate Trends

Featured Photo

Real Estate Market Statistics for November 2023 

The REALTORS® Association of Hamilton-Burlington (RAHB), have released their November 2023 real estate statistics. In this report we will review these real estate statistics and also summarize them. This report covers the entire RAHB real estate market with a strong focus on the Hamilton real estate market and statistics.

It was reported that in the entire RAHB real estate market area there was a decline in the number of sales in November 2023. This was in comparison to the same time period last year. This was also one of the lowest recorded Novembers since 2010, according to the report by RAHB. 

The rise that was seen in the sales for both apartment-style properties and semi-detached properties were not enough to offset the decline in row and detached properties. The year-to-date sales saw a decline of 11 percent when compared to the same time period last year. The sales reported were also 30 percent lower when compared to the long-term trends. 

When it came to the new listings in November 2023, the report showed that the numbers were trending down – this is normal to see this time of year. There were a total of 1,384 new listings reported in the entire RAHB real estate market area. Due to this we saw that supply levels were higher than are traditionally in November. However, despite these numbers inventory still saw a decline when compared to previous months. There were a total of 2,728 units reported in November 2023. Supply levels saw an increase of 23 percent compared to last month and 32 percent higher than the long-term trends. 

“Region-wide, months of supply have hovered above four months for the third consecutive month. Homes priced above $800,000 make up the majority of months of supply. Conditions are more balanced for lower-priced properties.  Additional supply has weighed on home prices, which have eased compared to levels reported earlier this year. As of November, the unadjusted benchmark price was $805,700, nearly 3 per cent lower than last month and last year’s levels.” – REALTORS® Association of Hamilton-Burlington

Hamilton Real Estate Market – Residential Activity for November 2023

residential-activity-and-prices-nov-2023

There were a reported 404 sales of residential properties in the Hamilton real estate market in November 2023. According to RAHB, this was a decline of 6.9 percent when compared to the same period last year. When it came to new listings in November 2023, there were a reported 883 in the Hamilton real estate market. This was a reported increase of 10.9 percent when compared to the same period last year. 

The REALTORS® Association of Hamilton-Burlington reported that the sales to new listings ratio increased and was 46 percent. It was also stated that this was an improvement compared to the low 30 percent reported over the previous months. The inventory levels still remain over 20 percent higher than they were this time last year. However, these levels were at their highest in 2012. RAHB also reported that the average price of a residential property was $755,953, which was a very small decline of only 0.7 percent.

November sales in the Hamilton real estate market area did see an improvement when it came to semi-detached and apartment-style properties. When compared to the previous year and October 2023. The year-to-date sales did ease across all the different property types, however, the most declines were seen in the detached sector. Listed below are the different types of properties and the average prices for November 2023 and whether the price had an increase or decrease compared to the previous year. 

  • Detached → $841,212 +2.8%
  • Semi-Detached → $628,558 -15.4%
  • Row → $673,440 -1.4%
  • Apartment-Style → $456,536 -12.5%

“Overall, elevated supply levels have weighed on home prices, which have trended down relative to levels reported in the first half of the year. The unadjusted benchmark price reached $750,400 in November, a two per cent decline over last month and the previous November.” – REALTORS® Association of Hamilton-Burlington

In the next section of this report we’ll review the regional summary for the entire Hamilton real estate market area. This chart illustrates the different areas, allowing us to see what the average price was and whether that price had an increase or decrease compared to the previous year at that time. We’re also able to see the total number of sales, inventory and new listings. 

Regional Summary for  November 2023 

regional-summary-nov-2023

In the Hamilton real estate market sales eased when compared to the same time period last year. With a total of 404 sales of residential properties, as mentioned in the previous section, this was a decline of 6.9 percent when compared to the previous year at this time. This ease in sales was reported across all regions but with Hamilton Centre, Dundas and Glanbrook seeing a rise in sales. This rise in sales in those particular areas was due to the change in new listings. 

This change in new listings related to the number of sales helped to contribute to an increase in inventory. This increase in inventory levels was seen in Hamilton Centre and Glanbrook but not in Dundas. If you take a look at the above chart, Regional Summary, you’ll be able to see each area within the Hamilton real estate market. The chart helps to illustrate the average price of a residential property, total number of sales, inventory levels and more. 

Hamilton Centre had a total of 67 sales of residential properties in November 2023 – this was an increase of 17.5 percent when compared to the previous year. There were a total of 115 new listings reported in this area, which was a decrease of 10.9 percent compared to the same time last year. The inventory levels in Hamilton Centre were reported to have increased by 21.1 percent with a total of 247 units. When we look at the average price of a residential property in this area we see that there was a decrease of 11 percent compared to the previous year with the average price being $490,232.

Let’s now take a look at Dundas and get a better understanding of the real estate statistics there. The total number of sales in this area saw an increase of 16.7 percent with a total of 21 sales. New listings in this area also saw an increase, there was an increase of 29.2 percent compared to the previous year with a total of 31. Inventory levels in Dundas reported a decrease of 13.8 percent compared to the same period last year, with a total of 50 units. Finally the average price of a residential property in Dundas in November 2023 had a slight increase of 4.7 percent compared to the same period last year and was $885,071. 

The final area we’ll review in this section is Glanbrook, where they saw an increase in sales with a total of 25 in November 2023. This was an increase of 13.6 percent when compared to the same period last year. There were a total of 45 new listings in this area, which was a decrease of 11.8 percent compared to the same period last year. When it came to the inventory levels, there was a slight decrease of 3.4 percent and a total of 86 units. The average price of a residential property in this area saw an increase of 6.1 percent year-over-year and was reported to have been $886,816 in November 2023.

“The recent boost in sales in Hamilton Centre, Dundas and Flamborough helped offset the impact of higher inventory levels in those areas. Still, all other areas reported a significant year-over-year gain in the months of supply. The months of supply ranged from a low of 2.4 months in Dundas to a high of nearly seven months in Flamborough” – REALTORS® Association of Hamilton-Burlington

Average Residential Price by District 

average-residential-price-by-district-nov-2023

The above map, Average Residential Price by District, helps to illustrate the different areas within the Hamilton real estate market. By looking at the map we can see that each sub area has its average price and whether or not that price saw an increase or decrease in November 2023. 

In the previous section we focused on Hamilton Centre, Glanbrook and Dundas, in this section we’ll keep that same focus. Since each of these areas are divided up into sub areas, we’ll break those down and make it easier to understand.

Hamilton Centre comprises the sub areas; 12, 14, 20, 21 and 22. The overall average price of a residential property in this area was $490,232, which was a decrease of 11 percent, as mentioned in the previous section. Listed below are the sub areas and their average residential price, it also shows whether that price has had an increase or decrease compared to the same time period last year. 

13 → $508,500 +8%

14 → $443,504 -22% 

20 → $506,072 -6% 

21 → 425,254 -6% 

22 → $695,656 -13%

The next area within the Hamilton real estate market that we’ll take a look at on this map is Dundas. The area of Dundas is made up of only one sub area which is area 41. As mentioned in the previous section, this area had an average residential price of $885,071 – this was an increase of five percent when compared to November 2022. 

The final sub area that we want to focus on is area 53, or better known as Glanbrook. With a total of 25 sales and an average residential property price of $886,816. This average residential property price was a slight increase of six percent compared to the previous year. There are many areas to look at on the above map, take a look and see if you can find your area. It might help to give you a better understanding of the real estate market in November 2023. 

Summary of Statistics for the Hamilton-Burlington Real Estate Market  

In summary, there were a total of 404 sales of residential properties in the Hamilton real estate market in November 2023. The REALTORS® Association of Hamilton-Burlington reported that there was a decline in the number of sales in the entire RAHB market area when compared to the time period last year. It also reported that this was also one of the lowest recorded Novembers since 2010. 

There were a total of 1,384 new listings reported in the entire RAHB real estate market area. The supply levels were reported to have been higher than they normally would have been at that time of year. It’s also important to note that there were a total of 2,728 units reported in November 2023. The supply levels saw an increase of 23 percent compared to last month and 32 percent higher than the long-term trends. 

“Persistently high lending rates are not only impacting demand but have also supported gains in new listings over the second half of the year. Consumers are generally seeking out homes in the lower-price ranges. However, much of the recent growth in new listings has been driven by higher-priced homes creating buyer market conditions in the upper end of the market.” – Nicolas von Bredow, President of RAHB.

For More Information About These Statistics 

For a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for November 2023.

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

Please don't hesitate to contact one of our knowledgeable and professional sales representatives at Judy Marsales Real Estate Ltd., Brokerage. There are three locations in the Hamilton area; Locke Street South, Westdale and Ancaster. One of our knowledgeable and professional sales representatives will be more than happy to assist you. 

Have you been curious about what your home might be worth, give our “What’s My Home Worth” calculator a try and find out. Everyone at Judy Marsales Real Estate Brokerage are looking forward to working with you and helping you to find your dream home.