Hamilton – Burlington Real Estate Market Statistics for August 2024
The Cornerstone Association of REALTORS® (Cornerstone), recently published their August 2024 real estate market statistics for the entire Cornerstone area. This detailed report offers a thorough overview of the market, shedding light on the latest trends and developments. It provides valuable insights into various aspects of the real estate market, with a particular focus on the Hamilton real estate market.
In August 2024, the residential real estate market saw a total of 690 property sales, reflecting a seven percent decrease compared to the same period last year. This decline was observed across all property types, indicating a broader market trend. Long-term trends also show this decline, indicating that the real estate market is slowing down. Notably, Burlington continues to experience the tightest market conditions, with high demand and limited inventory contributing to the ongoing competitive environment in this region.
“New listings have remained relatively consistent with long-term trends. However, listings are being met with slower sales, resulting in inventory levels above both last year’s and long-term trends. A surge in inventory relative to sales has caused the months of supply to rise to four and a half months, reflecting the highest level seen for August since 2010. Higher inventory levels compared to sales have placed downward pressure on home prices. In August, the unadjusted benchmark price stood at $840,300, down over last month and over two per cent below last year’s levels. The steepest price decline is occurring in the oversupplied apartment condominium sector.” – Cornerstone
In the next section of our report we’ll focus on the Hamilton Real Estate Market, taking a closer look at the residential activity and pricing for August 2024. This section will allow you to view the below chart, Hamilton Residential Activity and Prices for August 2024.
Hamilton Residential Activity and Prices
The Residential Activity and Prices for August 2024 chart highlights key trends in the Hamilton real estate market. In August 2024, a total of 424 residential property sales were recorded, reflecting a 15 percent decrease compared to the same period last year. This decline underscores the shifting dynamics within the market.
Additionally, Cornerstone reported 955 new listings in the Hamilton area, marking a slight 1.1 percent year-over-year decrease. Despite the drop in sales, the increase in new listings pushed inventory levels higher, raising the months of supply to 4.5 months. The sales-to-new-listings ratio remained at its lowest level for August. The average price of a residential property in Hamilton was $794,404, representing a modest 0.3 percent decline year-over-year. These figures provide a clear snapshot of the current state of the Hamilton real estate market, helping buyers and sellers make informed decisions.
“The pullback in sales relative to new listings contributed to further inventory gains, driving the months of supply up to 4.5 months. The relatively high months of supply over the past three months have weighed on home prices. Recent declines offset gains reported earlier in the year as the year-to-date average benchmark price eased by one per cent.” – Cornerstone
This wraps up our review of the Residential Activity and Prices for August 2024. In summary, the Hamilton real estate market saw a 15 percent drop in residential sales and a slight 0.3 percent dip in average prices, despite a rise in inventory. In the next section of our report we'll explore how different property types performed during this period.
Property Type Comparison for August 2024
This section of the report provides a detailed comparison of different property types in the Hamilton real estate market, focusing on sales trends, new listings, average prices, and inventory. The above chart offers a clear visual breakdown, helping you see how each property type is performed in August 2024.
According to the Cornerstone Association of REALTORS®, year-to-date sales have slowed across all property types. Detached properties, however, experienced the slowest decline in sales this year. This resilience was largely due to gains in the lower-priced properties, which helped to counterbalance the pullback seen in higher-priced homes.
The table below lists the different property types along with their average prices, number of new listings, and total sales for August 2024. Each statistic is accompanied by a percentage that shows whether there was an increase or decrease compared to the same period last year. These comparisons offer valuable insights into the shifting dynamics within the Hamilton real estate market, providing a clear picture of how each property type is being affected by current market conditions.
For those closely following the Hamilton real estate market, understanding these trends across different property types is crucial. Whether you’re a buyer, seller, or investor, this detailed comparison will help you navigate the market more effectively and make informed decisions based on the latest data.
Detached
- Average Price → $877,161 -0.9%
- New Listings → 589 -10.1%
- Sales → 284 -12.1%
Semi – Detached
- Average Price → $637,657 -0.1%
- New Listings → 35 0.0%
- Sales → 21 -8.7%
Row
- Average Price → $683,011 -4.5%
- New Listings → 202 +22.4%
- Sales → 82 -15.5%
Apartment
- Average Price → $481,244 +0.1%
- New Listings → 126 +14.5%
- Sales → 36 -34.5%
“Rising supply has weighed on home prices, which eased across all property types. However, the most significant price adjustment has occurred in the apartment condominium sector, which reported the highest months of supply out of all the property types.” – Cornerstone
In the next section of our report, we’ll dive into the Regional Summary for the Hamilton Real Estate Market for August 2024. This detailed chart offers a comprehensive view of the entire region's market, allowing us to thoroughly analyze and compare each area's individual sales, average prices, inventory levels, and new listings with data from the previous year. By exploring these insights, we can gain a clearer understanding of the overall market dynamics across different neighbourhoods within the Hamilton real estate market.
Regional Summary for the Hamilton Real Estate Market Area
The Regional Summary chart offers a thorough look at the various areas within the Hamilton real estate market. This detailed analysis by the Cornerstone Association of REALTORS® (Cornerstone) reveals key trends across different neighbourhoods. In August 2024, year-to-date sales saw notable improvements in Flamborough and Dundas, where market activity picked up compared to earlier in the year. While most other regions within the Hamilton market reported sales that fell below long-term averages, indicating a general cooling of the market.
To provide a clearer understanding of the current market dynamics, we have reviewed the areas with the highest number of sales in August 2024. For each area, the average price of properties and the number of new listings are also included. These statistics are presented alongside year-over-year comparisons, allowing you to see how market conditions have shifted over the past year. Whether you're tracking market performance for investment opportunities or planning to buy or sell, this data offers valuable insights into the state of the Hamilton real estate market.
Hamilton Mountain
The Hamilton Mountain area recorded 127 sales in August 2024, a 7.6 percent increase year-over-year, showcasing strong demand. However, the average price of residential properties in this area decreased by nine percent to $701,213 compared to the same period last year. The market also saw a 13.9 percent rise in new listings, totaling 238, making Hamilton Mountain the leader in both sales and new listings for the month. Additionally, inventory grew significantly by 50.8 percent, with 365 units available, providing buyers with more choices and influencing the area's market dynamics.
Stoney Creek
Stoney Creek faced challenges in August 2024, with 62 sales reflecting a steep 26.2 percent decrease compared to the same period last year. However, the average price of residential properties rose by 9.9 percent, reaching $902,488. Despite fewer sales, there were 152 new listings, a 24 percent year-over-year decline. On a positive note, inventory saw a modest increase of 8.6 percent, with 329 units available, offering more options to potential buyers.
Hamilton East
Wrapping up our analysis, the Hamilton East area recorded 47 sales in August 2024, reflecting a modest 2.1 percent decrease from the previous year. The market saw a significant 31.9 percent increase in new listings, bringing the total to 120. The average property price in this area was $616,900, which marked a 9.8 percent decline year-over-year. Additionally, inventory levels rose by 5.5 percent, with 186 units available, slightly expanding the options for buyers.
“While year-to-date sales have improved in Flamborough and Dundas, all areas within the Hamilton region have reported sales that are below long-term trends. Meanwhile, new listings increased across all areas, driving inventory gains. The supply growth compared to sales drove up the months of supply across most areas. As of August, the months of supply ranged from a high of six months in Hamilton Centre to under three months in Hamilton Mountain.” – Cornerstone
This completes our review of the above chart, Regional Summary, we can now move on to the next section of this report. We'll take a close look at the Average Residential Price by District map, where we’ll be able to see the entire Hamilton real estate market area.
Average Residential Price by District
The Average Residential Price by District map offers a detailed view of various sub-areas within the Hamilton real estate market. Following our earlier analysis of Hamilton Mountain, Stoney Creek, and Hamilton East, this section continues to explore these regions in depth.
By examining the map closely, you’ll notice that each sub-area displays the average residential property price for August 2024, along with a percentage indicating whether that price has increased or decreased compared to the same period last year. This breakdown provides a clear snapshot of how each sub-area is performing within the broader market. Below, we've provided a detailed breakdown of the sub-areas within the mentioned market regions to offer further insights into their real estate trends.
Hamilton Mountain
Having reported a total of 127 sales, a 7.6 percent increase year-over-year, this area is the leader for August 2024 sales. The average price of a residential property in this area was $706,213, a nine percent decrease compared to the previous year. The Hamilton Mountain comprises the sub areas of 15, 16, 17, 18, 25 and 26.
- 15 → $765,105 -13%
- 16 → $724,978 -9%
- 17 → $635,978 -7%
- 18 → $778,861 -4%
- 25 → $706,409 -9%
- 26 → $627,450 -12%
Stoney Creek
The area of Stoney Creek reported a total of 62 sales, there was a slight decrease of 26.2 percent year-over-year. The average price of a property was $902,488, this was an increase of 9.9 percent compared to the previous year. Stoney Creek comprises the sub areas of 50, 51 and 52.
- 50 → $861,993 +4%
- 51 → $932,703 +15%
- 52 → $1,110,000 -12%
Hamilton East
The final area that we’ll review on the above map is Hamilton East, the average price of a home in this area was $616,909 – a decrease of 9.8 percent year-over-year. The total number of sales in August were reported to have been 47, which was a small decrease of 2.1 percent compared to the previous year. Hamilton East comprises the sub areas of 23, 24, 27 and 28.
- 23 → $516,765 -9%
- 24 → $663,800 -2%
- 27 → $706,800 -4%
- 28 → $675,592 -9%
This concludes our section on the Average Residential Price by District, you can take a closer look at the map and find your area or an area that you might be interested in. We know that this might be a lot of information to digest, that’s why at the end of this report we’ll provide information for you to contact a sales representative at Judy Marsales Real Estate Brokerage.
Summary of Statistics for The Hamilton Real Estate Market
The Hamilton-Burlington real estate market recorded 690 residential property sales in August 2024, reflecting a slight 7 percent decrease compared to the previous year. According to the Cornerstone Association of REALTORS® (Cornerstone), this decline was evident across all property types, signaling a broader trend of a slowing real estate market. Despite this overall slowdown, Burlington continues to face the tightest market conditions, with high demand and limited inventory fueling a competitive environment.
“There is more inventory than we have seen in recent years, which provides prospective buyers with flexibility and choice. We are seeing many hopeful buyers continue to wait for interest rates to come down as they are predicted to do. Now is a good time for buyers to take advantage of the increased opportunities. When interest rates come down, there could once again be a strain on inventory,” – Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
If you’re interested in learning more about these market trends or starting your journey to home ownership, we encourage you to reach out to a sales representative at Judy Marsales Real Estate Brokerage. Whether you're looking to buy your first home or find your next one, our team is here to assist you every step of the way.
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
This comprehensive real estate statistics report offers in-depth insights into the August 2024 market trends in Hamilton and the broader Cornerstone area. Whether you're interested in understanding local property values or are in the market to find your first home or next home, this report serves as your essential resource for navigating the current real estate landscape.
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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 August 2024.