Hamilton Real Estate Statistics for December 2022
The REALTORS® Association of Hamilton-Burlington (RAHB), recently released their December 2022 real estate statistics. It was reported that there were a total of 284 sales of residential properties within the Hamilton real estate market, a decrease of 42.6 per cent. It was also reported that there were a total of 6,923 sales in the entire RAHB real estate market area in 2022, easing by 32 per cent when compared to the previous year.
There were a reported 350 new listings within the Hamilton real estate market, a 12.5 per cent decrease compared to December 2021. When it came to the inventory there was an increase of 430.4 year-over-year. “As the year progressed, new listings increased and inventory levels rose from record low levels. This helped shift from a strong sellers' market to one relatively balanced.”
The average price of a residential property within the Hamilton real estate market was $750,601, a 14.6 per cent decrease year-over-year. December saw a decrease in the benchmark price of a residential property by 23 per cent and 15 per cent compared to last year. “Despite the adjustment in prices, levels remain over 16 per cent higher than prices reported at the end of 2021.”
RAHB reported that the year 2022 was a year of adjustment in the housing demand across the entire RAHB real estate market area. The sales activity “eased by 30 per cent over the near-record highs achieved in 2021.” When it came to new listings in the entire RAHB market area, they continued to grow but only for properties priced above $800,000.
“Across the RAHB market area, easing sales and rising supply have shifted the market from the extreme sellers’ market conditions at the beginning of the year to one considered relatively balanced. The shift took some pressure off home prices, which hit a record high in February but declined 25 per cent by December.”
The above chart, Regional Summary, allows us to see the average price of a residential property within the Hamilton real estate market. It also allows us to see new listings, sales activity, the median price and how many days a listing was on the market.
RAHB reported that in 2022 sales eased across the Hamilton real estate market. While there was an increase in the inventory, sales eased. This shift in sales and inventory levels moved the market away from being a strong sellers’ market.
It was reported that in December 2022 Hamilton East and the Hamilton Mountain had some of the tightest markets with only less than three months worth of supply. Waterdown was reported to have had the very tightest market with less than two months of supply.
“Despite some price adjustments in the different areas, on an annual basis, prices are still higher than last year. The most significant annual average price gain occurred in Hamilton West and Flamborough at over 14 per cent. Meanwhile, Glanbrook reported the lowest price growth at nearly eight per cent.”
The Hamilton Mountain has the greatest number of sales in December 2022, with a total of 65 sales. The average price of a residential property in this area was $733,545, a decrease of 18 per cent. When it came to the number of new listings there was a 25 per cent decrease with a total of 62 in December 2022.
According to RAHB, Hamilton East had a total of 33 sales in December 2022, a decrease of 40 per cent. There were 43 new listings and an average residential property price of $573,127. Waterdown reported a total of 19 sales and 15 new listings, with an average residential property price of $885,666, a decrease of 23.1 per cent.
It was reported that the Hamilton West had a total of 18 sales and 33 new listings in December 2022. The average price of a residential property in this area was $538,378, a decrease of 18.7 per cent. Flamborough had a total of 8 sales and 12 new listings, an increase of 50 per cent. This area had the highest average residential property price of $1,213,063, a slight decrease of 8.4 per cent.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates the Hamilton real estate market. Specifically, it illustrates the sub areas and allows us to see what the average price of a home was in December 2022, and whether that price had a decrease or an increase.
The area that had the greatest number of sales in December 2022 was the Hamilton Mountain. With a total of 65 sales and an average residential property price of $733,545. The Hamilton Mountain is broken down into the sub areas 15, 16, 17, 18, 25 and 26. Please see the list below for each sub area's average residential price and whether that price increased or decreased.
- 15 — $720,000 — 17% decrease
- 16 — $764,356 — 15% decrease
- 17 — $646,094 — 15% decrease
- 18 — $866,500 — 17% decrease
- 25 — $626,071 — 38% decrease
- 26 — $770,778 — 11% decrease
It becomes very clear that the Hamilton Mountain saw decreases in all sub areas when it came to the average residential property price. Let’s now take a look at another real estate market area within Hamilton that had the second greatest number of residential property sales, Stoney Creek.
Stoney Creek reported a total of 48 sales in December 2022, with an average residential property price of $787,121, a 20.1 per cent decrease. This market area is made up of the sub areas 50, 51 and 52. Take a look at the list below to see what each area's average residential property price was and if that area had a decrease or an increase.
- 50 — $771,923 — 22% decrease
- 51 — $763,806 — 22% decrease
- 52 — $1,101,667 — 7% increase
It’s true that while we did see a lot of decreases in the average residential property price, in Stoney Creek there was a slight increase in the sub area 52. Next let’s review the chart, Property Type Comparison and get a closer look and see what was reported for December 2022.
Property Type Comparison
The above chart, Property Type Comparison, allows us to review all the different property types within the Hamilton real estate market. We’re able to see what the average price of each property was, total sales, new listings and more.
According to RAHB, detached properties had a benchmark price of $788,300, which was a decrease of 17 per cent. The average price of this type of property was reported to have been $817,515, this was a decrease of 14 per cent. There were 192 sales and 231 new listings reported in December 2022.
When it came to semi-detached properties there were 16 new listings and a total of 18 sales in December 2022. This type of property had a benchmark price of $706,100, an 11 per cent decrease. The average price of a semi-detached property was reported to have been $699.300, also an 11 per cent decrease.
RAHB reported that when it came to row houses, there were a total of 44 sales and 49 new listings. The benchmark price was reported to have been $627,700, this was a one per cent decrease. When it came to the average price of a row house or townhouse, it was reported to have been $663,623. This was a decrease of 12.8 per cent when compared to the previous year.
The final property type we’ll review is the Apartment-style properties. The benchmark price was reported to have been $493,200, an increase of seven per cent. The average price of this type of property was $471,463, a decrease of 21.1 per cent. There were a total of 28 sales and 51 new listings in December 2022.
“Despite a drop in sales, the apartment condominium sector continued to outperform the long-term average for the area, as more inventory relative to historical levels gave consumers more choice in this property category. While the shift away from a seller's market did impact home prices, the adjustment from the peak has been more significant in detached and semi-detached properties.”
Summary of Statistics
The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 284 sales of residential properties within the Hamilton real estate market. The average price of a residential property within the Hamilton real estate market was $750,601, a decrease of 14.6 per cent.
When we review the above chart, Summary of Statistics, we can see that it's broken down into different property types. There were a total of 350 new listings and 284 residential property sales and an average price of $690,000, a 16.9 per cent decrease. Commercial properties had a total of 10 sales and no new listings in December 2022. The average price for this type of property was $949,950, a small decrease of 0.9 per cent.
There was a lot of change throughout the year 2022 when it came to the real estate market. Sales eased and the market shifted away from the extreme sellers’ market. This was also due to the fact that there was a rise in the supply at the beginning of the year. This shift also took the pressure off the rising home prices that were at its most extreme in February 2022. RAHB notes that prices are still 16 per cent higher than they were pre-pandemic.
“The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period, 2022 saw conditions start to shift back to a more balanced market. Improved supply is an important component to stabilizing both sales and home prices. If higher lending rates continue, they will weigh on home sales in 2023, however; the dip in prices coupled with better supply choice could start to support a more stable market for the foreseeable future.” — Lou Piriano, RAHB President.
For More Information About These 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 December 2022.
Contact a Sales Representative at Judy Marsales LTD. Brokerage
That was a lot of information about the Hamilton real estate market for December 2022 and you might have some questions. Please feel free to reach out to one of our fantastic sales representatives. Judy Marsales has three real estate office locations in the Hamilton and surrounding areas, clients can reach out to each location or view our website for our list of sales representatives.
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