Hamilton Real Estate Market Statistics for December 2023

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 

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

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

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 

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.