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
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
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
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
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.