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
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
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
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
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
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