Hamilton – Burlington Real Estate Market Statistics for July 2024
Cornerstone Association of REALTORS® (Cornerstone), released the July 2024 real estate statistics for the entire Cornerstone real estate market area. This report will review some of the statistics, with a strong focus on the Hamilton real estate market.
The July 2024 real estate market statistics stated that there were a total of 804 residential properties sold. This was a six percent decrease compared to the previous year and was reported for the entire Hamilton-Burlington real estate market area. This statistic was generated from the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS®. It was also reported that while the year-to-date sales in the Hamilton-Burlington area saw a decrease, Niagara-North reported comparable levels seen the same time last year.
New listings saw an increase in July 2024, while the sales-to-new-listings ratio eased to 42 percent. Inventory levels were similar to June’s and also higher than last year. The months of supply “pushed above four months,” this hasn’t been seen since July 2010.
“More supply choice has continued to place downward pressure on home prices this month. The unadjusted benchmark price was $843,500, nearly one per cent lower than in June and three per cent lower than last July. While prices are below the 2022 peak, they are still higher than levels reported prior to the pandemic, and year-to-date average benchmark prices are only slightly lower than last year.” – Cornerstone Association of REALTORS®
Hamilton Residential Activity and Prices
The above chart, Residential Activity and Prices for July 2024, illustrates the number of sales of residential properties within the Hamilton real estate market. This chart also helps us to compare these numbers to the previous year. It was reported that in July 2024 sales eased two percent with a total of 491 sales.
This sharp decline in sales was mainly seen in home prices between $800,000 and $1,500,000, this was able to offset the gains happening in other price points. Cornerstone reported that there were a total of 1,223 new listings which was an increase of 8.6 percent compared to the same time last year. Causing the sales-to-new-listings ratio to decrease by 40 percent. The average price of a residential property in the Hamilton market was $789,971 – this was a six percent decrease when compared to the same period last year.
“Higher inventory levels compared to sales caused the months-of-supply to rise to nearly four months in July. The months-of-supply has not been this high in July since 2010, and is contributing to the downward pressure on home prices. In July, the unadjusted benchmark price was $780,700. This reflects a second consecutive monthly decline and is nearly four per cent below last year's levels.” – Cornerstone Association of REALTORS®
Property Type Comparison for July 2024
This section of the report is where we’ll compare the differences between each property type. The above chart illustrates each property type when it comes to the number of sales, new listings, average prices, inventory and more. Cornerstone Association of REALTORS®, reported that year-to-date sales slowed across all the different property types.
It was also reported that detached homes were 6.6 percent of the total sales in July 2024. While row homes made up six percent of the total number of sales. Row and detached homes reportedly had less listings in July than they did in June. The lower number of listings contributed to the prevention of any inventory gains over last month's levels.
Listed below are the different property types, average prices, number of new listings and total sales for July 2024. With each statistic you’ll be able to see a percentage representing either an increase or decrease. This percentage represents the comparison to the same period last year.
Detached:
- Average Price → $873,327 -6.6%
- New Listings → 805 +8.2%
- Sales → 329 -0.9%
Semi-Detached:
- Average Price → $687,784 -6.2%
- New Listings → 50 +2.0%
- Sales → 19 -29.6%
Row:
- Average Price → $677,191 -4.0%
- New Listings → 219 +11.7%
- Sales → 97 +5.4%
Apartment-Style:
- Average Price → $431,128 -10.2%
- New Listings → 148 +11.3%
- Sales → 46 -4.2%
“The months-of-supply rose across all property types compared to last July, with detached pushing near four months. The apartment condominium sector reported the highest month-of-supply at over six months. Overall, supply growth compared to sales has weighed on prices across all property types in July. However, on a year-to-date basis, average benchmark prices have remained relatively stable compared to last year's prices for detached, semi-detached, and row-style homes. Apartment condominiums reported a year-to-date average benchmark price decline of nearly three percent.” – Cornerstone Association of REALTORS®
Moving on to the next section of our report, we’ll review the chart, Regional Summary for the Hamilton Real Estate Market for July 2024. This chart will help us to better understand the entire region’s market. We’ll have the opportunity to compare each area's individual sales, average prices, inventory, new listings and more to the previous year.
Regional Summary for the Hamilton Real Estate Market for July 2024
The above chart, Regional Summary, allows us to see each area within the Hamilton real estate market area. Cornerstone reported that in July 2024, the areas of Flamborough and Dundas were the only areas to report a gain in sales. There was also a gain in new listings, which then offset the higher sales, therefore causing year-over-year inventory gains.
Hamilton Mountain
It was reported that there were a total of 111 sales of residential real estate properties in July 2024. The Hamilton Mountain had the greatest number of sales reported across the entire Hamilton real estate market area. However, this was a decrease of 10.5 percent when compared to the same time period last year. The average price of a residential property in this area was reported to have been $726,014, this was a decline of 4.4 percent year-over-year. Cornerstone also reported that there were 262 new listings in this area and that it was an increase of 13.9 percent compared to the previous year. Finally, the Hamilton Mountain reported that there were a total of 353 units of inventory, which was a significant increase of 52.2 percent compared to the previous year.
Dundas
The area of Dundas reported that there were a total of 24 sales in July 2024, this was a significant increase of 50 percent compared to the previous year. Dundas also reported that there were a total of 31 new listings, which was a small increase of only 3.3 percent year-over-year. However, the inventory levels saw an increase of 54.4 percent with a total of 51 units reported in July. The average price of a residential property in Dundas had a small decrease of 7.4 percent, with the average price being $904,648.
Flamborough
The final area that we’ll review will be Flamborough, which reported the highest average sale price of a residential property. This area was also mentioned in the report by Cornerstone as having one of the only areas with gains in sales (along with Dundas). Flamborough had a reported 23 sales in July 2024, this was an increase of 4.5 percent. The number of new listings in this area were reported to be 51, which was a small decrease of 7.3 percent compared to the previous year. Inventory levels in Flamborough were reported to have had an increase of 42.3 percent, with a total of 148 units. Cornerstone reported that the average price of a residential property in this area was $1,221,522 – this was a small decrease of only 5.4 percent when compared to the same period last year.
“So far this year, Flamborough and Dundas are the only areas to see a gain in sales. However, the gain in new listings offset higher sales, causing year-over-year inventory gains. Inventory gains across the entire Hamilton region caused an increase in the months-of-supply, which means market conditions are not as tight as they were last year.” – Cornerstone Association of REALTORS®
This concludes our review of the above chart, Regional Summary, where we were able to get a closer look at the different areas within the Hamilton real estate market. In the next section of this report we’ll take a close look at the Average Residential Price by District map.
Average Residential Price by District
The above map, Average Residential Price by District, helps to illustrate the different areas within the Hamilton real estate market by sub areas. In the previous section we focused on the areas of Dundas, Flamborough and the Hamilton Mountain, we’ll continue that focus in this section as well.
When you take a look at the above map, you can see that there are different areas and then sub areas. Each sub area shows the average price of a residential property in July 2024 and a percentage representing whether that price saw an increase or decrease. That percentage is in comparison to the same time period last year. Let’s now take a look at the areas we mentioned above and see how they compared to the previous year.
The Hamilton Mountain reported an average price of $726,014, this was a decrease of 4.4 percent year-over-year. This area also had a total of 111 sales, the greatest number of sales within the entire Hamilton real estate market. The sub areas that comprise the Hamilton Mountain are; 15, 16, 17, 18, 25 and 26.
- 15 → $807,056 +5.5%
- 16 → $711,208 -15%
- 17 → $630,173 -5%
- 18 → $793,328 -8%
- 25 → $755,233 +14%
- 26 → $728,583 +1%
Moving on to the next area, we’ll take a look at Dundas, which comprises the sub area 41. The average residential property price in this area was $904,648, a decrease of 7.4 percent when compared to the previous year. There were a total of 24 sales, this was an increase of 50 percent year-over-year. Flamborough also only comprises a few sub areas but with only one statistic for all of them. The sub areas are 40, 43, 44 and 45. The average price of a residential property was $1,221,522, a decrease of five percent when compared to the previous year.
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 reported a total of 804 residential properties sold in July 2024, a small decrease of only six percent when compared to the previous year. The Cornerstone Association of REALTORS® reported that while the year-to-date sales in the Hamilton-Burlington area saw a decrease, Niagara-North reported comparable levels seen the same time last year. It was also reported that new listings saw an increase and the sales-to-new-listings ratio eased to 42 percent.
“This marks the third consecutive year that sales have remained below long-term trends. At the same time, we are experiencing a gain in new listings. While rates are slowly coming down, for some existing owners the prospect of higher renewal rates is enough to cause them to list their properties, driving up supply levels,” – Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
You can learn more about these statistics by contacting a sales representative at Judy Marsales Real Estate Brokerage. We encourage you to reach out to not only learn more but also to start your journey to home ownership or to find your next home.
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
This comprehensive real estate statistics report provided detailed insights into the July 2024 real estate market trends in Hamilton and the broader Cornerstone area. Whether you're a homeowner, investor, or simply curious about local property values, this report is your go-to resource.
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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 July 2024.