Hamilton – Burlington Real Estate Market Statistics for June 2024
Cornerstone Association of REALTORS® (Cornerstone), released their June 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.
It was reported that in June there was a slowing down in sales for the entire Cornerstone real estate market area, when compared to the previous year. There were a reported total of 835 sales of residential real estate properties, which was lower than the long-term averages usually seen at this time. These figures have been observed by Cornerstone over the past few years and according to them, “this slowdown in sales is evident across all property types and in every area within the region.”
When it came to the new listings recorded in June, there were a reported 2,048 in total. This was an increase when compared to the same period last year. It was also reported that the inventory in June was trending up, with a 54 percent increase compared to the same period last year. That percentage is well above the long-term trends for the month and inventory levels had an increase across all property types.
“Gains in inventory relative to sales caused the months of supply to rise to nearly four months.Higher supply levels relative to sales took some pressure off home prices. In June, the unadjusted benchmark price was $849,900, a year-over-year decline of over two per cent.Despite the decline, year-to-date the average benchmark price has remained relatively flat compared to last year.” – Cornerstone Association of REALTORS®
In the next section of this blog we’ll focus on the Hamilton Real Estate Market, taking a closer look at the residential activity and pricing for June 2024. This section will allow you to view the below chart, Hamilton Residential Activity and Prices for June 2024.
Hamilton Residential Activity and Prices
The above chart, Residential Activity and Prices for June 2024, illustrates the number of sales of residential properties within the Hamilton real estate market. This chart also allows us to compare those numbers to the previous year. There were a reported 495 sales of residential properties within the Hamilton real estate market in June 2024. The number of sales reported in June was a 25.3 percent decrease compared to the same period last year.
Let’s now take a look at the number of new listings – there were a total of 1,264, this was an increase of only 7.1 percent year-over-year. The average price of a residential property was reported to be $831,190 – this was 0.4 percent higher than the previous year. Cornerstone also reported on the inventory levels in the Hamilton real estate market, there were a total of 1,952 units, which was an increase of 54.9 percent compared to the previous year.
Sales saw an increase with properties that were priced below $500,000, but that was still not enough to prevent a seven percent decrease year-to-date. Cornerstone reported that new listings were higher in June than the levels reported last year, but also eased when compared to last year. It’s also important to note that the sales-to-new-listings ratio saw a decrease to 40 percent as inventory levels saw an increase.
“Higher inventory levels compared to sales pushed the months of supply up to nearly four months. Additional supply choice weighed on home prices. In June, the unadjusted benchmark price was $786,800, down from last month and nearly three per cent below last June.” – Cornerstone Association of REALTORS®
Next we’ll take a look at the Property Type Comparison for June 2024 chart. This chart will help us to better understand the average price, number of new listings, sales and more for each individual property type.
Property Type Comparison for June 2024
In this section of the report we’ll be comparing the differences between each property type. The above chart allows us to compare each property type when it comes to the number of sales, new listings, average prices, inventory and more. Cornerstone Association of REALTORS®, reported that sales saw a decrease across all property types in June 2024. This decrease contributed to the year-to-date declines ranging from six percent for detached homes to 13 percent for semi-detached homes.
It was stated in their statistics that the steeper declines seen in the semi-detached homes sector was most likely due to limited growth in new listings. Listed below are the different property types, their average prices, number of new listings and total sales for June 2024. With each statistic you’ll be able to see a percentage representing either an increase or decrease.
Detached:
- Average Price → $922,685 +0.6%
- New Listings → 820 +5.1%
- Sales → 336 -20.2%
Semi-Detached:
- Average Price → $738,257 +1.2%
- New Listings → 44 -10.2%
- Sales → 14 -60%
Row:
- Average Price → $703,911 -5.4%
- New Listings → 252 +22.0%
- Sales → 99 -27.2%
Apartment Style:
- Average Price → $465,093 -7.8%
- New Listings → 144 +5.1%
- Sales → 46 -31.3%
“Supply levels have been on the rise across all property types, but the apartment condominiums had the highest months of supply at nearly seven months. While prices did ease across all property types compared to last year, the largest year-over-year decline occurred in the apartment condominiums at over three per cent.” – Cornerstone Association of REALTORS®
The next section of this report will focus in particular on each area within the Hamilton real estate market. Therefore allowing us to get a close look at each one and compare their individual sales, average prices, inventory, new listings and more to the previous year.
Regional Summary for the Hamilton Real Estate Market
The above chart, Regional Summary, allows us to see each area within the Hamilton real estate market area. Cornerstone reported that in June 2024, the year-to-date sales saw an improvement in Flamborough and Dundas. However, this improvement in sales wasn’t enough to correct the decreases seen across all the other areas. In this section of the report we’ll focus on Hamilton West, Hamilton Centre, Dundas and Flamborough.
Summary for Hamilton West
It was reported that in Hamilton West there was a total of 44 sales of residential properties, this was a decrease of 35.9 percent when compared to the previous year. Cornerstone reported that new listings in this area also had a decline when compared to the same period last year, with a total of 95 new listings – this was a decrease of 13.6 percent. When it came to inventory, this area had a total of 177 units, which was an increase of 26.4 percent compared to the previous year. In Hamilton West the average price of a residential property was $662,078, only a small decrease of 8.5 percent compared to previous year.
Summary for Hamilton Centre
The next area we’ll take a look at is Hamilton Centret, which reported a total of 42 sales in June 2024. This was a 41.7 percent decrease year-over-year, however new listings saw an increase of 9.5 percent compared to the same period last year with a total of 184. Inventory in this area also saw improvements with a 42.4 percent increase compared to the previous year. The average price of a residential property in this area was reported to have been $536,566, a decrease of 11 percent year-over-year. The months of supply in Hamilton Centre were reported to have been 144.2 for June 2024.
Summary for Flamborough
Finally we’ll review Flamborough, this area had a total of 20 sales, which was a decrease of 42.9 percent compared to the previous year. Flamborough also reported a total of 66 sales of residential properties, an increase of 8.2 percent year-over-year. Inventory in this area saw an increase of 69.3 percent compared to the previous year. The average price of a residential property in this area was $1,366,097, an increase of 13.5 percent year-over-year. Months of supply were reportedly 7.45 or an increase of 196.3 percent compared to the same period last.
“Year-to-date sales improved in Flamborough and Dundas, but this wasn’t enough to offset the declines reported in all other areas within the Hamilton Region. Hamilton West and Hamilton Centre reported the largest sales declines. While monthly changes in inventory ranged across all areas within the region, a gain in inventory and months of supply compared to last year was a common theme throughout.” – Cornerstone Association of REALTORS®
Join us now in the final section of this report where we’ll review the Average Residential Price by District. We’ll get to view an easy to read map that provides us with a visual of the entire Hamilton real estate market.
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 their sub areas. These sub areas show what the average cost of a residential property was in June 2024. The map allows us whether that price had an increase or decrease compared to the same time period last year. In the previous section we focused on Hamilton West and Hamilton Centre and Flamborough, we’ll continue that focus in this section.
Hamilton West reported a total of 41 sales in June 2024, a decrease of 35.9 percent compared to the same period last year. This area had a total of 95 new listings, another decrease compared to the previous year, this decrease was 13.6 percent. The Hamilton West area comprises the sub areas of 10, 11 and 12 – please see the list below of a breakdown of each of these areas.
- 10 → $542,988 -11%
- 11 → $713,778 -23%
- 12 → $674,126 -6%
The next area we’ll look at is Hamilton Centre, which reported a total of 42 sales in June 2024 – this was a 41.7 percent decrease compared to the previous year. This area had a total of 189 new listings, which was an increase of 9.5 percent year-over-year. It’s also important to note that the average price of a residential property was $536,866 – a decrease of 11 percent compared to the previous year. Hamilton Centre comprises the sub areas of 13, 14, 20, 21 and 22 – listed below are each of these areas along with their average prices and whether that price saw an increase or decrease compared to the same period last year.
- 13 → $529,240 -8%
- 14 → $440,116 -26%
- 20 → $538,615 -5%
- 21 → $492,667 -11%
- 22 → $656,830 -13%
Finally, in this section we’ll review our final real estate area, Flamborough.This area had a total of 20 sales, a decline of 42.9 percent year-over-year and a total of 66 new listings, an increase of 8.2 percent. Flamborough had an average residential property price of $1,366,097 – this was an increase of 13 percent compared to the previous year. This area comprises the sub areas of 40, 43, 44 and 45. Listed below are the areas and their average prices for June 2024, included is also the percentage of whether that price saw an increase or decrease.
- 40, 43, 44, & 45 → $1,366,097 +14%
This concludes this portion of the report, reviewing the above map is a great way to visualize the area where you live, but also your desired areas as well. In the final section of this report we’ll summarize the statistics mentioned and explain how a sales representative at Judy Marsales can help you navigate the Hamilton real estate market.
Summary of Statistics for the Hamilton Real Estate Market
In summary, there were 835 sales of residential real estate properties in June 2024 in the entire Cornerstone Association of REALTORS® real estate market area, which was lower than the long-term averages usually seen. Cornerstone, reported there were a reported 2,048 new listings – an increase when compared to the same period last year.
It was also reported that inventory levels in June trended up, with a 54 percent increase compared to the previous year. Which was well above the long-term trends for the month – inventory levels saw an increase across all property types.
“Higher interest rates and rising cost of living have impacted the housing market. Despite a recent rate reduction by the Bank of Canada, mortgage rates remain high, and potential buyers are likely waiting for further cuts or a shift in market conditions. Rising supply levels have reduced the sense of urgency experienced during the periods of low inventory, taking the pressure off home prices.” – Cornerstone Association of REALTORS® Spokesperson Nicolas von Bredow.
Learn more about our real estate brokerage in the conclusion of our real estate statistics report and review. Please also note that all real estate statistics have been provided by the Cornerstone Association of REALTORS®.
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
This report included a lot of information about the June 2024 real estate market in the Hamilton and entire Cornerstone real estate market area. If you have any questions about these statistics or would like to learn more about our brokerage, please reach out to our offices directly, or alternatively you can find us on Facebook and Instagram.
Please feel free to email us at one of our three office locations, westdale@judymarsales.com, ancaster@judymarsales.com, or locke@judymarsales.com. You can also reach us directly by phone at one of the following numbers, Westdale: 905-522-3300, Ancaster: 905-648-6800, and Locke Street South: 905-529-3300. Additionally, if you have been wondering what your home might be worth try using our “What’s My Home Worth” calculator.
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 June 2024.