Real Estate Statistics for March 2024
The REALTORS® Association of Hamilton-Burlington (RAHB), recently released the March 2024 real estate statistics for the entire real estate market area. In this report we’ll review some of these statistics, with a strong focus on the Hamilton real estate market.
RAHB reported that there were a total of 996 residential real estate sales within the entire real estate market. This was a six percent decrease when compared to the same time last year. This decrease, however, was not enough to offset the gains that were seen during both February and January.
It was also reported that in the first quarter sales in the region remained lower than the long term real estate trends for 2024. In the RAHB report it also stated that new listings continued to rise, and due to this rise the sales-to-new-listings ratio was below 60 percent. The result was a further supply in the inventory gains. The inventory levels saw an increase of 28 percent compared to March 2023, however, last year the levels were remarkably low.
“Inventory levels in March closed out with just over two months of supply. This is an increase over last year but lower than the four months of supply reported at the end of 2023. Conditions are the tightest in the Burlington region, with less than two months of supply. Haldimand saw the highest supply-to-demand ratios, with just below four months of supply.” – RAHB
In the next section of this report we’ll focus on the Hamilton real estate market area and review the new listings, sales and average price of a residential property. We’ll then compare these numbers to what we saw this time last year.
Hamilton Real Estate Market – Residential Activity
In the above graph, Residential Activity and Prices, we can see that it illustrates the number of sales of residential properties within the Hamilton real estate market. This graph shows the sales, number of new listings, the benchmark price and the average residential price of a property from March 2023 to March 2024.
RAHB reported that there were a total of 596 sales within the Hamilton real estate market area in March 2024. This was a slight decrease from the previous year, with a difference of only seven percent. Even though this decrease was small compared to March 2023, the year-to-date sales are comparable to last year, however, they still remain lower than the long term trends. New listings saw an increase of 12.6 percent compared to the previous year, with a total of 1,053 new listings reported in the Hamilton real estate area.
This is the third month in a row that we saw an increase in new listings and due to this rise, there was an ease in the sales to new listings ratio with a difference of 57 percent. Inventory also had an increase, it was reported that there was an increase of 31.3 percent with a total of 1,486 units in March 2024.
“Rising new listings compared to sales equated to further inventory gains. While inventory levels have improved compared to the low levels reported in the past four years, they are low relative to what was available in the market before 2014.” – RAHB
The average price of a residential property had a small increase of 3.9 percent in March 2024, with the price of $826,462. While the unadjusted benchmark price was reported to have been $788,300 – this was an increase compared to the previous month and a two percent increase when compared to March 2023.
“The unadjusted benchmark price in March was $788,300, up from last month and over two per cent higher than last year. The shift to more balanced conditions relative to the later part of 2023 is supporting some of the rebound in home prices.” – RAHB
Now that we’ve had an overview of the Hamilton area real estate market statistics, let’s dive a little deeper. In the next section of this report we’ll take a look at the different property types and how they contributed to the overall real estate statistics for March 2024.
Property Type Comparison for March 2024
The REALTORS® Association of Hamilton-Burlington (RAHB), reported that the year-over-year sales for March 2024 saw a “pullback” and this was due to the slowing of sales in detached properties. However, new listings saw increases across all property types and this helped to support the inventory gains that were seen in March 2024.
“Months of supply rose compared to last year across all property types, ranging from a high of four months in the apartment sector to under two months for semi-detached and row properties. Higher supply levels relative to demand in the apartment condominium sector left prices slightly lower than levels reported in March 2023. However, prices have improved for all other property types, with year-over-year gains pushing above three per cent in the detached and semidetached sectors.” – RAHB
We’ve listed a breakdown of the different property types, their average prices and number of new listings for March 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 → $927,501 +6%
- Sales → 387 -11.6%
- New Listings → 651 +6.2%
Semi-Detached:
- Average Price → $701,434 +9%
- Sales → 29 +3.6%
- New Listings → 42 +2.4%
Row:
- Average Price → $708,920 -2.1%
- Sales → 116 +3.6%
- New Listings → 216 +30.1%
Apartment:
- Average Price → $481,159 +4.9%
- Sales → 62 +3.3%
- New Listings → 142 +26.8%
Now that we’ve reviewed the different property types, we can take a closer look at the different real estate market areas. In the next section of this report we’ll review the below chart which 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
The REALTORS® Association of Hamilton-Burlington (RAHB), reported that the sales activity saw an increase in Hamilton East, Flamborough, Dundas, Ancaster and Glanbrook in March 2024. This sales activity was able to help “offset any pullbacks” reported in other parts of the city. RAHB also reported that, “new listings increased across most of Hamilton, enough to drive year-over-year inventory gains across most 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 in this section of the report will be Hamilton East, Dundas and Ancaster. We’ll review their total number of sales, average prices and number of new listings. Then we’ll look at how that price compares to the same time period last year.
RAHB reported that in Hamilton East there were a total of 55 sales of residential properties. This was a decrease of 12.7 percent when compared to the same period last year. Inventory levels in this area were reported to have had an increase of 18.9 percent with a total of 107 units. However, when it came to new listings there was a decrease of 11.8 percent and a total of 82 properties listed. The average price of a residential property in this area was $627,437 – this was a small decline of only 2.2 percent when compared to the previous year.
The next area that we’ll take a closer look at is Dundas, this area had a total of 38 sales in March 2024, which was a 31 percent increase. Inventory levels in this area also saw an increase, the increase was 16.7 percent with a total of 35 units. It was reported that new listings also had an increase, it was small and was 5.9 percent with a total of 36 new listings. The average price of a residential property in Dundas in March 2024 was $948,290, reporting an 11.9 percent increase from the previous year.
Finally, we’ll review Ancaster which saw an increase in almost all areas. The total number of sales in this area in March 2024 was 55, a 3.8 percent increase when compared to the same period last year. Inventory levels were reported to have had a 55 percent increase with a total of 145 units. New listings had a total of 108 with an increase of 33.3 percent year over year. In Ancaster the average price of a residential property in March 2024 was reported to be $1,223,189, a very small decrease of only 0.4 percent respectively.
Moving onto the Average Residential Price by District map, as seen below in the next section of this report. We’ll be able to take a close look at the entire Hamilton real estate market area. Each area is broken down into sub areas, allowing us to get a closer look at the average price of a residential property.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates the different areas within the Hamilton real estate market area. Each of these areas are broken down into sub areas, allowing us to see what the average price of a residential property was and whether that price saw an increase or decrease compared to the previous year.
The previous section focused on the areas that had an increase in residential property sales, we’ll continue that focus in this section as well. Those areas were, Hamilton East, Dundas and Ancaster. 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.
Starting with Hamilton East, which had an average residential property price of $627,437, this was a decline of 2.2 percent when compared to the same period last year. The total number of sales in this area were 55, which was a 12.5 percent decrease compared to March 2023. Hamilton East comprises the sub areas; 23, 24, 27 and 28.
- 23 → $579,885 +11%
- 24 → $640,386 -9%
- 27 → $723,350 +6%
- 28 → $636,005 -9%
Dundas and Ancaster only each take up one sub area, with Dundas in area 41 and Ancaster in area 42. Dundas reported an average price of a residential property to be $948,290, this was a 12 percent increase when compared to the previous year. The total number of sales in this area, as we mentioned in the previous section, was 38 in March 2024.
Ancater reported that the average residential property price in March 2024 was $1,223,189 and was only a slight decrease of 0.4 percent. This area reported a total of 55 sales in March 2024, a 3.8 percent increase when compared to the same period last year. As mentioned above, Ancaster comprises the sub area 41 on the map, take a look and see where your area is to get a better understanding of what the average price of a residential property was in March 2024. In the final section of this report we’ll summarize the statistics and also provide information on how you can contact a sales representative at Judy Marsales Real Estate Brokerage.
Summary of Statistics for the Hamilton Real Estate Market – March 2024
In conclusion, when we look at the entire real estate market area, we can clearly see that there were a total of 996 sales of residential properties in March 2024 – six percent lower than reported this time last year. RAHB reported that the sales to new listings ratio was 60 percent, helping to support inventory gains.
In the Hamilton real estate market, RAHB reported that there were a total of 596 sales of residential properties, this was a seven percent decrease compared to the previous year. RAHB also reported that in Hamilton the average price of a residential property was $826,462, only a small increase of 3.9 percent lower than the previous year. New listings in Hamilton saw an increase of 12.6 percent with a total of 1,053. When it came to inventory levels in the Hamilton real estate market, the area saw an increase of 31.3 percent.
“Recent gains in inventory are helping our market return to more balanced conditions, something that we have not seen since 2014. It is still early in the year, and many purchasers may be waiting for changes in lending rates, but for the first time in years, we are not entering the spring market with limited supply,” – Julie Sergi, President-Elect 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 March 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 Judy Marsales Real Estate Brokerage has three locations in the Hamilton area; Locke Street South, Westdale and Ancaster – please feel free to contact us at any of these locations.
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.
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.