Wednesday, June 8, 2022     Kirsten McNamee     Local Hamilton Market Statistics Real Estate Trends

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Residential Market Activity

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 1,232 sales of residential properties within the RAHB market area for May 2022. The real estate statistics in this article reflect both the entire RAHB market area and the Hamilton market area.

It was reported by RAHB that there were a total of 2,631 new listings in May 2022. That’s an increase of 7.3 per cent month over month and a 16 per cent increase compared to the same time last year. The sales of residential properties were down 5.1 per cent month over month and with a decrease of 31.9 per cent when compared to May 2021.

When it came to the average price of a residential property in May 2022, it was reported that for the entire RAHB market area it was $995,408. This was a 1.7 per cent decease when compared to the previous month. However, it was an increase of 17.6 per cent when compared to May 2021.

The above chart, Residential Market Activity, shows us the average price of a residential property within the Hamilton market area, as well as Burlington. The chart also allows us to see how many sales there were in May 2022 and then we can compare those numbers to May 2021.

RAHB reported that the area with the greatest number of sales was the Hamilton Mountain. This area had a total of 184 sales in May 2022, with an average property price of $862,968. This was an increase when it came to the average price of a property and a decrease when it came to the number of sales.

The area that was reported to have had the highest average residential property price was Flamborough. The average price of a property was $1,522,099 in May 2022, with a total of 24 sales. When it came to the number of sales we saw a decrease, but when it came to the average sale price there was a clear increase when compared to the same time last year.

Burlington reported a total of 291 sales in May 2022 with an average residential property price of $1,231,174. Similarly to Flamborough, we can see a clear increase in the property price and a slight decrease when it came to the number of sales, when compared to May 2021. We can now turn our attention to the map below and get an even closer look at the Hamilton real estate market.

average-price-by-district-may-2022

Average Price by District

The above map, Average Price by District, illustrates the number of sales and the average price of a residential property within the Hamilton real estate market area. The sub areas are located within each neighbourhood to help us better break down these numbers, they show us the number of sales reported in May 2022. The sub areas to take note of are, 16, 42, 46 and 51.

RAHB reported that the sub area with the greatest number of residential property sales for May 2022 was area 51, located in Stoney Creek. There were a total of 94 sales with an average residential property price of $876,928.

The next area that we need to take note of is Flamborough, this area had the highest average residential property sale price. The average price of a residential property in this are was $1,522,099, with a total of 24 sales in May 2022. The final chart that we’ll review today is the Hamilton Residential Table.

hamilton-residential-table-may-2022

Hamilton Residential Table

Finally, we’ll review the above chart, Hamilton Residential Table, which allows us to take a closer look at the overall real estate statistics for the Hamilton area. It was reported by RAHB that the average price of a residential property in May 2022 was $901,535. This was an increase of 13.5 per cent when compared to the previous year.

There were a total of 732 sales of residential properties in May 2022, this was a decrease of 35.3 per cent compared to the same time last year. When it came to new listings, there were a reported 1,617, an increase of 12.4 per cent compared to May 2021.

The chart also allows us to see how many days a listing remained on the market, in May 2022 the average number of days was 14.4 days. This was an increase of 2.2 days when compared to the same time last year. The median price of a residential property was $820,000, this was an increase of 12.3 per cent compared to May 2021.

REALTORS® Association of Hamilton-Burlington May 2022 Statistics

The REALTORS® Association of Hamilton-Burlington reported a total of 1,232 sales of residential properties within the RAHB market area for May 2022. When it came to residential property sales, there was a decrease of 20.7 per cent month over month. Sales were reported to have had a decrease of 39.1 per cent when compared to the same time last year.

It was reported that there were a total of 834 sales of detached properties within the RAHB market area in May 2022. This was a 3.8 per cent decrease month over month and a 32 per cent decrease compared to the same time last year. The average price of one of these properties was reported to be $1,110,298, this was an increase of 17.7 per cent compared to May 2021.

RAHB reported that there were a total of 239 sales of townhouses in May 2022, with an average propriety price of $817,253. While the the number of sales saw a decrease of 30.5 per cent, they saw an increase of 14 per cent in the sale price compared to the same time last year. There were a total of 481 new listings of this type of property, which was an increase of 19.7 per cent compared to May 2021.

Apartment-style properties had 143 sales within the entire RAHB real estate market area, this was a decrease of 3.8 per cent compared to the same time last year. There were a reported 295 new listings of apartment-style properties in May 2022, which was a decrease of 36.7 per cent compared to the same time last year. While the average price of an apartment-style property was $669,477, an increase of 25.6 per cent compared to the previous month.

“Overall, sales activity was below typical May levels likely due to buyers sitting on the sidelines as mortgage interest rates continue to rise. In May, the residential average sale price also dipped marginally from the previous month to $995,408, just below the million dollar mark, for the first time this year after holding steady since January 2022. However, as increased inventory comes to the market, buyers have more selection, which may also lend to further negotiation power.” - RAHB President Lou Piriano.

For More Information About These Statistics

If you’re looking for a more in-depth matrix of these statistics, please refer to the Hamilton Real Estate Statistics for May 2022.

Contact a Sales Representative at Judy Marlsales

Do you have any questions about the Hamilton Real Estate Statistics for May 2022? One of the sales representatives at Judy Marsales would be happy help you, simply contact one of them today at one of our three locations.

If you’ve ever wondered what you home might be worth you can give our What’s My Home Worth calculator a try. All of us at Judy Marsales are looking forward to working with you and helping you find the home you’ve been looking for.


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