Hamilton – Burlington Real Estate Statistics for May 2024
The REALTORS® Association of Hamilton-Burlington (RAHB), just recently released their May 2024 real estate statistics for the entire RAHB real estate market area. In this report we plan to review some of these statistics, with a strong focus on the Hamilton real estate market.
RAHB reported that there were a total of 1,052 residential real estate sales in May 2024. This was a 20 percent decrease from the previous year. It was also 31 percent below the long-term trends average for May. This decline in sales was reported in all property types for May 2024.
The real estate report by RAHB also stated that this decline seen across all property types assisted the gains seen earlier in the year – this was a three percent decrease year-over-year. There was a reported increase in the number of new listings, which therefore created a decrease in the sales-to-new-listings ratio. The sales-to-new-listings ratio was reported to have been at 46 percent.
When it came to new listings, RAHB reported that there was an improvement in various price brackets, with the most significant improvements being with properties prices over $1,000,000. Since there was a combined decrease in sales and increase in new listings, inventory saw a gain of 56 percent compared to the previous year. Also important to note, that this reported gain in inventory was the most significant seen in May since 2018.
“The fluctuations in both sales and inventory levels have fostered the most balanced conditions in over a decade, effectively mitigating any notable shifts in home prices on a year-to-date basis. In May, the total unadjusted residential benchmark price stood at $868,300, reflecting a one per cent increase compared to the previous month, yet nearly one per cent lower than the levels recorded in May of the previous year.” – RAHB
Join us in the next section of this report as we take a look at the Hamilton real estate market and review the below chart, Residential Activity and Prices for May 2024. Our goal in this next section is to compare and contrast the statistics with the previous year.
Hamilton Residential Activity and Prices for May 2024
The above chart, Residential Activity and Prices for May 2024, illustrates the number of sales of residential properties within the Hamilton real estate market. The chart is also able to compare those numbers to the same time last year.
There were a reported 637 sales of residential properties within the Hamilton real estate market in May 2024. That was an 18.3 percent decrease from the same period last year, plus the slower sales in May were able to help counterbalance the gains seen earlier in 2024.
In the report, RAHB indicated that the month of supply did see an increase across all property types in May 2024. However, the most affordable properties in each of these categories did face tight conditions.
There were a total of 1,425 new listings, this was a 14.5 percent increase compared to the same period last year. The Hamilton real estate market also reported inventory levels at a total of 1,830 units, which was a 57 percent increase year-over-year. Finally, the average price of a residential property in the Hamilton real estate market was $817,283, this was a very small increase of only 0.6 percent compared to the previous year.
“Benchmark prices in May continued to rise compared to earlier in the year but remained just over one per cent lower than the levels recorded in May of the previous year. Despite some monthly fluctuations, year-to-date prices have shown relative stability in 2024 compared to the previous year.” – RAHB
In the next section of this report we want to take a look at the Property Type Comparison for April 2024 chart. Looking at 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 May 2024
Let’s now turn our attention to the above chart, Property Type Comparison for May 2024. The chart allows us to compare the sales, new listings, inventory, average price and much more across all property types. We can better understand some of the statistics mentioned in the previous section.
According to the report by RAHB, sales saw a decline across all property types in May 2024. With the most significant decreases reported in the “higher density homes.” New listings had an increase across all property types which helped contribute to the decrease in the sales-to-new-listings ratio and the rise in inventory.
The sales-to-new-listings ratio varied from a height of 50 percent for semi-detached homes to a low of 36 percent for apartment-style units respectively. Listed below are each property type, breaking down new listings, sales and the average price for May 2024. You’ll also notice that there is a plus or minus, indicating if that statistic has had an increase or decrease compared to the previous year.
Detached:
- Average Price → $907,415 +2%
- New Listings → 926 +8.9%
- Sales → 433 -12.7%
Semi – Detached:
- Average Price → $661,633 -11.1%
- New Listings → 64 +4.9%
- Sales → 32 -22%
Row:
- Average Price → $708,547 -4.9%
- New Listings → 268 +32%
- Sales → 110 -29.9%
Apartment Style:
- Average Price → $464,098 -12.2%
- New Listings → 268 +33.6%
- Sales → 60 -29.4%
“The increased supply relative to sales helped alleviate some pressure on home prices, particularly in the upper price ranges. So far this year, average benchmark prices have shown modest improvements for detached and semi-detached homes, while reporting a two per cent decline for apartment-style units.” – RAHB
In the next section of this report we want to review the chart, Regional Summary for the Hamilton Real Estate Market. This will help to give us an overview of each area within the Hamilton real estate market, allowing us to see each area and compare the sales, new listings, average price and more.
Regional Summary for the Hamilton Real Estate Market
In the above chart, Regional Summary, we can see each area within the Hamilton real estate market area. RAHB reported that in May 2024, the most notable decrease in sales was reported in Hamilton West. Only Flamborough and Dundas reported a significant increase in sales in May 2024.
“Despite variations in sales activity, all locations within the region experienced an uptick in inventory levels and months of supply. Dundas, Hamilton Mountain, and Hamilton East reported the tightest market conditions with just over two months-of-supply; on the other hand, Flamborough reported a months-of-supply of over five months.” – RAHB
Let’s now take a look at the above chart, Regional Summary, and get a closer look at each area within the Hamilton real estate market. Our focus going forward in this section of the report will be the areas of Dundas, Hamilton Mountain and Hamilton East
Summary for Dundas
It was reported that in Dundas there were a total of 31 sales in May 2024, this was a 14 percent increase when compared to the previous year. New listings also saw an increase with a total of 59, this was a whopping 96.7 percent increase year-over-year. Another significant increase was in inventory which had an incredible increase of 138.5 percent compared to the same period last year – there were 62 units recorded.
The months of supply was reported by RAHB at 2.00 – which was another incredible increase of 107.7 percent. Finally, the average price of a residential property in May 2024 was reported to be $906,087, a small decrease of only 11 percent year-over-year.
Summary for the Hamilton Mountain
The Hamilton Mountain continues to be the area with the greatest number of residential sales, with a total of 153, this was a 20.3 percent decrease compared to the same period last year. This area also had the greatest number of new listings with a total of 305, which was a 20.6 percent increase year-over-year.
RAHB reported that inventory levels in the Hamilton Mountain were 333 units, another incredible increase of 104.3 percent year-over-year. With months of supply having been reported at 2.18, that’s an increase of 156.4 compared to the previous year. The cost of a residential property in this area was reported by RAHB to be $744,286, this was a small decrease of 7.3 percent when compared to the previous year.
Summary for Hamilton East
Hamilton East was another area that was mentioned in the report having had one of the “tightest market conditions with just over two months-of-supply.” This area reported a total of 68 sales of residential properties, which was a decline of 19 percent year-over-year. It was reported that Hamilton East had a total of 126 new listings of residential properties, this was a decrease of only 7.4 percent compared to the previous year.
The inventory levels were reported at 142 units in May 2024, this was an increase of 21.4 percent year-over-year. The months of supply for Hamilton East were reported to have been 2.09, this was an increase of 49.9 percent when compared to the previous year. The average price of a residential property in this area was reported to have decreased by 7.3 percent and was $610,353 in May 2024.
We can now move on to the next section of this report which will focus on the below map, Average Residential Price by District. This map helps to illustrate the different areas within the Hamilton real estate market by breaking them down into sub areas. Let’s now take a closer look at these areas and sub areas.
Average Residential Price by District
Let’s now review the above map, Average Residential Price by District. It’ll help to illustrate the different areas within the Hamilton real estate market and provide us with sub areas. Each sub area shows what the average cost of a residential property was in May 2024 and whether that price had an increase or decrease compared to the same time period last year. In the previous section we focused on Dundas, Hamilton Mountain and Hamilton East, we’ll continue that focus in this section.
Dundas comprises the sub area 41 and it was reported that there were a total of 31 sales in May 2024, which was an increase of 14 percent year-over-year. The average price of a residential property in this area was $906,087, a small decrease of only 11 percent year-over-year. Moving on to the next real estate area, Hamilton, which comprises quite a few sub areas.
The Hamilton Mountain reported an average residential property price of $744,286, only a small decrease of 7.3 percent. There were a total of 153 sales in May 2024, which was the greatest number of sales in the Hamilton real estate market area – this was also a 20.3 percent decrease compared to the previous year. The Hamilton Mountain comprises the sub areas of 15, 16, 17, 18, 25 and 26 – please see the list below of a breakdown of each of these areas. Also note the percentage indicating whether there was a decrease or increase in the average price of a property compared to the previous year.
- 15 → $818,885 +2%
- 16 → $742,644 -7%
- 17 → $684,151 -6%
- 18 → $820,124 -7%
- 25 → $783,636 -8%
- 26 → $705,343 -14%
The final area we’ll review in this section of the report is Hamilton East, where the average price of a residential property was reported to have been $610,353. This average price of a residential property had a decrease of 7.3 percent when compared to the previous year. There were a total of 68 sales, this was a 19 percent decrease compared to the same period last year. Hamilton East comprises the sub areas of 23, 24, 27 and 28. Please now turn your attention to the list of sub areas below as we breakdown the percentages of whether they saw an increase or decrease compared to the previous year.
- 23 → $512,179 -16%
- 24 → $648,347 -10%
- 27 → $615,400 -12%
- 28 → $661,463 +2%
This concludes our section on the Average Residential Price by District map, take a closer look and see if you can spot your area. In the final section of our report we’ll summarize the statistics reviewed in this report 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 – May 2024
In summary, there were a total of 1,052 residential real estate sales in May 2024 in the entire RAHB real estate market area. The REALTORS® Association of Hamilton-Burlington (RAHB), reported that this was a 20 percent decrease from the previous year. And it was also 31 percent below the long-term trends average for May, with this decline in sales reported across all property types.
“Inventory levels are on the rise across all price ranges, with the most significant increases observed in the higher-priced products. This surge can be attributed to the current high - interest rate environment, which is motivating more sellers to list their properties in this bracket. However, the flip side of this trend is that escalating costs and higher interest rates are affecting consumer affordability, causing some potential buyers to pause their purchasing decisions.” – Nicolas von Bredow, President 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 May 2024.
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
This report included a lot of information about the May 2024 real estate market in the Hamilton and entire RAHB 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 office directly, or alternatively you can find us on Facebook and Instagram.
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