Hamilton Real Estate Market Statistics for October 2022
According to the REALTORS® Association of Hamilton-Burlington (RAHB) there were a total of 756 sales of residential properties in the RAHB market area, this was reported to be below the 10 year average. Learn more about the Hamilton real estate statistics by continuing the read this blog.
RAHB also reported that there were a total of 455 residential property sales within the Hamilton real estate market area for October 2022. Sales were reported to be 40 per cent below the long-term trends and had a 43.5 per cent decrease year-over-year. According to RAHB, “overall year-to-date sales have declined by nearly 31 per cent over last year and remain below the 10- year average.”
When it came to new listings in October 2022, RAHB reported that there were a total of 956 in the Hamilton real estate market area. While sales did slow compared to earlier in the year, this was a slight increase of 9.6 per cent compared to the same time last year.
The average residential property price was reported to have been $790,130, this was a decrease of 7.8 per cent when compared to the same time last year. RAHB stated that, “while conditions have not entirely shifted to favour buyers based on traditional measures, like the months of supply or the sales to new listings ratio, prices have trended down for the 8th consecutive month.”
The above chart, Regional Summary, illustrates the number of sales, average price, new listings, median price and the days a listing was on the market. These statistics reflect the Hamilton real estate market in October 2022.
According to RAHB, Flambourgh was the only area that saw the supply for the month remain low and below typical levels usually recorded in October. While prices across all regions “have generally eased from peak levels reported earlier in the year, enough so to result in a year-over-year decline for the month of October. However, not all of the previous gains have been erased as prices are still higher than levels reported at the end of 2020.”
When it came to certain areas within the Hamilton real estate market, it was reported that the Hamilton Mountain had the greatest number of sales with a total of 111 for the month of October 2022. This area also recored a total 217 new listings, which was a 2.8 per cent increase when compared to the same time last year. The average price of a residential property in this area was $723,764, this was a 8.6 per cent increase compared to the previous year.
The next residential area to take note of when it comes to sale and other real estate statistics, we’ll take a look at Hamilton East. This area had a total of 67 sales this area had the second greatest number of sales. This was a 23.9 per cent decrease compared to the same time last year. There were 87 new listings in this area and an average residential property price of $590,528, this was a 9.7 per cent decrease.
The final residential area to take note of was Stoney Creek, with a total of 61 sales in October 2022 this is the second highest. This was a 44.5 per cent decrease compared to the same time last year. In Stoney Creek there were a recorded 142 new listings, this was a 13.6 per cent increase. The average residential property price of $829,139, which was a 13.4 per cent decrease.
Now we can turn our attention the below map, Average Residential Price by District. This map will allow us to take a closer look at the Hamilton real estate market area. It will also allow us to compare the average residential property prices and we can see if there were increases or decreases in the price.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates the real estate market within the Hamilton residential area. By reviewing this map we can see the average residential price and the percentage of whether that price saw an increase or decrease compared to the previous year.
The area that had the greatest number of residential property sales was the Hamilton Mountain. With a total of 111 sales for October 2022, this is an increase when compared to September 2022 and a decrease of 43.1 per cent when compared to October 2022.
The Hamilton Mountain is made up of the sub areas 15, 16, 17, 18, 25 and 26. The below list breaks down each area, what the average price of a residential property was and whether that price has had a decrease or an increase when compared to the same time last year.
- 15 — $742,625 — 33% decrease
- 16 — $786,761 — 4% increase
- 17 — $645,161 — 11% decrease
- 18 — $752,945 — 10% decrease
- 25 — $707,614 — 13% decrease
- 26 — $737,885 — 2% increase
There are a lot more areas to review on this map that have notable statistics to look at. One area is Flamborough with the hight average residential property price of $1,208,326. This was a six per cent decrease compared to the same time last year. In the next chart we can review the different property types and see if they have had an increase in sales and average property price.
Property Type Comparison
The above chart, Property Type Comparison, give us a review of the different property types available in the Hamilton real estate market area. It allows us to see the average price of each property, the total sales, inventory and the average days on the market.
According to RAHB, detached properties in October 2022 had a total of 339 sales, which was a decrease of 37.9 per cent. There were a recorded 673 new listings of this type of property with an average 30 days on the market. The average price of a detached property was $845,648, a decrease of 11 per cent.
When it came to semi-detached properties we can see there were 13 sales recorded in October 2022. There were 41 new listings with an average property price of $717,000 and a total of 14.4 days on the market. Row houses or townhomes, had a total of 73 sales with 154 new listings and an average property price of $673,299.
The final property type we’ll review is apartment-style properties, there were a total of 30 sales in October 2022. It was reported by RAHB that there were 85 new listings of this type of property with an average property price of $478,743.
“Benchmark prices continued to trend down from the higher levels reported earlier in the year. The most significant adjustment has occurred in the detached sector, where prices eased from a high of $1,080,200 in February to $826,200 in October. While the adjustment is significant, prices still remain over 14 per cent higher than levels reported at the end of 2020.”
Summary of Statistics
It was reported by the REALTORS® Association of Hamilton-Burlington (RAHB), that there were a total of 756 sales recorded in October 2022. This was in the entire RAHB market area and this was reported to have been below the ten-year average. However, new listings were reported to have been higher than last year.
When we take a look at the final chart, Summary of Statistics, for October 2022 we can see a break down of each property type. These property types are residential, commercial, farm, land and multi-residential.
The average price of a residential property according to the above chart was $715,000 and there were a total of 425 sales. When it came to new listings, there were a total of 956 in October 2022, this was a 9.6 per cent increase.
Commercial properties had a total of 10 sales with an average property price of $650,000, this was an decrease of 23.5 per cent. Other properties such as multi-residential had a total of six sales with an average property price of $705,000, this was decrease of 10.2 per cent when compared to the same time last year.
“There is no question that we have seen a shift from the unsustainable activity that occurred throughout the pandemic as some of the supply challenges have eased. While fewer new properties are being listed below $800,000, there are more opportunities for buyers looking to move up in the market. The danger for both buyers and sellers can be trying to time the market. With conditions sometimes turning quickly or silently, it is important to talk to a professional RAHB REALTOR® who is plugged into the local market.” — Lou Piriano, President of RAHB.
For More Information About These Statistics
If you’re looking for a more in-depth matrix of these real estate statistics, please refer to the Hamilton Real Estate Statistics for October 2022.
Contact a Sales Representative at Judy Marsales LTD. Brokerage
After reading this depth review of the October real estate statistics you might have some questions. If you do, please feel free to contact one of our sales representatives at Judy Marsales.
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