Hamilton Real Estate Statistics for March 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), recently released their March 2023 real estate statistics. According to RAHB there were a total of 1,031 sales of residential properties within the entire RAHB real estate market area. This was a reported decrease of 33 per cent from the same time last year. However, this is still above what it was before the pandemic.
New listings in the entire RAHB real estate market area continue to remain lower than what they were before the pandemic. “Sales and new listing activity have increased over the past several months. However, this did little to impact supply as inventory levels fell below two months. Buying conditions are not as tight as they were last year.”
Housing Market Sees slowest March in years, however there are some encouraging signs that things may be improving
The Hamilton real estate market saw a total of 624 sales of residential properties in March 2023. This was a 33.8 per cent decrease compared to the same period last year. There was also a decrease of 39.9 per cent in the number of new listings, with a total of 928. The inventory levels also saw an improvement when compared to the same period last year.
“After two months of relatively strong monthly price gains, the unadjusted benchmark price in Hamilton eased slightly over the last month to $770,600. Year over year, this represents a decline of 22 per cent. Prices remain comparable to levels seen at the end of 2022 and are well above pre-pandemic levels.”
It’s not all doom and gloom. On the bright side, in the first two months of 2023 the average price of a residential home in Hamilton has risen to levels not seen since July of 2022. Take a look at the above graph and you can get a better idea of what we’re talking about. Now let’s turn our attention to the chart below and review the Hamilton Regional Summary for March 2023.
Hamilton Regional Summary for March 2023
The above chart, Regional Summary, we’ll review the different areas in the Hamilton real estate market. RAHB reported that even though sales were trending up over the last few months, it didn’t reflect the usual inventory that we see this time of year.
“Dundas, Hamilton West and Hamilton Mountain reported a sales-to-new listings ratio above 70 per cent and saw inventories trend down compared to February. Hamilton Mountain faced the tightest conditions in Hamilton, with only one month of supply. This is still an improvement over the conditions at the same time in 2022.”
The area that had the greatest number of sales was the Hamilton Mountain, with a total of 137 sales in March 2023. There were a total of 183 new listings, which was a decrease of 41.3 per cent compared to the same time last year. The average price of a residential property in this area saw a decrease of 23.3 per cent compared to the same time last year and was $742,519.
Hamilton Centre reported a total of 99 sales, this was a decrease of 28.8 per cent compared to March 2022. There were a total of 146 new listings in this area, which was a decrease of 34.5 per cent compared to the same period last year. While the average price of a residential property saw a decrease of 26 per cent and was $561,452.
Average Residential Price by District
The Hamilton real estate market is divided into different areas and then those areas are divided into sub areas. This way we can see what each area's average price was and whether that price saw an increase or decrease in the month of March. That number is compared to the previous year, the above map, Average Residential Price by District, helps to illustrate this for us.
Hamilton Mountain reported the greatest number of residential sales in March 2023, with a total of 137. The average price of a residential property in this area was $741,519, and is made up of the sub areas 15, 16, 17, 18, 25 and 26. Listed below are the different sub areas showing their average sale price and whether that price saw an increase or decrease.
- 15 → $786,279, -28%
- 16 → $792,478, -18%
- 17 → $643,134, -21%
- 18 → $806,319, -25%
- 25 → $660,204, -32%
- 26 → $708,981, -21%
Hamilton Centre is another notable area to talk about in this article, this is because this area had the second highest number of sales in March 2023. With a total of 99 sales and with an average price of $561,452. This area is made up of the sub areas, 13, 14, 20, 21 and 22. Once again we have listed these sub areas below so that you can take a closer look at their average prices. We can then see if those sales prices have had an increase or decrease.
- 13 → $607,133, -25%
- 14 → $521,941, -18%
- 20 → $520,238, -31%
- 21 → $463,928, -24%
- 22 → $677,917, -17%
It’s interesting to review these numbers and compare them to the same time last year. We can even look back and see what they were last month. There might have been some slight decreases in the sales price when we look back at February 2023. You can see for yourself if you check out our last real estate statistics article. Let’s now focus our attention on the final chart, Property Type Comparison.
Property Type Comparison
The Property Type Comparison chart allows you to compare what each property type had in terms of sales, new listings, average price and more. Then we can see whether that property type had increased or decreased statistics. Each of these real estate statistics are compared to March 2022.
According to RAHB, detached properties had a decrease of 33.9 per cent in sales with a total of 423 in March 2023. New listings saw a decrease of 41.7 per cent with a total of 607 new listings. The average sales price of this type of property was $871,682, this was a 21.4 per cent decrease compared to the previous year.
There was a 35.5% decrease in the number of sales of semi-detached properties with a total of 21 sales. This type of property had a total of 41 new listings and an average sale price of $642,370, that’s a decrease of only 21 per cent compared to the previous year.
When it came to the sale of townhouses or row houses, there were a total of 111 sales. This was a decrease of 32.7 per cent when we compare it to the same time last year. Townhouses had a total of 165 new listings in the Hamilton real estate market. This type of property had an average sale price of $727,205. The sale price saw only a small decrease of 16.5 per cent compared to the previous year.
Finally, we’ll review apartment-style properties which had a total of 60 sales in March 2023. This was a 38.8 per cent decrease when compared to the same period last year. There was a decrease of 21.7 percent in the number of new listings with a total of 112. The average sales price of an apartment-style property was reported to have decreased by 25.4 per cent and was $458,465.
Summary of Statistics for the Hamilton Real Estate Market
In this article we review the Hamilton real estate market for March 2023. There were a total of 624 sales of residential properties within the Hamilton real estate market. This was a decrease of 33.8 per cent compared to the previous year. It was also reported that there were a total of 1,031 sales of residential properties within the entire RAHB real estate market area.
The average price of a residential property was $793,241, which was a decrease of 20.9 per cent compared to the same time last year. It was also reported that sales and new listings in the entire RAHB market area saw an increase over the last few months. Meaning that there was a shift in the market and it’s now more stable, it’s also now more comparable to pre-pandemic levels.
“We are seeing our housing market shift back to activity more consistent with pre-pandemic levels and more stable pricing. While prices are lower than the highs reported in 2022, it is important to note that last year’s year-over-year growth was over 24 per cent. Our market has experienced significant price growth since 2019 when home prices were still below $600,000.” – Lou Piriano, RAHB President.
For More Information About These Statistics
Are you looking for a more indepth review of these statistics? Please refer to the Hamilton Real Estate Statistics for March 2023.
Contact a Realtor at Judy Marsales Brokerage
There were a lot of real estate statistics reviewed in this article and you might have some questions. Please feel free to contact one of our knowledgeable realtors, they’ll be more than happy to help. To serve you better Judy Marsales Brokerage has three locations; Dundas, Ancaster and Locke Street South.
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