Real Estate Statistics for October 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), released their October 2023 real estate statistics recently. This report will review the statistics and summarize them so we can have a better understanding of the entire RAHB real estate market as well as the Hamilton real estate market and statistics.
RAHB reported that October 2023 had the highest level of supply and that they haven’t seen this level in almost a decade. Due to this gain, many buyers were able to have more options and flexibility when it came to properties they wanted to purchase.
There were a total of 2,106 new listings in the entire RAHB real estate market area and a total of 653 sales. The sales to new listings ratio was relatively low at 31 percent. Because of the rise in new listings there was pressure on the inventory levels which saw an increase with a total of 3,145 in October 2023.
“Inventory levels are the highest reported since 2011, with nearly five months of supply available. The increase in supply is contributing to minor price decreases. As of October, the unadjusted Benchmark price was $829,100 nearly three per cent lower than last month and just slightly lower than levels reported last year at this time. Prices trended down across all property types. The smallest monthly price decline occurred in the apartment condominium sector. Home prices continue to be higher than pre-pandemic pricing.” – RAHB
Hamilton Real Estate Market – Residential Activity for October 2023
In Hamilton there were a reported total of 408 sales of residential properties in October 2023, this was a decrease year-over-year of 12.4 percent. When it came to the number of new listings, Hamilton saw an increase of 29.2 percent year-over-year with a total of 1,244 new listings reported in October 2023. According to RAHB this was the slowest October in terms of sales since 2010, with year-to-dates sales seeing a decline of almost 13 percent.
Inventory saw an increase of 28.1 percent in October 2023 with a total of 1,828 units. The average price of a residential property in the Hamilton real estate market was $789,040 – this was a very small decrease of only one percent compared to the same period last year.
Since there were fewer sales combined with the increase in inventory, this gave prospective buyers more opportunity and also contributed to the rise over the last five months. This increase in supply had an effect on the price of a property and in October RAHB reported the benchmark price had decreased to $766,100. This drop in price was a four percent decrease when compared to the previous month and one percent lower than October 2022. Listed below are all of the property types, their benchmark prices and whether they saw an increase or decrease.
- Detached → $816,300 -1%
- Semi-Detached → $729,200 0%
- Row → $650,800 0%
- Apartment → $490,300 -6%
There was an increase in new listings across all property types in October 2023. However, when it came to the semi-detached properties listings were reported to have remained low. Listings in October remained lower than last year’s levels as well as the long term trends. When they compared the new listings to sales, it was clear that the ratio remained low for apartment type properties at 29 percent and 37 percent for semi-detached properties.
“The recent gain in supply has provided more choices to prospective homebuyers. Increased supply is weighing on home prices across all property types. Detached, Semi-detached and Row properties all reported an unadjusted monthly benchmark price decline that exceeded three per cent. However, prices generally remained in line with levels reported last year. Apartment condominium benchmark prices reported a smaller monthly decline of less than one percent but are still more than six percent lower than levels reported last October.” – RAHB
Regional Summary for October 2023
In the Hamilton real estate market there was an increase in new listings when compared to the same time last year. The number of new listings increased in all regions and except in Dundas where levels remained about the same as last year. The sales activity was reported to have had a decline in most areas when compared to October 2022. However, areas such as Dundas, Hamilton West and Stoney Creek reported year-over-year gains. The sales to new listings ratio in the Hamilton region was reported to have been below 44 percent.
Let’s take a closer look at Hamilton West where there were a total of 38 sales reported in October 2023. This was an increase of 18.8 percent compared to the same time period last year. When we look at the number of new listings we can see there were a total of 91, which is an increase of 8.3 percent compared to the previous year. Inventory levels in this area had a 16.7 percent increase, with a total of 154 in October 2023. The average price of a residential property in Hamilton West was reported to have risen by 14.3 percent and was $856,399.
According to the report by the REALTORS® Association of Hamilton-Burlington, Dundas had an increase of 21.4 percent in sales with a total of 17. New listings in this area saw a decrease of 9.3 percent with a total of 39 new listings and a decrease in inventory of 22.1 percent. The average price of a residential property in Dundas saw a decrease of 3.3 percent and was reported to have been $892,882 in October 2023.
Stoney Creek had a total of 71 sales reported in October 2023 – this was a decrease of 10.9 percent year-over-year. RAHB reported that there was a 54.2 percent rise in new listings with a total of 222 recorded. When it came to inventory in this area there were a total of 344 units and this was an increase of 48.9 percent compared to the previous year. Finally, the average price of a residential property in this area had a small decrease of only 4.7 percent and was reported to have been $793,059. We can now turn our attention to the map below and get an even better understanding of each area within the Hamilton real estate market.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates the areas within the Hamilton real estate market. When we take a look at the map we can see that each sub area has its average price and whether or not that price saw an increase or decrease in October 2023.
In the previous section we focused on Hamilton West, Stoney Creek and Dundas and we’ll do the same in this section. Since each area is divided up into sub areas, we’ll break those down and make it easier to understand by listing them below.
Hamilton West had a total of 38 sales in October 2023 and an average residential property price of $856,399. This area comprises the sub areas; 10, 11 and 12. Let’s take a look at each of these areas and see what the average prices were and whether they saw any increases or decreases compared to the same time period last year.
10 → $706,500 +1%
11 → $888,350 +22%
12 → $891,809 +14%
When we take a look at the area of Stoney Creek we can see that it had a total of 71 sales and a total of 222 new listings in October 2023. The number of new listings was one of the highest recorded coming in section to the Hamilton Mountain, which had a total of 272 new listings. Stoney Creek comprises the sub areas; 50, 51 and 52. Please see the list below that includes the average price of a residential property in this area and whether that price has had an increase or decrease in October 2023.
50 → $853,996 -7%
51 → $734,658 -9%
51 → $1,055,250 N/A
Finally we’ll take a look at the area of Dundas, which had a total of 17 sales in October 2023 and a total of 39 new listings. Dundas is in the sub area 41, as you can clearly see on the above map. The average price of a residential property in this area was reported to have been $892,882 – this was a decrease of 3.3 percent compared to the previous year.
If you take a look at the map you might be able to find the area that you currently live in or an area you desire to move to. This can be a great tool when both learning about the real estate market and researching what area might be the most affordable.
Summary of Statistics for the Hamilton-Burlington Real Estate Market
To summarize, there were a total of 653 sales of residential properties in the entire RAHB real estate market area in October 2023. The REALTORS® Association of Hamilton-Burlington reported they saw the highest level of supply and that they haven’t seen this level in almost a decade.
There were a total of 2,106 new listings in the entire RAHB real estate market area and the sales to new listings ratio was relatively low at 31 percent. Due to this fact there was a gain in inventory and therefore put pressure on the number of new listings causing inventory levels to increase, with a total of 3,145 in October 2023. According to RAHB, the average price of a residential property in the Hamilton real estate market saw a small decrease of only one percent and was $789,040.
“Higher lending rates are likely weighing on homeowners, with an increasing number of them choosing to list their home. While new listings have risen across all property types and price ranges, we are seeing larger inventory gains in the higher price points of the market.” – Nicolas von Bredow, President of RAHB.
For More Information About These Statistics
For a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for October 2023.
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
Do you have any questions about the Hamilton real estate market for October 2023? Please don't hesitate to contact one of our knowledgeable and professional sales representatives. Judy Marsales Real Estate Brokerage has three locations in the Hamilton area; Locke Street South, Westdale and Ancaster.
If you’ve been wondering about what your home might be worth, please give our “What’s My Home Worth” calculator a try. All of us at Judy Marsales Real Estate Brokerage are looking forward to working with you and helping you to find the perfect home.