Hamilton Real Estate Statistics for September 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), recently released their September 2023 real estate statistics. In this report we will be reviewing the statistics and summarizing them, that way we can get a better understanding of the September 2023 Hamilton real estate statistics.
There were a reported 620 sales of residential real estate properties in September 2023 in the entire RAHB real estate market area. It was also reported that this had been the slowest level of activity since 2010. The RAHB real estate market area saw a decline of 18 percent when it came to sales but there was a surge in new listings. Due to this, the sales to new listings ratio was 30 percent, with a 19 percent increase in inventory – 12 percent higher than what it was in September 2022.
“Inventory levels rose across all property types and price ranges. The sudden shift, coupled with easing sales, caused the months of supply to grow to nearly five months in September. This is up almost two whole months compared to August.“ – RAHB
Hamilton Real Estate Market – Residential Activity and Prices
In September 2023 the Hamilton real estate market saw a total of 373 sales of residential properties. This was a decrease of 501 sales compared to August 2023 and a 17 percent decline compared to the same period last year. As we mentioned in the previous section, RAHB reported that they haven't had sales this slow since 2010.
New listings saw a significant increase of 320 more units than the same time period last year with a total of 1,286. The sales to new listings ratio in the Hamilton real estate market was a decrease of 29 percent, this factor caused the inventory levels to rise. RAHB reported that in the Hamilton real estate market the average price of a residential property was $776,819, that’s a decrease of 0.7 percent compared to the previous year.
It should be noted that there was a rise in new listings for all property types which then caused the inventory levels to also increase. The most gains were seen in the apartment style properties when it came to this increase in inventory. Listed below are the benchmark prices for each property type and whether that price had an increase or decrease compared to the same time last year.
- Detached → $848,300 +2%
- Semi-Detached → $757,000 +3%
- Row → $673,500 +1%
- Apartment → $494,500 - 7%
“The sudden shift in conditions is taking some pressure off home prices. The unadjusted benchmark price eased by one per cent compared to last month. Despite the monthly decline, prices remain one per cent higher than last September.” – RAHB
Regional Summary for September 2023
The year-to-date sales and new listings in the Hamilton real estate market area saw a decline in all areas across the region. As previously mentioned, this then caused the inventory levels to increase when compared to the previous month. According to RAPHB, “the shift caused inventories to trend up over the last month. Despite it all, inventory levels remain below long-term trends in Flamborough, Dundas and Glanbrook.”
Taking a closer look at Flamborough we can see that the average price of a residential property was $890,385. This was a decrease of 29.4 percent when compared to the same time last year. This area had a total of 13 sales reported in September 2023, which was a decrease of 13.3 percent year-over-year. However, there were 52 new listings and an inventory increase of 5.8 percent.
Hamilton Mountain had the greatest number of sales compared to any other area in the real estate market. There was a decrease of 14.3 percent when it came to the number of residential sales with a total of 90 sales reported in September 2023. This area had the highest number of new listings with a total of 296, an increase of 27 percent compared to the same period last year. The average price of a residential property in this area was reported to be $752,639, only a small decrease of 0.9 percent compared to September 2022.
The final residential area we’ll review in this section is the Dundas area. There was a quite a large 70 percent increase in sales with a total of 17 sales. Dundas also reported a total of 41 new listings, which was a slight decrease from the same time last year. Inventory levels in Dundas were reported to have seen a 13 percent decrease with a total of 47. Dundas however, does continue to see the levels of inventory remaining lower than they were this time last year. The average price of a residential property saw an increase of 13.5 percent and was reported to have been $1,087,316. Please note that this area had the highest increase in sales when we compared the increase in percentages to all other areas.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates each area within the Hamilton real estate market. By looking 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 September 2023.
Since we were focused on Dundas, Hamilton Mountain and Flamborough in the previous section of this report, we’ll continue that focus in this section. However, we’ll also focus on the Hamilton Centre since it covers quite a large area. Below you will find each of these areas with their respective sub areas and average prices in each area. Please also note that you can see whether those average prices saw an increase or decrease compared to September 2022.
Hamilton Mountain had an average residential price of $752,639 and a total of 90 sales reported in September 2023. This area consists of the sub areas; 15, 16,17, 18. 25 and 26. Please see the list below to get a closer look at each sub areas average residential property price for September 2023.
15 → $778,500 -1%
16 → $793,626 0%
17 → $681,500 -8%
18 → $772,516 -4%
25 → $614,450 -20%
26 → $724,571 +24%
Hamilton Centre had an average residential price of $560,541 and a total of 55 sales. There was an increase of 36 percent when it came to new listings, with a total of 185. This area consists of the sub areas; 13, 14, 20, 21 and 22.
13 → $509,686 0%
14 → $553,954 -1%
20 → $499,174 -10%
21 → $421,750 -22%
22 → $790,891 +29%
Flamborough consists of the sub areas 40, 43, 44 and 45 – the average price across all of these areas was $890,385 which was a decrease of 29.4 percent when compared to the same time last year. There were a total of 13 sales across all of these areas combined, this was a 13.3 percent decrease compared to the previous year.
The final area we’ll review in this section will be Dundas, consisting of sub area 41 and having a total of 41 sales recorded in September 2023. Dundas had a total of 17 sales, which was an increase of 70 percent compared to the same time last year. In the previous section we mentioned that this area had the greatest sales increase by percentage at a 70 percent incresae. The average sale price in this area had an increase of 13.5 percent and was $1,084,316.
Summary of Statistics for Hamilton – September 2023
In summary, we saw a total of 620 sales of residential properties in the entire RAHB real estate market area in September 2023. RAHB reported that this was the slowest level since 2010 and an 18 percent decline, with a surge in inventory. Therefore making the sales to new listings ratio 30 percent.
The September benchmark price had a decrease and was $854,200, which is a one percent decrease. According to REHAB, “despite the monthly decrease, levels remain higher than the $838,300 reported last September and the $581,500 reported pre-pandemic.”
“Increases in lending rates have prompted prospective buyers to delay purchasing decisions. Lending rates may have sparked anxiety among existing homeowners, motivating them to list their properties. A surge in new listings, relative to sales, has led to a pronounced rise in overall inventory levels.” – Nicolas von Bredow, RAHB President.
For More Information About These Statistics
For a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for September 2023.
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