Thursday, January 9, 2025
Erin
Local Hamilton Market Statistics Real Estate Trends
Hamilton Real Estate Market Update: December 2024
The Cornerstone Association of REALTORS® (Cornerstone) has released its latest report, providing important insights into the Hamilton-Burlington real estate market. This report will provide a comprehensive analysis of the real estate market statistics for December 2024, offering buyers, sellers and investors valuable information. This report will have a strong focus on the Hamilton real estate market.
Important Highlights of the 2024 Real Estate Market
The report released by Cornerstone stated that in 2024 the higher interest rates and economic uncertainty weighed on the real estate market. Due to this, sales slowed during the spring and “nearly offset the improvements that occurred later in the year as interest rates eased. Sales in 2024 totaled 10,210, slightly above the levels seen in 2023 but 26 per cent below long-term trends.”
Sales and Inventory in 2024
Cornerstone reported that in the 2024 real estate market there were a total of 10,210 sales, as we mentioned above, of residential real estate. This was a decrease of 26 percent and lower than the long-term trends, but also similar to what we saw in 2023. It was reported that inventory levels saw gains in 2024 due to so many new listings available. With over 3,000 units recorded during the 2024 real estate market, “supply improved across all property types and most price ranges, including lower-priced products.”
The report also mentioned that a good amount of supply is something that we’ve seen since 2023 and has had an effect on home prices. However, the price adjustment needs to be considered as the declines over the last few years have been in relation to the pandemic high.
“Even with a nearly one per cent decline in 2024, on an annual basis, the average benchmark price is still consistent with levels seen in 2021 and nine per cent higher than the 2020 average annual benchmark price of $651,425.”
Looking Ahead: The Hamilton Real Estate Market
Join us as we dive deeper into the December 2024 Hamilton residential market, analysing sales trends, inventory levels, and property price movements. The goal of our report is to provide buyers, sellers and investors with actionable insights into the real estate market. When we understand past trends we can see opportunities and plan for the future.
Hamilton Residential Market Activity and Prices
It was reported that in 2024 the Hamilton real estate market saw sales levels comparable to the levels we saw last year. There were a total of 6,166 sales reported in 2024, which was the third consecutive year where sales have been below the long-term trends for the area.
Easing Sales and Inventory Gains
The easing sales were overall met with a gain in inventory, the rise in new listings compared to the sales caused there to be an improvement in inventory. This rise in supply then weighed on the price of residential properties. “However, the annual decline of nearly one per cent was far less than declines reported in 2023, and prices are still much higher than they were pre-pandemic.”
Inventory Levels: The total number of units reported in December 2024 saw an increase of 13.5 percent year-over-year with a total of 1,400 units.
Hamilton Real Estate Market Statistics: The Breakdown
- Sales: There were a reported 344 sales of residential properties within the Hamilton real estate market in December 2024. This was a 10.6 percent increase when compared to the same period last year.
- New Listings: In December there were a total of 344 new listings, this was a modest gain of 22.3 percent year-over-year.
- Average Price: The average price of a residential property in the Hamilton market was $772,705 – this was a very small increase of 2.3 percent year-over-year.
Real Estate Trends in December 2024
It’s clear that we can see there were modest increases in the average price of a residential property in the Hamilton real estate market. And with these decreases in inventory only being one percent less than what we saw in the previous year, prices remain higher than pre-pandemic levels. Coupled with the typical decrease in sales that we see this time of year.
Looking Ahead: Different Property Prices
Moving forward in our analysis of December 2024 real estate statistics, we’ll review the different property types within the Hamilton real estate market. This breakdown of the statistics for detached home, condominiums, semi detached homes and row houses, will help us have a clearer understanding of these nuances. And by understanding these nuances we can better assist buyers, sellers and investors in their real estate journey.
Property Type Comparison: Hamilton Real Estate Market in December 2024
Cornerstone reported that detached and row properties had the greatest number of sales reported for the majority of the area. However, there were gains in row property sales but this was not enough to offset the sales declines that were seen in other sectors.
In the apartment-style property sector, it was reported that there was a pullback in sales relative to the inventory levels. This caused the months of supply to average almost six months in 2024. “The excess supply drove almost four per cent annual price declines for apartment-style homes, the only sector to report a relatively significant decline.”
Key Insights: Property Type Statistics
By reviewing the above chart we can see a full list of each property type and their important key trends in December 2024. Now let’s look at the most significant statistics numbers below:
- Detached Properties: The average price was $854,803, this was a very slight increase of 5.0% year-over-year. This property type also had a slight increase in sales of 1.9%, the most compared to any other property type, with a total of 220 sales.
- Semi-Detached: This property type an increase in inventory year-over-year of 60.5% and a total of 61 units. When it came to new listings there was an increase of 76.9% and a total of 23. The average price was $650,681, a decline of -0.6%.
- Row-Homes: This property type had the smallest increase of only 1.0% and an average price of $683,269. Row properties had the second greatest increase in sales at 42.6% year-over-year with a total of 77 sales.
- Apartment-Style: This property type had the greatest increase in terms of sales with an increase of 55% and a total of 31. As mentioned above, apartment-style properties reported a pullback in sales relative to their inventory, which was a total of 239 and an increase of 28.5% compared to the previous year. The average price was $475,201, a small increase of 4.7%.
What’s Next? Regional Summary of Statistics for Hamilton
Now that we’ve had a review of the different property types in the Hamilton real estate market area, we can dive deeper into the region and find out how each area performed in December 2024. We’ll learn more about how sales, new listings and prices varied across the entire Hamilton region.
Regional Summary: Hamilton Real Estate Market in December 2024
The above chart, Regional Summary, offers us an overview of the entire Hamilton real estate market. Providing key information about each area in regards to sales, average prices, inventory, new listings and more.
Sales: Below Long-Term Trends
It was reported by Cornerstone that sales were below long-term trends across all regions within the Hamilton market. In the city of Hamilton there was an increase in sales in Hamilton East and Hamilton Mountain. This caused the months of supply to average below three months in those areas.
“While this is higher than last year, it is lower than the approximately four months reported in Hamilton Centre and Hamilton West. Meanwhile, activity outside the city improved across all areas except Stoney Creek and Glanbrook, which reported a modest decline in sales.”
Regional Breakdown of Key Areas: Sales, Listings, Prices and Inventory
Let’s take a closer look at Hamilton East and Hamilton Mountain, since these are the two areas mentioned in the Cornerstone report that had the most significant sales. Below we have broken down the key statistics for these areas.
Hamilton East:
- Sales: 33 (-10.8% YoY)
- New Listings: 45 (+51.2% YoY)
- Inventory: 136 (+9.7% YoY)
- Average Price: $600,033 (-5.1% YoY)
Hamilton Mountain:
- Sales: 89 (+21.9% YoY)
- New Listings: 88 (+29.4% YoY)
- Inventory: 285 (+39.7% YoY)
- Average Price: $712,540 (+0.5% YoY)
Summary of Regional Trends
Hamilton Mountain continues to be the region with the greatest number of sales, new listings and inventory. Hamilton East contributed with this pickup in sales in December 2024, while Hamilton Centre and Hamilton West remained lower than four months in terms of sales. Areas such as Stoney Creek and Glanbrook saw a modest decline in sales as other areas saw improvements.
Up Next: Dive Deeper into Average Prices
In the next section of this report we’ll take a closer look at the average prices within the Hamilton real estate market. The focus in this section is on Hamilton Mountain and Hamilton East, their sub areas will help us get a better understanding of the average prices.
Average Residential Price by District
In this report we have been gaining information and digesting real estate statistics within the Hamilton real estate area. The above map allows us to dive deeper and gain more knowledge about the average price of a residential property.
Our focus in the report has been Hamilton East and Hamilton Mountain, we'll continue that focus in this section. Below is a breakdown of both of these regions and their respective sub areas average prices.
Hamilton East
In Hamilton East there were a total of 33 sales of residential properties and an average price of $600,033. The average price of a residential property in this area saw a decline of 5.1 percent year-over-year. The sub areas that comprise Hamilton East are; 23, 24, 27 and 28.
- Area 23 → $561,215 (+8%)
- Area 24 → $557,900 (-13%
- Area 27 → $564,933 (-20%)
- Area 28 → $668,417 (+2%)
We can see that two areas saw a decrease in their average price and two had slight increases in December 2024.
Hamilton Mountain
Hamilton Mountain reported the greatest number of sales, this remains very typical of this area no matter the time of year. In December there were a total of 89 sales and an average price of $712,540. This area comprises the sub areas; 15, 16, 17, 18, 25 and 26. See the breakdown below.
- Area 15 → $696,167 (-11%)
- Area 16 → $714,000 (-4%)
- Area 17 → $639,285 (0%)
- Area 18 → $796,250 (+4%)
- Area 25 → $661,100 (-1%)
- Area 26 → $743,790 (+25%)
We can see there were very small declines in prices in areas such as 15, 16 and 25 and other areas had slight increases. This was great news for sellers as they got to take advantage of a price increase.
Summary of Price Trends
Keeping focus with the two real estate regions in this section we can see that there were some increases in the average price, but overall there were more decreases. These decreases however, were very small.
Looking Ahead: Get in Contact with Judy Marsales Real Estate Brokerage
This concludes our analysis of the December 2024 Hamilton real estate statistics, highlighting pricing trends and key insights across districts. In the last few sections of this report we’ll summarize our findings and help you get in touch with a sales representative at Judy Marsales Real Estate Brokerage.
Summary of Statistics for the Hamilton Real Estate Market Area
The Cornerstone Association of REALTORS® (Cornerstone), reported the higher interest rates and economic uncertainty weighed on the real estate market in 2024. The result was that sales slowed during the spring and almost offset improvement later in the year as the interest rates eased.
“As interest rates have begun to trend downward, some homebuyers are taking advantage of the opportunity to enter the market while there is still a good selection of homes available. Although the pace of return has been gradual, the improving rates have sparked renewed interest, and many potential purchasers are starting to feel more confident in making their move,” – Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
Key 2024 Real Estate Statistics: Hamilton-Burlington Market
It’s also important to note that there were a total of 10,210 residential sales, 26 percent lower than the long-term trends but also similar to what we saw in 2023. There were also inventory levels that saw gains in 2024 and the annual benchmark price was $651,425 – nine per cent higher than the 2020 average annually.
Navigate the Market: Contact a Sales Representative
Navigating the real estate market can be challenging, that’s where our professional and highly trained sales representatives and brokers come in. They’ll work with you to find the right home that fits your needs.
Our comprehensive report on the December 2024 Hamilton real estate market was able to help you:
- Explore property prices
- Consider your next move in the real estate market
- Have a deeper understanding of the different property types available
For more expert advice and to assist you in your real estate journey, contact us today.
We Know You Might Have Questions!
If you’re feeling overwhelmed and need some help understanding the market we’re here to help. At Judy Marsales Real Estate Brokerage we’re committed to helping you navigate the Hamilton real estate market with confidence.
Stay Connected for Real Estate Insights
Let’s make sure we stay connected, you can follow us on Facebook and Instagram. Where we do our best to stay up to date with the latest real estate trends and celebrate the vibrant Hamilton community.
Contact Our Offices
For personalized assistance, contact one of our offices:
Explore More Tools and Resources
- What’s My Home Worth? → Give our free calculator a try and to get an accurate estimate of your home’s value based on the latest market conditions.
- Hamilton Real Estate Statistics → Dive deeper into the December 2024 Hamilton Real Estate Report for a comprehensive analysis of the trends shaping our region.
Discover the difference working with Judy Marsales Real Estate Brokerage!
Thursday, December 12, 2024
Erin
Local Hamilton Market Statistics Real Estate Trends
Hamilton-Burlington Real Estate Market Update: November 2024
The Cornerstone Association of REALTORS® (Cornerstone) has released its latest report, providing valuable insights into the Hamilton-Burlington real estate market. This comprehensive analysis highlights key real estate trends in November 2024, offering essential information for home buyers, sellers, and real estate investors looking to navigate the current market with confidence.
Key Highlights of the November 2024 Real Estate Market
According to the report, the market experienced a seasonal slowdown, with declines in sales, new listings, and inventory levels compared to October. This aligns with typical seasonal trends. However, there was a noteworthy year-over-year increase in sales across all regions, with Haldimand County standing out as the only area to surpass long-term sales trends.
Benchmark Price Insights and Listing Trends
- The unadjusted benchmark price in November 2024 was $818,000, maintaining stability compared to October and showing an almost 2% increase from the same time last year.
- While prices last year experienced steeper declines, this year's trends indicate a more balanced market. Year-to-date prices are less than 1% lower than 2023 levels, suggesting greater market resilience.
- New listings saw a decline compared to both the previous month and November 2023. Despite fewer listings, the supply remains steady, with four months of inventory—a higher level than in recent years.
Looking Ahead: Hamilton Residential Market Focus
In the following sections, we’ll dive deeper into the Hamilton residential market, examining sales trends, inventory levels, and property price movements. Our goal is to provide actionable insights to help buyers and sellers make informed decisions. By understanding past trends, market participants can identify opportunities and plan for future market conditions.
Hamilton Residential Market Activity and Prices
The Hamilton real estate market showed a typical seasonal slowdown in November 2024, with downward trends in new listings, sales, inventory, and prices. However, there were notable patterns that offer valuable insights for buyers, sellers, and investors alike.
Sales Activity and Long-Term Trends
Sales in November marked the third consecutive month of increases compared to earlier in the year. However, the 460 recorded sales were still 30 percent below long-term trends. While this indicates a slower market overall, it aligns with typical seasonal behavior as activity moderates toward year-end.
Inventory Levels and Benchmark Prices
- Inventory Levels: November 2024 recorded the highest inventory for this time of year since 2011, with 1,998 units available. Elevated inventory helped sustain a months-of-supply rate of over four months, signaling a more balanced market.
- Benchmark Price: The unadjusted benchmark price was $763,400, a slight dip compared to October but 2% higher than November 2023. Year-to-date, benchmark prices are down by nearly 1% compared to last year, reflecting a softening market.
New Listings, Sales, and Residential Prices in Detail
- New Listings: Increased by 7.7% year-over-year, with 460 new properties hitting the market in November.
- Sales: November sales totaled 849 units, a modest 7.6% decrease from the same month last year.
- Average Residential Price: Saw a year-over-year increase of 3.3%, reaching $787,348, reflecting resilience despite seasonal adjustments.
Key Market Insights: Hamilton Real Estate Trends
The Hamilton real estate market is showing mixed signals, with some metrics experiencing slight increases while others align with typical seasonal trends:
- Inventory levels posted the most significant rise at 16.4%, reflecting 1,998 available units.
- Sales, new listings, and average residential prices are consistent with expected seasonal fluctuations, showing a market that remains steady despite broader challenges.
Looking Ahead: Property-Specific Trends
As we move forward in this report, we’ll explore the performance of different property types, examining sales, new listings, and price trends in more detail. By breaking down statistics for detached homes, condominiums, and other property types, we aim to provide a clearer picture of the Hamilton real estate market. Understanding these nuances can help buyers and sellers make informed decisions as they navigate their next steps.
Property Type Comparison: Hamilton Real Estate in November 2024
A closer look at Hamilton’s real estate market reveals key trends across different property types, offering deeper insights into the overall market dynamics. By examining detached homes, semi-detached homes, row-style homes, and apartment condominiums, we can uncover opportunities and patterns unique to each category.
Row-Style Homes Lead Sales Growth
According to the Cornerstone Association of REALTORS®, row-style homes reported the most significant sales gains in November 2024, contributing to a year-to-date sales increase of 2%. While sales improved across most property types, rising inventory levels kept the months of supply elevated. This balance has moderated price growth, but all major property types experienced benchmark price increases compared to last year:
- Detached and semi-detached homes reported over 3% price gains.
- Row-style homes showed more modest price increases, reflecting a more stable segment of the market.
Key Statistics by Property Type: November 2024
Here’s a breakdown of sales, prices, inventory, and listings for each property type:
Detached:
- Median Price → $787,500 (+5%)
- Benchmark Price → $827,100 (+3%)
- Average Price → $882,004 (+4.1%)
- New Listings → 545 (-10.4%)
- Inventory → 1,235 (+6.8%)
- Sales → 294 (+6.1%)
Semi-Detached:
- Median Price → $637,000 (+2.1%)
- Benchmark Price → $732,500 (+4%)
- Average Price → $663,786 (+5.6%)
- New Listings → 37 (+2.8%)
- Inventory → 83 (+45.6%)
- Sales → 21 (-8.7%)
Row:
- Median Price → $685,000 (-0.7%)
- Benchmark Price → $641,800 (+1%)
- Average Price → $693,939 (+2.7%)
- New Listings → 164 (-3.0%)
- Inventory → 345 (+35.3%)
- Sales → 94 (+25.3%)
Apartment:
- Median Price → $442,450 (+3.8%)
- Benchmark Price → $459,400 (-5%)
- Average Price → $472,626 (-1.2%)
- New Listings → 96 (-4.0%)
- Inventory → 322 (+34.7%)
- Sales → 50 (+4.2%)
Note: The percentages indicate year-over-year changes, comparing November 2024 with the same period in 2023. Positive percentages indicate an increase, while negative ones reflect a decrease.
Market Trends and Key Observations
- Apartments experienced the steepest price decline, with a benchmark price 5% lower than last year. They also had the highest months-of-supply levels in 2024, indicating slower market absorption.
- Detached homes maintained strong price growth, with increases across median, benchmark, and average prices.
- Row-style homes saw the highest year-over-year sales growth (+25.3%), reflecting their appeal among buyers seeking affordability and space.
What’s Next? Regional Insights on Hamilton Real Estate
This concludes our analysis of property type-specific trends in November 2024. In the next section, we’ll focus on the Regional Summary, diving into detailed statistics for Hamilton. Learn more about how sales, prices, and new listings vary across different neighbourhoods and regions, offering insights for buyers and sellers seeking location-specific opportunities.
Regional Summary: Hamilton Real Estate Market in November 2024
The Hamilton Regional Summary offers a detailed breakdown of sales, new listings, inventory, and average prices across key areas. By analyzing each region, we gain insights into how Hamilton’s real estate market is performing and evolving. Let’s explore the highlights for Hamilton Centre, Flamborough, Dundas, and Stoney Creek to better understand the trends shaping the market in November 2024.
Year-Over-Year Sales Growth: Key Insights
Sales growth in Hamilton’s real estate market varied significantly across regions in November. While many areas reported stronger year-over-year sales, others like Hamilton Centre, Flamborough, and Dundas saw a slowdown. Notably, Hamilton Centre continues to face challenges, with months of supply exceeding five months, second only to Stoney Creek.
Regional Breakdown: Sales, Listings, Prices, and Inventory
Hamilton Centre
Despite challenges, Hamilton Centre showed slight improvements in inventory and average price year-over-year.
- New Listings: 137 (+17.1% YoY)
- Sales: 57 (-19.7% YoY)
- Inventory: 308 (+25.7% YoY)
- Average Price: $525,044 (+4.8% YoY)
While sales decreased, the region experienced significant inventory growth, suggesting better availability for buyers moving forward.
Flamborough
Known for its premium properties, Flamborough continued to lead with the highest average residential price despite declines in other areas.
- New Listings: 31 (-41.5% YoY)
- Sales: 14 (-17.6% YoY)
- Inventory: 135 (+15.4% YoY)
- Average Price: $1,169,071 (-21.6% YoY)
The drop in new listings and sales reflects broader market cooling, but inventory growth may indicate opportunities for buyers.
Dundas
Demand remains strong in this sought-after area, as inventory levels saw a significant increase.
- New Listings: 27 (-12.9% YoY)
- Sales: 17 (-22.7% YoY)
- Inventory: 76 (+38.2% YoY)
- Average Price: $849,588 (-7.8% YoY)
While average prices dipped slightly, rising inventory may provide better options for buyers seeking properties in Dundas.
Stoney Creek
Among the regions, Stoney Creek showed resilience with positive sales growth and a notable price increase.
- New Listings: 129 (-21.8% YoY)
- Sales: 59 (+3.5% YoY)
- Inventory: 330 (+0.9% YoY)
- Average Price: $856,549 (+15.0% YoY)
The region maintained steady inventory and achieved year-over-year price growth, making it a standout area in Hamilton’s real estate market.
Summary of Regional Trends
The November 2024 Hamilton real estate market exhibited mixed trends across its districts:
- Hamilton Centre saw the largest pullback in sales, though inventory rose significantly, offering new opportunities for buyers.
- Flamborough maintained its status as a high-value market despite declines in sales and average price.
- Dundas experienced steady demand, with rising inventory levels reflecting strong buyer interest.
- Stoney Creek stood out with positive sales growth and significant price appreciation, demonstrating resilience amidst broader market challenges.
What’s Next? Exploring Average Property Prices Across Hamilton
With these regional insights in mind, our next section delves into average property prices across Hamilton’s districts, providing a closer look at how pricing trends vary and what they mean for buyers and sellers.
Average Residential Price by District
The Average Residential Price by District map provides a detailed look at the Hamilton real estate market, breaking it down into sub-areas for a comprehensive understanding of residential property prices in November 2024. By examining Hamilton Centre, Stoney Creek, Flamborough, and Dundas, we gain deeper insights into pricing trends and regional dynamics.
Hamilton Centre: Mixed Price Trends Across Sub-Areas
In Hamilton Centre, there were 57 sales in November 2024, a year-over-year decrease of 19.7 percent. Despite this, the average residential price rose by 4.8 percent, reaching $525,044. Sub-areas within Hamilton Centre showed a majority of increases with one decrease:
- Area 13 → $493,286 (-16%)
- Area 14 → $583,400 (+17%)
- Area 20 → $504,726 (0%)
- Area 21 → $475,143 (+12%)
- Area 22 → $697,817 (+17%)
While some sub-areas like Area 13 saw declines, others, such as Area 14 and Area 22, reported significant price gains, reflecting the diverse appeal of Hamilton Centre.
Stoney Creek: Consistent Growth
Stoney Creek stood out for its average residential price of $856,549, a 15 percent increase year-over-year. This region, along with Hamilton Centre, reported months of supply exceeding five months, indicating a more balanced market. Sub-area pricing showed a strong upward trend:
- Area 50 → $815,550 (+4%)
- Area 51 → $898,962 (+27%)
- Area 52 → Data unavailable at the time of this report.
The price growth in Area 51 underscores the strong demand for properties in Stoney Creek.
Flamborough and Dundas: High-Value Markets
Flamborough
Known for its high property values, Flamborough maintained the highest average residential price at $1,169,071, despite a 21.6 percent decrease year-over-year. This region comprises sub-areas 40, 43, 44, and 45, with a single average price reported.
Dundas
The average price in Dundas was $849,588, reflecting a modest decline of 7.8 percent year-over-year. This sought-after region consists of sub-area 41, where rising inventory continues to indicate strong buyer interest.
Summary of Residential Pricing Trends
In November 2024, the Hamilton real estate market exhibited diverse pricing trends:
- Hamilton Centre showed modest overall price growth, with some sub-areas experiencing significant gains.
- Stoney Creek saw consistent year-over-year price increases, particularly in Area 51.
- Flamborough retained its status as the leader in average residential prices, even with a notable decline.
- Dundas remained a high-value area with relatively stable prices and growing inventory.
While increases and decreases were observed across regions, the shifts were largely moderate, showcasing a steady market in the face of seasonal trends.
What’s Next? Contact a Real Estate Expert
This concludes our analysis of November 2024 Hamilton real estate statistics, highlighting pricing trends and key insights across districts. For personalized advice or to explore current opportunities in the market, connect with a trusted sales representative at Judy Marsales Real Estate Brokerage.
Summary of Statistics for the Hamilton Real Estate Market Area
The Cornerstone Association of REALTORS® (Cornerstone), reported seasonal declines in sales, new listings, and inventory levels across the entire Cornerstone real estate area in November 2024. These trends are typical for this time of year, but the report also noted a modest year-over-year sales increase, indicating resilience in the market.
Market Outlook: 2025 Expectations
According to Nicolas von Bredow, spokesperson for the Hamilton-Burlington real estate market, recent policy changes and interest rate cuts are expected to incentivize buyers as we head into 2025:
“Many potential purchasers defer purchasing decisions this time of year until the new year. With recent interest rate cuts, we expect buyers will be incentivized to enter the market in 2025. The recent easing of mortgage restrictions and Bank of Canada cuts are making purchasing more attainable for hopeful buyers.”
Ready to Navigate the Market? Let Judy Marsales Real Estate Brokerage Help
This November 2024 market report provided valuable insights into trends shaping the Hamilton real estate market. Whether you're:
- Exploring property values
- Planning to buy your first home
- Considering your next real estate investment
Our team is here to guide you with expert advice tailored to your needs.
Have Questions? Reach Out Today
If you have any questions about the market or want to explore how our services can support your goals, don’t hesitate to contact us. At Judy Marsales Real Estate Brokerage, we’re committed to helping you navigate the Hamilton real estate market with confidence.
Stay Connected for Real Estate Insights
Follow us on Facebook and Instagram to stay updated on the latest:
- Market trends
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Join our online community to stay ahead in the Hamilton real estate market.
Contact Our Offices
For personalized assistance, contact one of our offices:
Explore More Tools and Resources
- What’s My Home Worth? → Use our free calculator to get an accurate estimate of your home’s value based on the latest market conditions.
- Hamilton Real Estate Statistics → Dive deeper into the November 2024 Hamilton Real Estate Report for a comprehensive analysis of the trends shaping our region.
At Judy Marsales Real Estate Brokerage, we’re dedicated to equipping you with the knowledge and resources you need to make informed real estate decisions.
Saturday, November 16, 2024
Erin
Local Hamilton Market Statistics Real Estate Trends
Hamilton – Burlington Real Estate Statistics for October 2024
The Cornerstone Association of REALTORS® (Cornerstone) has just released its October 2024 real estate market report, offering an in-depth look at the latest trends across the entire Cornerstone area. Our report will have a special emphasis on the Hamilton real estate market. This analysis aims to provide valuable insights for buyers, sellers, and real estate investors as they navigate the current market landscape.
According to Cornerstone, residential property sales in October showed positive momentum, with improvements over both the previous month and the same period last year, marking the second consecutive month of gains. While total sales remain below long-term averages, this uptick is still a promising sign of recovery.
Cornerstone also reported a modest decline in housing inventory levels, driven by a rise in sales relative to new listings. However, this aligns with typical seasonal patterns as we approach the end of the year. As a result, the months-of-supply metric has dipped below four months, shifting the market from a buyer’s market toward a more balanced state.
Market Balance and Pricing Insights
“While this shift is likely welcome news for many sellers, it’s important to recognize that inventory levels are still higher than the current rate of sales,” Cornerstone noted. “This means it will take some time to fully clear the existing supply. Even with this market adjustment, prices have continued to ease, although at a slower rate.” In October, the unadjusted benchmark price for homes stood at $820,800, reflecting a slight drop from the previous month and just under 1% lower than the same time last year.
In the following section, we’ll dive into the Hamilton Residential Activity and Prices chart, breaking down the data to give a clearer picture of the local market dynamics for October 2024. This analysis will help both buyers and sellers make informed decisions as they plan their next moves.
Hamilton Residential Activity and Prices
In October 2024, the Hamilton real estate market experienced a notable rebound after two years of “weaker activity.” Although overall sales still lag behind long-term averages, this shift is helping boost demand amid evolving supply options and interest rate adjustments. Last month saw a total of 536 residential property sales, marking a significant increase of 27.6 percent compared to October 2023.
Sales-to-New-Listings Ratio & Market Dynamics
The rise in sales led to a pullback in new listings, resulting in a 45 percent sales-to-new-listings ratio. Despite the year-over-year and month-over-month improvements, the current activity remains lower than typical seasonal expectations.
New Listings and Inventory Growth: A Closer Look
- New listings in Hamilton totaled 1,193, reflecting a modest decline of 4.4 percent from the previous year.
- Inventory levels, however, saw a 15 percent increase, reaching 2,180 units.
- While sales are up, this increase is still below the usual levels for this time of year, leading to relatively stable inventory when compared to the previous month.
Average Prices and Market Insights
The average price for residential properties in October 2024 was $821,512, showing a 5.3% increase compared to the same period last year. Meanwhile, the unadjusted benchmark price stood at $764,700, slightly below September's figures but closely aligned with prices from October 2023.
According to Cornerstone, “Improving sales relative to stable inventory levels did reduce the months-of-supply, which now sits at four months. However, this is still slightly above the long-term trends for October. Despite this, the unadjusted benchmark price remained steady, indicating some resilience in the market.”
Armed with these insights into Hamilton’s balanced market, including inventory, prices, and new listings, the next section of this report will dive deeper into property types, exploring new listings, average prices, and sales trends across different segments.
Property Type Comparison for October 2024
In this section, we’ll break down the performance of various property types in October 2024, focusing on sales, average prices, benchmark prices, and new listings. The Property Type Comparison chart above provides a visual breakdown of market dynamics for each property category, giving a clear snapshot of how different segments fared during the month.
Sales and Benchmark Prices
According to the Cornerstone report, sales increased across all property types in October. This resulted in row homes and detached properties achieving year-to-date sales levels comparable to those reported in 2023. Unadjusted benchmark prices ranged from $826,700 for detached homes to $468,700 for apartment-style properties, indicating varied demand across property types.
Key Property Type Insights: Sales, Prices, and Listings
Here’s a quick summary of the key statistics for each property type in October 2024:
Detached:
- Median → $790,000 (+2.6%)
- Average Price → $913,717 (+6.1%)
- New Listings → 771 (-9.2%)
- Sales → 360 (+24.6%)
Semi-Detached:
- Median → $725,000 (+7.7%)
- Average Price → $710,350 (+7.8%)
- New Listings → 51 (+41.7%)
- Sales → 20 (+53.8%)
Row:
- Median → $688,000 (+5.8%)
- Average Price → $675,032 (+4.5%)
- New Listings → 230 (+3.6%)
- Sales → 105 (+36.4%)
Apartment:
- Median → $430,000 (-8%)
- Average Price → $483,202 (-2%)
- New Listings → 136 (+2.3%)
- Sales → 46 (+15%)
Note: The percentages indicate year-over-year changes, comparing October 2024 with the same period in 2023. Positive percentages indicate an increase, while negative ones reflect a decrease.
Balancing Market Trends: Key Observations
Cornerstone notes, “Months-of-supply for both detached and row homes fell below four months, indicating tighter inventory levels.” Despite these shifts, the overall unadjusted benchmark price remained steady compared to last October. Both detached and semi-detached homes reported modest year-over-year price gains of just over one percent. However, apartment-style homes experienced the largest decline, driven by higher supply-to-demand ratios.
In the next section, we’ll explore the Regional Summary for the Hamilton Real Estate Market Area, diving deeper into average prices and sales trends for specific neighbourhoods. We’ll also compare these figures to last year’s data to provide a clearer understanding of how each area is performing.
Regional Summary for the Hamilton Real Estate Market Area
The Regional Summary chart gives a comprehensive overview of the Hamilton real estate market, highlighting trends across various neighbourhoods. Compiled by the Cornerstone Association of REALTORS® (Cornerstone), this analysis reveals key insights into the market dynamics of October 2024. Let’s dive into the most significant findings to help buyers, sellers, and investors make informed decisions.
Sales Improvement Across All Areas
Cornerstone reported a broad improvement in sales across every region within the Hamilton market area. However, some neighbourhoods—such as Hamilton West, Flamborough, and Glanbrook—experienced a decline in inventory. The months-of-supply varied considerably by area, with Hamilton Mountain reporting the lowest at under three months, while Flamborough had the highest, exceeding six months.
Below, we break down the performance of key areas:
Hamilton West
- New Listings: 46 (+17.9% YoY)
- Total Listings: 89 (-3.3% YoY)
- Inventory: 196 units (+24.1% YoY)
- Average Price: $772,461 (-8.6% YoY)
In October 2024, Hamilton West saw an uptick in new listings and inventory, but prices dipped slightly compared to last year. This indicates a slightly cooling market in this area.
Hamilton Mountain
Known for its consistently high sales, Hamilton Mountain once again led the market:
- Sales: 103 (+27.5% YoY)
- New Listings: 244 (-10.4%)
- Inventory: 383 units (+10.1% YoY)
- Average Price: $753,395 (+7.9% YoY)
Despite a drop in new listings, Hamilton Mountain maintained its position as the top-performing area in terms of sales volume, with a notable increase in average home prices.
Flamborough
Flamborough continues to command the highest property prices in the region:
- Average Price: $1,314,926 (-1.4% YoY)
- Sales: 23 (+43.8% YoY)
- New Listings: 58 (no change YoY)
- Inventory: 145 units (+18.9% YoY)
The high demand for luxury homes in Flamborough kept prices above the one-million-dollar mark, although the area saw a slight dip in average prices compared to last year.
Glanbrook
Glanbrook showcased the strongest growth in sales, with the highest percentage increase across the Hamilton market:
- Sales: 34 (+216.7% YoY)
- New Listings: 82
- Inventory: 131 units (+23.6% YoY)
- Average Price: $861,656 (-10.6% YoY)
The area recorded a remarkable surge in sales, despite a slight decrease in average prices. The inventory also saw a moderate year-over-year increase, indicating a shift towards a more balanced market.
Summary of Regional Trends
“Sales improved across nearly every location within the Hamilton region,” according to Cornerstone. However, several areas, including Hamilton Mountain, Hamilton West, Flamborough, and Glanbrook, reported monthly declines in inventory. The range of months-of-supply varied significantly, with Hamilton Mountain at under three months, indicating a tight inventory, while Flamborough had the highest at over six months.
In the upcoming section, we’ll explore the Average Residential Price by District map to gain deeper insights into property values across the Hamilton area. This analysis will help you better understand how various districts are performing and identify potential real estate opportunities.
Average Residential Price by District
The Average Residential Price by District map offers a comprehensive view of property prices across Hamilton’s sub-areas. Building on our earlier analysis of key regions like Hamilton West, Hamilton Mountain, Flamborough, and Glanbrook, this section delves deeper into residential price trends and year-over-year changes.
This detailed breakdown provides an insightful look into average prices for each district, helping buyers, sellers, and investors better understand current market dynamics.
Hamilton West
In Hamilton West, sales rose to 46 sales, up 17.9 percent compared to last year. However, the average price of a residential property dipped by 8.6 percent, coming in at $772,461. This decrease suggests that while buyer activity is increasing, prices are still under some pressure. Hamilton West comprises the sub-areas 10, 11 and 12.
- Area 10 → $628,500 (-11%)
- Area 11 → $748,486 (-12%)
- Area 12 → $833,326 (-4%)
Hamilton Mountain
The Hamilton Mountain area continues to lead in sales, with 103 sales—a 27.5 percent increase year-over-year. The average home price rose by 7.9 percent to $753,395, indicating strong demand. The Hamilton Mountain comprises the sub-areas 15, 16, 17, 18, 25 and 26. Take a look at our breakdown below for a better understanding of the average prices seen in this area in October 2024.
- Area 15 → $829,404 (0%)
- Area 16 → $834,967 (+23%)
- Area 17 → $663,212 (+10%)
- Area 18 → $792,616 (+5%)
- Area 25 → $712,436 (-6%)
- Area 26 → $656,995 (+7%)
Flamborough and Glanbrook
Flamborough remains a leader in high-end real estate, with the average property price at $1,314,926, down by a modest 1.4 percent from last year. Despite this slight decline, the area maintains its premium status, reflecting continued demand for luxury homes. In Glanbrook, sales surged by an impressive 216.7 percent, reaching 34 sales. However, the average property price fell by 10.6 percent, landing at $861,656. This area shows a shift towards more affordability, attracting buyers looking for value in a fast-changing market.
- Flamborough → $1,314,926 (-1.4%)
- Glanbrook → $861,656 (-10.6%)’
This analysis of the Average Residential Price by District highlights varied trends across Hamilton’s neighbourhoods. While some areas like Hamilton Mountain show strong demand, others, such as Hamilton West, are experiencing adjustments in pricing. Each region presents unique opportunities, whether you're looking for luxury properties in Flamborough or more budget-friendly options in Glanbrook.
In the next section, we’ll wrap up with a summary of key statistics and share how you can connect with a Judy Marsales Real Estate Brokerage representative for personalized advice on your real estate journey.
Summary of Statistics for The Hamilton Real Estate Market Area
The Cornerstone Association of REALTORS® reported a 27.6 percent increase in residential property sales in October 2024 compared to last year, totaling 536 sales in the Hamilton real estate market. This marked the second consecutive month of gains, although sales remained below historical averages. The sales-to-new-listings ratio was 45 percent, while inventory slightly declined, helping to balance the market.
The unadjusted benchmark price stood at $820,800, staying stable year-over-year. According to Cornerstone spokesperson Nicolas von Bredow, “Many potential purchasers were happy to sit on the sidelines until there was more certainty regarding interest rate movements. The recent rounds of cuts seem to be the incentive needed for some to enter the market.”
Regional Highlights & Market Trends
Hamilton Mountain led with 103 sales, a 27.5 percent increase, while Glanbrook experienced the highest growth rate at 216.7 percent. Despite these gains, inventory levels varied; Flamborough had over six months of supply, while Hamilton Mountain had less than three months. Detached homes commanded the highest prices at $826,700, while apartments averaged $483,202. Von Bredow noted, “While sales are still lower than historical trends, we expect to see changes as the Bank of Canada makes further cuts to interest rates, making purchasing more attainable for hopeful buyers.”
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
This comprehensive report provided key insights into the October 2024 market trends for Hamilton and the broader Cornerstone real estate areas. Whether you're exploring property values, looking to buy your first home, or considering your next move, we hope this guide serves as a valuable resource to help you navigate the current market with confidence.
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If you have questions about the market statistics or want to learn more about how our brokerage services can support you, don’t hesitate to reach out. Our experienced sales representatives are ready to guide you through the Cornerstone real estate landscape, ensuring you make informed decisions at every step.
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Friday, October 11, 2024
Kirsten McNamee
Local Hamilton Market Statistics Real Estate Trends
Hamilton – Burlington Real Estate Market Statistics for September 2024
The Cornerstone Association of REALTORS® (Cornerstone) has released its September 2024 real estate market statistics, providing a comprehensive look at the latest trends and developments in the region. This report covers the entire Cornerstone area, with a special emphasis on the Hamilton real estate market, offering valuable insights for buyers, sellers, and investors alike.
According to the report, Hamilton-Burlington saw an increase in total sales in September 2024 compared to the same period last year. However, despite this uptick, the broader long-term trends continue to show weaker performance. Year-to-date, sales have decreased by four percent compared to 2023, and they are 28 percent lower than the historical average for the area.
The report also highlighted an increase in new listings and overall inventory levels. As a result, the months of supply remained stable at around five months, contributing to ongoing buyer’s market conditions. This balanced market has also played a role in stabilizing residential property prices.
“In September, the unadjusted benchmark price was $831,500, down over last month and over two per cent lower than levels reported in the previous year. Prices have been trending down over the past four months and have offset the gains reported earlier this year, leaving the average year-to-date benchmark price one per cent below 2023 levels. So far this year, benchmark prices have eased across all property types, but the most significant adjustment has occurred for apartment-style homes.” – Cornerstone
The next section of the report will focus on a detailed analysis of Hamilton's Residential Activity and Prices. This data will provide an even clearer picture of the local real estate market as it stood in September 2024, helping buyers and sellers navigate the evolving market landscape.
Hamilton Residential Activity and Prices
The Residential Activity and Prices chart for September 2024 highlights several key trends in the Hamilton real estate market. According to the Cornerstone Association of REALTORS® (Cornerstone), 459 residential homes were sold in Hamilton during September, representing a 17.3 percent increase compared to the same period last year.
New Listings and Inventory Growth
The market also saw a surge in new listings, with 1,471 new homes listed for sale — a 14.3 percent increase year-over-year. This boost in supply contributed to a significant rise in inventory levels, which grew by 38.7 percent, totaling 2,471 units. As a result, the months of supply reached 5.4 months, up 18.2 percent from the previous year. These statistics reflect a more balanced market, offering more options for buyers while giving sellers insight into current competition.
Average Prices and Market Insights
In September, the average price of a residential property in Hamilton was $816,579, marking a 4.7 percent increase year-over-year. However, while the average price saw growth, market conditions indicate a stabilization in home prices due to the growing inventory.
As Cornerstone reported, "Higher supply levels compared to sales continued to weigh on home prices this month, although the pace of declines is showing signs of easing. In September, the unadjusted benchmark price was $774,000, slightly lower than last month and over 2% lower than 2023 levels."
These figures offer valuable insights into the market, helping both buyers and sellers make more informed decisions as they navigate the evolving Hamilton real estate market. With a thorough understanding of Hamilton's residential activity and pricing, the next section of this report will delve into a comparison of property types, analyzing their performance during September 2024.
Property Type Comparison for September 2024
This section of the report provides a detailed comparison of different property types in the Hamilton real estate market, focusing on sales trends, new listings, average prices, and inventory levels. The Property Type Comparison chart above visually breaks down how each property type performed in September 2024, giving you a clear snapshot of market dynamics.
Sales Growth Driven by Detached and Row Homes
According to the Cornerstone Association of REALTORS® (Cornerstone), sales growth in September was primarily fueled by improvements in the detached and row home sectors. Additionally, there was an increase in new listings for detached homes, row houses, and apartment-style properties. However, the most significant gains in new listings were seen in the apartment-style property category.
Benchmark Prices and Sales by Property Type
Below is a summary list that outlines key statistics for each property type in September 2024:
Detached
- Benchmark Price → $838,300 (-1%)
- Average Price → $911,410 (+5.8%)
- New Listings → 990 (+12.9%)
- Sales → 307 (+18.5%)
Semi-Detached
- Benchmark Price → $741,300 (-2%)
- Average Price → $678,917 (+10.8%)
- New Listings → 62 (-3.1%)
- Sales → 18 (-28.0%)
Row
- Benchmark Price → $658,900 (-2%)
- Average Price → $666,675 (-6.7%)
- New Listings → 251 (+13.1%)
- Sales → 97 (+56.5%)
Apartment
- Benchmark Price → $462,800 (-6%)
- Average Price → $489,711 (-2.8%)
- New Listings → 178 (+29.9%)
- Sales → 37 (-11.9%)
Take note of the percentages provided alongside each statistic, which indicate whether there was an increase or decrease compared to the same period in 2023. As Cornerstone pointed out, "Overall, higher supply levels compared to sales continue to put downward pressure on home prices across all property types. Year-over-year price declines ranged from just over 1 percent in the detached home sector to over 6 percent in the apartment condominium sector, with apartment-style homes facing the most significant levels of over-supply."
This concludes the Property Type Comparison section of the report. In the next section, we’ll dive into the Regional Summary for the Hamilton real estate market, offering insights into average prices, number of sales, and more. We’ll also focus on the regions that had the greatest impact on the market in September 2024.
Regional Summary for the Hamilton Real Estate Market Area
The Regional Summary chart provides a thorough analysis of various areas within the Hamilton real estate market. This in-depth breakdown, compiled by the Cornerstone Association of REALTORS® (Cornerstone), reveals important trends across different neighbourhoods. Let’s dive into the key findings for September 2024.
Sales Growth Across Multiple Regions
Cornerstone reported improvements in the number of sales across most regions within Hamilton. Notably, Hamilton East, Flamborough, Dundas, and Ancaster were the only areas that experienced year-to-date sales growth. The following sections provide a detailed breakdown of these areas, highlighting the significant trends that shaped their market performance. Additionally, new listings saw improvements across nearly all areas, which contributed to a lower sales-to-new-listings ratio and increased inventory levels throughout the market.
Hamilton East
In Hamilton East, there were 60 sales in September 2024, a 25 percent increase from the previous year. This region also saw 160 new listings, reflecting a 24 percent increase year-over-year. Hamilton East was one of the few areas to report growth in year-to-date sales. The average price of a residential property in this region was $606,358, a modest 1.2 percent increase year-over-year. Inventory levels surged by 64.5 percent compared to the previous year, further balancing the market for buyers.
Flamborough
Flamborough reported the highest average residential property price at $1,343,778, reflecting a significant 50 percent increase from the same period last year. This sharp rise in the average price highlights Flamborough's standout performance within the region. The area saw 18 sales, an 28.6 percent increase year-over-year. The number of new listings also rose, with 70 listings, representing a 34.6 percent increase. Inventory experienced substantial growth as well, up 41.1 percent to 158 units, reflecting the broader trend of increasing supply across the market.
Dundas
In Dundas, there were 18 sales, a 5.9 percent increase from the previous year. Dundas was one of the few areas to report year-to-date sales growth, making it a standout in the report. The average price of a residential property in Dundas saw a slight decline of 7.9 percent, bringing the average to $1,001,822. The number of new listings increased by 26.8 percent with a total of 52 listings, and inventory also grew significantly, up 70.2 percent to 80 units in September 2024.
Ancaster
The real estate market in Ancaster reported 41 sales in September, a substantial 57.7 percent increase compared to the same period last year. Ancaster's strong performance contributed notably to the overall year-to-date growth in sales. The number of new listings was 133, marking a 7.3 percent increase year-over-year. Inventory rose as well, with 228 units, reflecting a 16.3 percent increase from the previous year. The average price of a residential property in Ancaster decreased slightly by 7.5 percent, making the average home price $999,168.
Summary of Regional Trends
"Sales activity improved across most locations within the Hamilton region, but the only areas to report year-to-date sales growth were Hamilton East, Flamborough, Dundas, and Ancaster. Meanwhile, new listings improved across nearly every district compared to last year, keeping sales-to-new listings ratios low in every area and driving year-over-year inventory gains." – Cornerstone
This section of the report highlights the regions that saw the most significant year-to-date sales growth in September 2024. Each area provided unique insights into the local real estate market, reflecting both opportunities and challenges for buyers and sellers.
In the next section, we will explore the Average Residential Price by District using the map below, offering an even closer look at how different areas of the Hamilton real estate market performed.
Average Residential Price by District
The Average Residential Price by District map offers a deeper dive into the Hamilton real estate market, allowing for a closer look at property prices across various sub-areas. Building on our earlier analysis of Hamilton East, Flamborough, Dundas, and Ancaster, this section continues to explore these regions in greater depth, providing a clear snapshot of property values and year-over-year price changes.
The map is divided into sub-areas, each representing different sections of the Hamilton real estate market. Below, we’ve broken down the average residential prices for the areas discussed in the previous sections. Pay close attention to the percentage changes next to each price, which indicate the year-over-year increase or decrease.
Hamilton East
In Hamilton East, the average residential property price in September 2024 was $606,358, marking a 1.2 percent increase compared to the previous year. The area saw a total of 160 new listings and 60 sales. Hamilton East is further divided into sub-areas, and their average prices are listed below, along with their respective year-over-year percentage changes.
- Area 23 → $517,104 (-7%)
- Area 24 → $592,167 (-13%)
- Area 27 → $619,769 (-10%)
- Area 28 → $717,828 (+27%)
Flamborough, Dundas, and Ancaster
The regions of Flamborough, Dundas, and Ancaster each have a single average price, despite being divided into sub-areas. Dundas and Ancaster consist of one sub-area each (areas 41 and 42, respectively), while Flamborough includes multiple sub-areas (areas 40, 43, 44, and 45). However, the map shows a single average price for each of these regions. Below are the average residential prices for these areas, along with the corresponding year-over-year percentage changes.
- Flamborough → $1,343,778 (+50%)
- Dundas → $1,001,822 (-7.9%)
- Ancaster → $999,168 (-7.5%)
This concludes our analysis of the Average Residential Price by District. You can refer to the map for a closer look at specific areas you’re interested in. If you find the information overwhelming or need personalized guidance, we encourage you to reach out to a sales representative at Judy Marsales Real Estate Brokerage for expert advice and assistance.
Next, we’ll move on to the Summary of Statistics for the Hamilton Real Estate Market, where we’ll provide a comprehensive overview of key market metrics, including sales, listings, and pricing trends for September 2024.
Summary of Statistics For the Hamilton Real Estate Market
The Hamilton-Burlington real estate market saw a notable increase in sales compared to the previous year. However, long-term trends for September 2024 still reflected lower-than-average performance, unable to fully offset the earlier slowdown seen throughout the year. According to the Cornerstone Association of REALTORS® (Cornerstone), year-to-date sales have decreased by four percent, while sales remained 28 percent below long-term trends.
Market Trends and Buyer Optimism
As reported by Cornerstone, "Further rate cuts, recent price declines, and improving supply choices helped bring more buyers back to the market this month." While these changes have not yet caused a drastic market shift, there are signs of a potential trend reversal. Buyer optimism is on the rise, and as interest rates continue to drop, this momentum is expected to build.
"Buyer optimism is returning and will likely increase as interest rates continue to decrease,” said Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
Ready to Take the Next Step?
If you’d like to learn more about these market trends or are considering taking the next step toward homeownership, we encourage you to reach out to a sales representative at Judy Marsales Real Estate Brokerage. Whether you're buying your first home or searching for your next property, our sales representatives are here to guide you every step of the way.
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
This comprehensive real estate report provided valuable insights into the September 2024 market trends for the Hamilton and the entire Cornerstone real estate market areas. Whether you're looking to understand local property values, buy your first home, or find your next home, we hope this report serves as an essential resource for navigating the current real estate landscape with confidence.
Have Questions or Need More Information?
If you have any questions about these real estate statistics or want to learn more about our real estate brokerage services, don't hesitate to reach out. Our expert sales representatives are here to guide you through the Cornerstone real estate market, ensuring you make informed decisions every step of the way.
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Friday, September 13, 2024
Kirsten McNamee
Local Hamilton Market Statistics Real Estate Trends
Hamilton – Burlington Real Estate Market Statistics for August 2024
The Cornerstone Association of REALTORS® (Cornerstone), recently published their August 2024 real estate market statistics for the entire Cornerstone area. This detailed report offers a thorough overview of the market, shedding light on the latest trends and developments. It provides valuable insights into various aspects of the real estate market, with a particular focus on the Hamilton real estate market.
In August 2024, the residential real estate market saw a total of 690 property sales, reflecting a seven percent decrease compared to the same period last year. This decline was observed across all property types, indicating a broader market trend. Long-term trends also show this decline, indicating that the real estate market is slowing down. Notably, Burlington continues to experience the tightest market conditions, with high demand and limited inventory contributing to the ongoing competitive environment in this region.
“New listings have remained relatively consistent with long-term trends. However, listings are being met with slower sales, resulting in inventory levels above both last year’s and long-term trends. A surge in inventory relative to sales has caused the months of supply to rise to four and a half months, reflecting the highest level seen for August since 2010. Higher inventory levels compared to sales have placed downward pressure on home prices. In August, the unadjusted benchmark price stood at $840,300, down over last month and over two per cent below last year’s levels. The steepest price decline is occurring in the oversupplied apartment condominium sector.” – Cornerstone
In the next section of our report we’ll focus on the Hamilton Real Estate Market, taking a closer look at the residential activity and pricing for August 2024. This section will allow you to view the below chart, Hamilton Residential Activity and Prices for August 2024.
Hamilton Residential Activity and Prices
The Residential Activity and Prices for August 2024 chart highlights key trends in the Hamilton real estate market. In August 2024, a total of 424 residential property sales were recorded, reflecting a 15 percent decrease compared to the same period last year. This decline underscores the shifting dynamics within the market.
Additionally, Cornerstone reported 955 new listings in the Hamilton area, marking a slight 1.1 percent year-over-year decrease. Despite the drop in sales, the increase in new listings pushed inventory levels higher, raising the months of supply to 4.5 months. The sales-to-new-listings ratio remained at its lowest level for August. The average price of a residential property in Hamilton was $794,404, representing a modest 0.3 percent decline year-over-year. These figures provide a clear snapshot of the current state of the Hamilton real estate market, helping buyers and sellers make informed decisions.
“The pullback in sales relative to new listings contributed to further inventory gains, driving the months of supply up to 4.5 months. The relatively high months of supply over the past three months have weighed on home prices. Recent declines offset gains reported earlier in the year as the year-to-date average benchmark price eased by one per cent.” – Cornerstone
This wraps up our review of the Residential Activity and Prices for August 2024. In summary, the Hamilton real estate market saw a 15 percent drop in residential sales and a slight 0.3 percent dip in average prices, despite a rise in inventory. In the next section of our report we'll explore how different property types performed during this period.
Property Type Comparison for August 2024
This section of the report provides a detailed comparison of different property types in the Hamilton real estate market, focusing on sales trends, new listings, average prices, and inventory. The above chart offers a clear visual breakdown, helping you see how each property type is performed in August 2024.
According to the Cornerstone Association of REALTORS®, year-to-date sales have slowed across all property types. Detached properties, however, experienced the slowest decline in sales this year. This resilience was largely due to gains in the lower-priced properties, which helped to counterbalance the pullback seen in higher-priced homes.
The table below lists the different property types along with their average prices, number of new listings, and total sales for August 2024. Each statistic is accompanied by a percentage that shows whether there was an increase or decrease compared to the same period last year. These comparisons offer valuable insights into the shifting dynamics within the Hamilton real estate market, providing a clear picture of how each property type is being affected by current market conditions.
For those closely following the Hamilton real estate market, understanding these trends across different property types is crucial. Whether you’re a buyer, seller, or investor, this detailed comparison will help you navigate the market more effectively and make informed decisions based on the latest data.
Detached
- Average Price → $877,161 -0.9%
- New Listings → 589 -10.1%
- Sales → 284 -12.1%
Semi – Detached
- Average Price → $637,657 -0.1%
- New Listings → 35 0.0%
- Sales → 21 -8.7%
Row
- Average Price → $683,011 -4.5%
- New Listings → 202 +22.4%
- Sales → 82 -15.5%
Apartment
- Average Price → $481,244 +0.1%
- New Listings → 126 +14.5%
- Sales → 36 -34.5%
“Rising supply has weighed on home prices, which eased across all property types. However, the most significant price adjustment has occurred in the apartment condominium sector, which reported the highest months of supply out of all the property types.” – Cornerstone
In the next section of our report, we’ll dive into the Regional Summary for the Hamilton Real Estate Market for August 2024. This detailed chart offers a comprehensive view of the entire region's market, allowing us to thoroughly analyze and compare each area's individual sales, average prices, inventory levels, and new listings with data from the previous year. By exploring these insights, we can gain a clearer understanding of the overall market dynamics across different neighbourhoods within the Hamilton real estate market.
Regional Summary for the Hamilton Real Estate Market Area
The Regional Summary chart offers a thorough look at the various areas within the Hamilton real estate market. This detailed analysis by the Cornerstone Association of REALTORS® (Cornerstone) reveals key trends across different neighbourhoods. In August 2024, year-to-date sales saw notable improvements in Flamborough and Dundas, where market activity picked up compared to earlier in the year. While most other regions within the Hamilton market reported sales that fell below long-term averages, indicating a general cooling of the market.
To provide a clearer understanding of the current market dynamics, we have reviewed the areas with the highest number of sales in August 2024. For each area, the average price of properties and the number of new listings are also included. These statistics are presented alongside year-over-year comparisons, allowing you to see how market conditions have shifted over the past year. Whether you're tracking market performance for investment opportunities or planning to buy or sell, this data offers valuable insights into the state of the Hamilton real estate market.
Hamilton Mountain
The Hamilton Mountain area recorded 127 sales in August 2024, a 7.6 percent increase year-over-year, showcasing strong demand. However, the average price of residential properties in this area decreased by nine percent to $701,213 compared to the same period last year. The market also saw a 13.9 percent rise in new listings, totaling 238, making Hamilton Mountain the leader in both sales and new listings for the month. Additionally, inventory grew significantly by 50.8 percent, with 365 units available, providing buyers with more choices and influencing the area's market dynamics.
Stoney Creek
Stoney Creek faced challenges in August 2024, with 62 sales reflecting a steep 26.2 percent decrease compared to the same period last year. However, the average price of residential properties rose by 9.9 percent, reaching $902,488. Despite fewer sales, there were 152 new listings, a 24 percent year-over-year decline. On a positive note, inventory saw a modest increase of 8.6 percent, with 329 units available, offering more options to potential buyers.
Hamilton East
Wrapping up our analysis, the Hamilton East area recorded 47 sales in August 2024, reflecting a modest 2.1 percent decrease from the previous year. The market saw a significant 31.9 percent increase in new listings, bringing the total to 120. The average property price in this area was $616,900, which marked a 9.8 percent decline year-over-year. Additionally, inventory levels rose by 5.5 percent, with 186 units available, slightly expanding the options for buyers.
“While year-to-date sales have improved in Flamborough and Dundas, all areas within the Hamilton region have reported sales that are below long-term trends. Meanwhile, new listings increased across all areas, driving inventory gains. The supply growth compared to sales drove up the months of supply across most areas. As of August, the months of supply ranged from a high of six months in Hamilton Centre to under three months in Hamilton Mountain.” – Cornerstone
This completes our review of the above chart, Regional Summary, we can now move on to the next section of this report. We'll take a close look at the Average Residential Price by District map, where we’ll be able to see the entire Hamilton real estate market area.
Average Residential Price by District
The Average Residential Price by District map offers a detailed view of various sub-areas within the Hamilton real estate market. Following our earlier analysis of Hamilton Mountain, Stoney Creek, and Hamilton East, this section continues to explore these regions in depth.
By examining the map closely, you’ll notice that each sub-area displays the average residential property price for August 2024, along with a percentage indicating whether that price has increased or decreased compared to the same period last year. This breakdown provides a clear snapshot of how each sub-area is performing within the broader market. Below, we've provided a detailed breakdown of the sub-areas within the mentioned market regions to offer further insights into their real estate trends.
Hamilton Mountain
Having reported a total of 127 sales, a 7.6 percent increase year-over-year, this area is the leader for August 2024 sales. The average price of a residential property in this area was $706,213, a nine percent decrease compared to the previous year. The Hamilton Mountain comprises the sub areas of 15, 16, 17, 18, 25 and 26.
- 15 → $765,105 -13%
- 16 → $724,978 -9%
- 17 → $635,978 -7%
- 18 → $778,861 -4%
- 25 → $706,409 -9%
- 26 → $627,450 -12%
Stoney Creek
The area of Stoney Creek reported a total of 62 sales, there was a slight decrease of 26.2 percent year-over-year. The average price of a property was $902,488, this was an increase of 9.9 percent compared to the previous year. Stoney Creek comprises the sub areas of 50, 51 and 52.
- 50 → $861,993 +4%
- 51 → $932,703 +15%
- 52 → $1,110,000 -12%
Hamilton East
The final area that we’ll review on the above map is Hamilton East, the average price of a home in this area was $616,909 – a decrease of 9.8 percent year-over-year. The total number of sales in August were reported to have been 47, which was a small decrease of 2.1 percent compared to the previous year. Hamilton East comprises the sub areas of 23, 24, 27 and 28.
- 23 → $516,765 -9%
- 24 → $663,800 -2%
- 27 → $706,800 -4%
- 28 → $675,592 -9%
This concludes our section on the Average Residential Price by District, you can take a closer look at the map and find your area or an area that you might be interested in. We know that this might be a lot of information to digest, that’s why at the end of this report we’ll provide information for you to contact a sales representative at Judy Marsales Real Estate Brokerage.
Summary of Statistics for The Hamilton Real Estate Market
The Hamilton-Burlington real estate market recorded 690 residential property sales in August 2024, reflecting a slight 7 percent decrease compared to the previous year. According to the Cornerstone Association of REALTORS® (Cornerstone), this decline was evident across all property types, signaling a broader trend of a slowing real estate market. Despite this overall slowdown, Burlington continues to face the tightest market conditions, with high demand and limited inventory fueling a competitive environment.
“There is more inventory than we have seen in recent years, which provides prospective buyers with flexibility and choice. We are seeing many hopeful buyers continue to wait for interest rates to come down as they are predicted to do. Now is a good time for buyers to take advantage of the increased opportunities. When interest rates come down, there could once again be a strain on inventory,” – Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
If you’re interested in learning more about these market trends or starting your journey to home ownership, we encourage you to reach out to a sales representative at Judy Marsales Real Estate Brokerage. Whether you're looking to buy your first home or find your next one, our team is here to assist you every step of the way.
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
This comprehensive real estate statistics report offers in-depth insights into the August 2024 market trends in Hamilton and the broader Cornerstone area. Whether you're interested in understanding local property values or are in the market to find your first home or next home, this report serves as your essential resource for navigating the current real estate landscape.
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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 August 2024.