Hamilton Real Estate Statistics for April 2024
The REALTORS® Association of Hamilton-Burlington (RAHB), recently released the April 2024 real estate statistics for the entire real estate market area. In this report our goal is to review some of these statistics, with a strong focus on the Hamilton real estate market.
It was reported that in the entire RAHB real estate market area there were a total of 1,041 sales of residential real estate properties. That number indicated a seven percent decrease when compared to the same time period last year. The number of sales was also below the long-term trends for April. The report also showed that the year-to-date sales have remained comparable to 2023 numbers even despite a pullback that was reported over the last couple of months.
RAHB reported that when it came to apartment style property sales there was a moderate decrease when compared to the same time last year. This outweighed the sales in the semi-detached and row properties. The report also mentioned that the unadjusted benchmark price was trending above what we saw in March.
“The unadjusted benchmark price trended up over March, reaching $859,600 in April. Despite the monthly gains, prices were just over one percent lower than levels reported in April 2023. Prices trended up over the last month across all regions in the RAHB market area. However, Haldimand County is the only area that reported a year-over-year price gain.” – RAHB
When it came to new listings reported in the entire RAHB real estate market area, there was a reported increase with a total of 2,085 units. The sales-to-new-listings ratio was 50 percent and helped to drive the inventory gains. Inventory levels saw an increase across all property types and price ranges in April 2024. In the report posted by RAHB, it stated that the inventory levels have been quite low over the past decade.
“Rising inventory compared to sales impacted the months of supply, which trended up over March and last year’s levels. Last April, both Hamilton and Burlington reported that their monthly supply was below two months, with the tightest conditions in the Burlington region. Interestingly, while these centres still have the tightest market conditions, they report the most significant year-over-year gain.” – RAHB
In the next section of this report we’ll take a look at the Hamilton real estate market and review the below chart, Residential Activity and Prices for April 2024. Then we will compare those numbers to what was reported in April 2023.
Hamilton Residential Activity and Prices for April 2024
The above chart, Residential Activity and Prices for April 2024/2023, illustrates the number of sales of residential properties within the Hamilton real estate market. The chart is also able to compare those numbers to the same time last year.
It was reported that in April 2024 there were a total of 611 sales of residential properties within the Hamilton real estate market, “year-to-date sales to remain comparable to last year”. This was a nine percent decrease from previous year, with most of the withdrawals being in the detached properties.
New listings were reported to have had an increase of 37.7 percent with a total of 1,257 units. This caused the sales-to-new-listing ratio to have a decline of 49 percent and at the same time helped to increase the inventory growth. The months of supply grew to almost three months, which was the highest seen since April 2020. The average price of a home reported in the Hamilton real estate market was $818,387, which was a very small one percent increase.
“The unadjusted benchmark price in April was $794,400, a slight gain over last month and over one per cent lower than levels reported last April. Prices generally trended down in the second half of last year, and while they have been trending up compared to the end of 2023, they have yet to reach the levels reported during the spring of 2023 – RAHB
We’ll now turn our attention to the next section of this report and review the Property Type Comparison for April 2024 chart. This chart will help us to better understand the average price, number of new listings, sales and more for each individual property type.
Property Type Comparison for April 2024
Let’s now turn our attention to the above chart, Property Type Comparison for April 2024, and review each property type. The chart allows us to compare the sales, new listings, inventory, average price and much more.
According to RAHB, new listings saw an increase across all property types in April 2024, and due to this, it helped support the inventory growth. Row property types had the greatest increases when it came to the inventory levels. Below is a breakdown of each property type, what their total number of sales were, new listings and their average price for April 2024. This breakdown also shows if those numbers have increased or decreased compared to the previous year.
Detached:
- Average Price → $913,056 +0.9%
- New Listings → 802 +30%
- Sales → 388 -8.9%
Semi-Detached:
- Average Price → $705,490 +8.2%
- New Listings → 45 +32.4%
- Sales → 30 +3.4%
Row:
- Average Price → $723,425 +0.6%
- New Listings → 244 +39.4%
- Sales → 136 -6.2%
Apartment-Style:
- Average Price → $463,922 -6.7%
- New Listings → 159 +33.6%
- Sales → 54 -19.4%
“Rising inventory coupled with slowing sales caused the months of supply to rise across all property types compared to 2023. Row and semi-detached homes continue to face the tightest conditions with less than two months of supply, while the detached market saw the months of supply rise to nearly three months. Apartment-style homes have the most supply relative to demand with just over five months.” – RAHB
Moving on, in the next section of this report we want to review the chart, Regional Summary for the Hamilton Real Estate Market. This chart will give us an overview of each area within the Hamilton real estate market, allowing us to see each area and compare the sales, new listings, average price and more.
Regional Summary for the Hamilton Real Estate Market
In the above chart, Regional Summary, we can see each area within the Hamilton real estate market area. RAHB reported that in April 2024, the year-to-date sales activity differed within the real estate market. There were higher sales seen in the areas of Hamilton East, Flamborough, Dundas, Ancaster and Glanbrook. These higher sales helped to correct the losses felt in other areas.
Now we can really take a look at the above chart, Regional Summary, and get a closer look at each area within the Hamilton real estate market. For the rest of this section of the report we’ll focus on the areas of, Hamilton Centre, Stoney Creek and Hamilton Mountain. The reason for this is that these areas reported the highest sales for April 2024.
Taking a look at the Hamilton Centre we can see that there were a reported 71 sales of residential properties in April 2024. This was a 12.3 percent decrease when compared to the previous year. Inventory levels were reported to have been 215 units, an increase of 16.8 percent year-over-year. This area had a total of 151 new listings, this was an increase of 7.9 percent compared to the same period last year. When it came to the average price of a property in this area it was reported to have had only a very slight decrease of 0.4 percent and was reported to have been $569,773.
Next we’ll turn our attention to the area of Stoney Creek, which reported a total of 94 sales of residential properties, the second largest number of sales reported in April 2024. This number of sales was a very small decrease of 5.1 percent when compared to the previous year. Inventory levels were reported to have been a total of 280 units and an increase of 52.2 percent year-over-year. The average price of a residential property in this area was reported to have been $791,817, this was a very small decrease of 4 percent compared to the previous year. The number of new listings reported in Stoney Creek had a big increase of 50.7 percent with a total of 205.
The Hamilton Mountain has continued to maintain its status as the area with the greatest number of sales. There were a reported 142 sales of residential properties in April 2024, that’s a 10.7 percent increase compared to the previous year. The area reported an increase of 93.2 percent when it came to inventory, with a total of 282 units. New listings saw an increase of 35.6 percent with a total of 244 units listed. The average price of a residential property in this area saw only a very small decrease of 1.1 percent and was reported to have been $772,599.
The next section of this report will focus on the below map, Average Residential Price by District. This map illustrates the different areas within the Hamilton real estate market by breaking them down into sub areas.
Average Residential Price by District
In this section of the report we’ll be reviewing the above map, Average Residential Price by District. This map helps to illustrate the different areas within the Hamilton real estate market and provides us with sub areas. These sub areas show what the average cost of a residential property was in April 2024 and whether that price had an increase or decrease compared to the same time period last year.
In the previous section we focused on the areas of Hamilton Centre, Hamilton Mountain and Stoney Creek. We’ll continue that focus in this section as well, reviewing their sub areas and therefore getting a closer look at the April 2024 real estate market.
The Hamilton Mountain reported the greatest number of sales in April 2024, with a total of 142, a 10.7 percent decrease year-over-year. According to RAHB, the average price of a residential property in this area was $772,599 – a small decrease of only 1.1 percent. The sub areas that comprise the Hamilton Mountain are as follows, 15, 16, 17, 18, 25 and 26. Please see the breakdown of these sub areas below. This breakdown allows us to see which areas had an increase in the average price and which had a decrease compared to the previous year.
- 15 → $787,875 -1%
- 16 → $759,546 -6%
- 17 → $709,796 -1%
- 18 → $855,886 -4%
- 25 → $762,650 +6%
- 26 → $791,576 -1%
When we review the area of Stoney Creek we can see that this area had the second highest number of residential property sales. There were a total of 94 sales and only a slight decrease of 5.1 percent. The average price of a residential property in this area was $791,817, another small decrease of only four percent. Stoney Creek comprises the sub areas, 50, 51 and 52, please see the below breakdown of these areas. This will once again allow us to see what the average price was and compare it to the same time period last year.
- 50 → $821,780 -4%
- 51 → $779,142 +1%
- 52 → $835,167 -57%
The final area that we’ll review in this section of the report is Hamilton Centre, which according to the RAHB report had the third highest number of residential property sales. This area reported a total of 71 sales, which was a decrease of 12.3 percent. The average price of a residential property in this area was $567,773 – a small decrease of only 0.4 percent compared to the previous year. The total number of new listings reported in Hamilton Centre was 151 in April 2024 and was a 7.9 percent increase. Listed below is the breakdown of sub areas and their average residential prices. The sub areas in Hamilton Centre include, 13, 14, 20, 21 and 22.
- 13 → $652,375 +7%
- 14 → $517,474 +1%
- 20 → $552, 820 -10%
- 21 → $461,875 +1%
- 22 → $715,083 +5%
This concludes our section on the Average Residential Price by District map. In the final section of our report we’ll summarize the statistics reviewed and explain how a sales representative at Judy Marsales can help you navigate the Hamilton real estate market.
Summary of Statistics for the Hamilton Real Estate Market – April 2024
In summary, there were a total of 1,041 sales of residential real estate properties in the entire RAHB real estate market area. This was reported to have been a seven percent decrease when compared to the same time period last year. With the unadjusted benchmark price trending above what we saw in March, the price was $859,600 in April 2024. This was one percent decrease when compared to the previous year.
“Higher lending rates continue to weigh on potential purchasers, with some delaying any decision until later this year. At the same time, we continue to see new listings rise, providing more choice in the market and preventing any significant shifts in home prices,” – Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
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 April 2024.
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
The report included a lot of information about the April 2024 real estate market in the Hamilton and surrounding areas. If you have any questions or would like to learn more about our brokerage please reach out to our office directly, or alternatively you can find us on Facebook and Instagram.
At Judy Marsales we pride ourselves on having experienced, knowledgeable and professional sales representatives. You can reach us at one of our three offices located in the Hamilton and surrounding areas. And if you’ve been wondering about what your home might be worth, give our “What’s My Home Worth” calculator a try and find out.
Please feel free to email us at one of our three office locations, westdale@judymarsales.com, ancaster@judymarsales.com, or locke@judymarsales.com. You can also reach us directly by phone at one of the following numbers, Westdale: 905-522-3300, Ancaster: 905-648-6800, and Locke Street South: 905-529-3300.