Real Estate Statistics for January 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), released their January 2023 real estate statistics. RAHB reported that there were a total of 349 sales of residential properties within the Hamilton real estate market, a decrease of 21.2 per cent. It was also reported that there were a total of 666 sales in the Hamilton real estate market area, an increase of 23.3 per cent when compared to the same time last year.
The inventory levels reported in the entire RAHB market area are now comparable to what they were pre-pandemic, according to RAHB. This is due to higher interest rates and most likely due to the inventory increases, particularly in the lower price range. The rise in new listings is also a possible reason why we have seen this increase.
RAHB reported that the new year has seen an increase in the sales of homes priced below $800,000, the supply options are now better than they were in January 2022. Residential property sales were still down across the entire RAHB market area by 13 per cent year-over-year. According to RAHB, there was a 20 per cent decrease in the residential property prices across the entire market area. This is lower than what it was at the beginning of 2022, however, the benchmark price saw an increase in December.
“The unadjusted benchmark price was $809,800, below the $1,012,700 reported in January 2022, but well above the $602,700 reported at the beginning of the pandemic in 2020. This could potentially reflect a stabilization in prices.”
Hamilton Real Estate Statistics
When it comes to the Hamilton real estate market, as we mentioned above, there were a total of 349 sales in January 2023. This was a decrease of 21.2 per cent when we compare it to the same time last year. There were a total of 666 new listings, which were an increase of 23.3 per cent compared to January 2022.
The inventory levels are higher than they have been in the past two years, however, they’re still lower than they were pre-pandemic, with a total of 933. The average price of a residential property within the Hamilton real estate market area was $750,529, this was a 22.2 per cent decrease. “Market conditions remain relatively balanced for homes priced below $800,000, while higher-priced properties are seeing a shift to buyer’s market conditions.”
Hamilton’s benchmark price for a residential property had a 21 per cent decrease compared to January 2022. With the price reported by RAHB being $754,100. This price was still above the pre-pandemic levels.
“As of January, the benchmark price in the Hamilton region was $754,100, 21 per cent below January 2022 prices but slightly higher than last month. It is too early to say if this trend will continue, but it could be pointing to a more stable price environment. Prices in the region are still above pre-pandemic levels.”
Regional Summary for January 2023
January sales reportedly slowed across most of the Hamilton real estate market, this pace varied depending on the area. Flamborough had the greatest decline and this was partly due to the drop in new listings. Glanbrook is another area of note, according to RAHB, this area was the only one that had an increase in sales. The Hamilton Mountain and Glanbrook reportedly had sales that were consistent with the long-term trends in the area.
“Across the board, there has been a shift away from the tight conditions reported last year. Sales-to-new listings ratios range from a high of 68 per cent in Hamilton Mountain to a low of 38 per cent in the Dundas area.”
When we take a look at the above chart, Regional Summary, we can get an even closer look at each area within the Hamilton real estate market. The chart shows us different real estate statistics such as the average price of a residential property, the number of sales, new listings and more. Let’s take a closer look at the three areas that had the greatest number of residential property sales in January 2023.
The area that had the greatest number of sales in January 2023 was the Hamilton Mountain, with a total of 98 sales, a decrease of 6.7 per cent. There were a total of 145 new listings in this area, this was an increase of 20.8 per cent compared to the same time last year. The average price of a residential property was $719,720, a decrease of 20.6 per cent.
According to RAHB, Stoney Creek had the second greatest number of residential property sales in January 2023. There were a total of 53 sales, this was a 15.9 per cent decrease compared to the same time last year. The average price of a residential property in this area was $809,564, a decrease of 22.4 per cent. Stoney Creek had a total of 117 new listings, which was an increase of 48.1 per cent compared to January 2022.
Finally, we’ll take a look at the Hamilton Mountain, this area had a total of 51 sales of residential properties. According to RAHB, this area had the third greatest number of sales in January 2023. This was a 17.7 per cent decrease compared to the same time last year. There were 103 new listings and an average residential property price of $583,651, a decrease of 13.9 per cent.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates the entire Hamilton real estate market area. The map allows us to see each area's average residential property price and whether that price has had an increase or a decrease in January 2023.
The area that had the greatest number of sales in January 2023 was the Hamilton Mountain, this seems to be an ongoing trend. There were a total of 98 sales and an average residential property price of $719,780. The Hamilton Mountain consists of the sub areas, 15, 16, 17, 18, 25 and 26. Please see the list below that breaks down each of these areas.
- 15 — $781,113 — 20% decrease
- 16 — $784,950 — 15% decrease
- 17 — $619,611 — 19% decrease
- 18 — $744,395 — 25% decrease
- 25 — $659,717 — 33% decrease
- 26 — $618,309 — 33% decrease
Similarly to December 2022, we also see that across all the sub areas in the Hamilton Mountain, there were decreases in the average residential price. The next area that we’re going to review is Stoney Creek, this area had the second greatest number of residential property sales in January 2023.
According to the report released by RAHB, Stoney Creek had a total of 53 sales in January 2023. The average residential property price in this area was reported to have been $809,564. Stoney Creek consists of the sub areas, 50, 51 and 52. Below is a list of each of these areas and their average residential property price, allowing us to see whether that price had decreased or an increased price in January 2023.
- 50 — $804,595 — 33% decrease
- 51 — $759,206 — 19% decrease
- 52 — $2,475,000 — 125% increase
It’s clear that area 52 had a very significant increase, while the other two areas had slight decreases. Take a look at the map and see if you can locate your area, this way you can get an idea of what your home might have been worth. Next we’ll take a look at the Property Type Comparison chart.
Property Type Comparison
The above chart, Property Type Comparison, shows us the different property types within the Hamilton real estate market area. The chart then allows us to see the average price, sales, new listings etc. In this section we’re going to review the detached properties, semi-detached, apartment style and townhouse or row house.
According to RAHB, detached properties had a total of 230 sales in January 2023, this was a decrease of 17 per cent. The average price of this type of property was $809,019, which was a decrease of 26 per cent compared to the same time last year. Finally, there were a total of 432 new listings in January 2023, this was an increase of 23.4 per cent compared to January 2022.
When it came to the sale of semi-detached residential properties there were a total of 10 sales, this was a 41.2 per cent decrease. There were a reported 23 new listings with an average property price of $683,400 in the Hamilton real estate market area. This was a 24.9 per cent decrease compared to the same time last year.
Moving on to the next property type, we’ll take a look at the row or townhouse. This type of property saw a total of 73 sales in January 2023, this was a 13.1 per cent decrease. There were 124 new listings with an average property price of $684,416, which was a 21.7 per cent decrease compared to January 2023.
Finally, it was reported by RAHB that when it came to the apartment-style properties there were a total of 35 sales, this was a 44.4 per cent decrease. There were 84 new listings, this was an increase of 29.2 per cent compared to the previous year. The average price of this type of property was $531,397, this was a decrease of 5.9 per cent.
Summary of Statistics for The Hamilton Real Estate Market
Finally we’ll recap some of the statistics that we discussed in this article. There were a total of 349 residential property sales within the Hamilton real estate market in January 2023. This was a decline of 21.2 per cent compared to the same time last year.
According to the REALTORS® Association of Hamilton-Burlington (RAHB), the average price of a residential property within the Hamilton real estate market was $750,529, this was a 22.2 per cent decrease compared to the same time last year. Across the entire RAHB market area it was reported that the inventory levels are now comparable to what they were pre-pandemic. RAHB mentions in their report that this is most likely due to higher interest rates and an increase in new listings.
“Low lending rates and the pandemic contributed to a surge in demand. Supply could not keep pace, and prices rose faster than expected. Higher lending rates and prices have impacted affordability and allowed the market to build supply levels back up to pre-pandemic levels,” —-Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
For More Information About These Statistics
Do you want to learn more about these real estate statistics? If you’re looking for a more in-depth matrix of these real estate statistics, please refer to the Hamilton Real Estate Statistics for January 2023.
Contact a Sales Representative at Judy Marsales LTD. Brokerage
We covered a lot of real estate statistics for the Hamilton real estate market in this article and we’re sure you might have a question or two. Please feel free to contact one of our sales representatives or brokers any time at one of our three real estate offices located in Hamilton, Ancaster and Dundas.
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