Residential Market Activity
The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 1,637 sales of residential properties within the RAHB market area for March 2022. These statistics reflect the total RAHB market area. When it came to the sales of residential properties, they were reported to have had an increase of 33.3 per cent month over month. However, they were reported to be down 21.1 per cent when compared to March 2021.
When it came to new listings within the RAHB market area, there were reported 2,542 new listings. This was a 51.7 per cent increase month over month. However, it was a 6.2 per cent decrease when compared to the same time last year.
The average price of a residential property within the RAHB market area was reported to be $1,073,345. This was a 2.7 per cent decrease month over month and a 22.8 per cent increase when compared to March 2021.
The above chart, Residential Market Activity, helps us to see the number of sales and the average cost of a property for the month of March 2022. We can then compare those numbers to the same time last year and see how the market has changed.
RAHB reported that the area with the greatest number of sales in March 2022 was Stoney Creek. This area had a total of 151 residential property sales with an average property price of $1,060,945. When it came to the number of sales, Stoney Creek saw a slight decrease, but when it came to the average property price there was a significant increase.
The area that had the highest average residential property price was Flamborough. It was reported that the average price of a residential property for March 2022 was $1,644,225. Flamborough had a total of 32 sales, which was only a slight decrease compared to the same time last year.
We can also take a look at Burlington, which had the highest number of residential property sales, with a total of 359 sales. The average price of a property in Burlington was reported to be $1,305,593, this was an increase when we compare it to March 2021.
Ancaster is another notable area that we can review, with a total of 77 sales and an average residential property price of $1,361,621. This area had one of the highest average property prices for the month of March 2022. To get a more in depth look, we can review the below map for more information about property prices and sales.
Average Price by District
The above map, Average Price by District, illustrates each area within the Hamilton market area. It allows us to see what the average residential property price was in Hamilton and the surrounding areas as well as the number of sales. The sub areas that we need to take note of, that had the most sales, for the month of March 2022 were; 16, 42, 50, 51 and 53.
RAHB reported that the sub area with the greatest number of sales was area 51, located in Stoney Creek. There were a reported 89 sales in this area with an average residential property price of $1,058,858. The average residential property price for all of Stoney Creek was reported to be $1,060,945, with a total of 151 sales.
It was reported that Flamborough had the highest average residential property price of $1,694,225, with a total of 32 sales for March 2022. Flamborough covers the sub areas, 45, 43, 44 and 40. We can now take a look at the final chart, Hamilton Residential Table, and get an overall look at the Hamilton real estate statistics.
Hamilton Residential Table
Finally, we can review the, Hamilton Residential Table, it helps us to see the overall numbers for the Hamilton real estate market area. RAHB reported that the average price of a residential property was $1,003,193. This was a 24.6 per cent increase when compared to the same time last year.
It was also reported that there were a total of 984 sales of residential properties in March 2022. Which is a 24.5 per cent decrease when compared to the same time last year. New listings had a 10.6 per cent decrease when compared to March 2021, with a total of 1,525.
We’re even able to see the average days that a listing remained on the market. In March 2022 the average amount of days a listing remained on the market was 9.1 days, that’s 2.8 days less than the same time last year. The median price of a residential property was reported to be $919,000, this was a 23.9 per cent increase compared to March 2021.
REALTORS® Association of Hamilton-Burlington March 2022 Statistics
The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 1,637 sales of residential properties within the RAHB market area for March 2022. The sales of residential properties saw an increase of 33.3 per cent month over month. However, it was reported that they were down 21.1 per cent when compared to March 2021.
When it came to the average price of a detached single-family home, it was reported to have had a 4 per cent decrease in Hamilton month over month. While Burlington saw a 12 per cent decrease in March 2022. RAHB reported that while Hamilton and Burlington saw these decreases, overall both markets remain higher than they were in March 2021.
The sales of townhouses in the RAHB market area in March 2022 had an increase of 45.2 per cent month over month. However, when compared to the same time las year there was a 26.4 per cent decrease. It was reported that there were a total of 528 new listings of townhouses in march 2022, this was a 65.5 per cent increase compared to the previous month. The average price of a townhouse in the RAHB Market area was $929,901, this was a 1.1 per cent decrease month over month.m
RAHB reported that there were 206 sales of apartment-style properties in March 2022. This was a 10.7 per cent increase month over month. When we compared this to March 2021 we can see there was a 5.9 per cent decrease. New listings of apartment-style properties had an increase of 55.5 per cent month over month, with a 10.3 per cent increase compared to March 2021. The average price of this type of property was $692,400, this was a 3.4 per cent increase month over month and a 32.2 per cent increase compared to the same time last year.
“The overall number of residential transactions in March was the second-highest recorded in ten years. After the first quarter, sales activity is on pace to surpass the 15,000 mark for the second consecutive year. Across the RAHB market area, there was a slight dip in the residential average sale price, although it did remain over the $1,000,000 mark. We do not see the dip in the average sale price after one month of change as a trend or permanent circumstance. The residential market for all dwelling types continues to have less than one month of inventory which means it would take approximately 20 days to sell all the properties available. We are still experiencing a seller’s market fuelled by high demand and low supply. A balanced market typically has two to three months of inventory.” - RAHB President Lou Piriano
For More Information About These Statistics
If you’re looking for a more in-depth matrix of these statistics, please refer to the Hamilton Real Estate Statistics for March 2022.
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