Hamilton Real Estate Market Statistics for November 2022
The November 2022 real estate statistics for the Hamilton market were recently released by the REALTORS® Association of Hamilton-Burlington (RAHB). According to RAHB, there were a total of 672 sales of residential properties within the entire RAHB market area. Sales saw a decrease of 13 per cent compared to the previous month and had a 42 per cent decrease when compared to November 2021.
According to the report by RAHB, there was 1,248 new listings in the entire real estate market area. This was a 21 per cent decrease compared to October 2022 and an increase when compared to the same time last year. It was reported that the benchmark price of a residential property within the RAHB market area was $830,900. This was a small decrease of 0.1 per cent compared to the previous month and a decrease of nine per cent compared to November 2021.
The average price of a residential property within the Hamilton Market area was reported to have been $761,244. This was an 8.8 per cent decrease year-over-year. In the Hamilton market area there were a total of 791 new listings. This was a small decrease of only 3.2 per cent year-over-year. RAHB reported a total of 425 sales, which was a decrease of 44 per cent compared to there same time last year. The benchmark price was reported to have been $770,600 for November 2022. This was a decrease of over nine per cent compared to the same time last year.
“While underlying long-term fundamentals regarding supply challenges have not dissipated, the recent pullback from purchasers has led to persistent downward pressure on home prices since March this year.”
Regional Summary
The above chart, Regional Summary, allows us to see the number of sales, average price, new listings, median price and how many days a listing was on the market. RAHB reported that in November 2022, Hamilton saw an easing in sales which contributed to the decline in the sales year-to-date.
“Easing sales occurred across all regions in November, contributing to the year-to-date sales decline that ranged from a low of 38 per cent in Hamilton West to a 21 per cent decline in Flamborough.”
It was also reported that Flamborough also had the most substantial gains when it comes to new listings. There was a total of 17 sales in this area, which was a 15 per cent decline when compared to the same time last year. Flamborough reported a total of 27 new listings and an average residential property price of $1,216,324. This was a 1.7 per cent increase when compared to November 2021.
The Hamilton Mountain reported the greatest number of sales within the Hamilton real estate market, with a total of 96 sales. This was a decline of 47.8 per cent when compared to the same time last year. There was a total of 170 new listings, which was a 14 per cent decline compared to the previous year. The average price of a residential property in this area was $680,725, a decrease of 14.1 per cent.
Hamilton West and Ancaster both had a total of 37 sales in November 2022. For Hamilton West this was a 35.1 per decline and for Ancaster this was a 39.3 per cent decline. It was reported that in Hamilton West there was a total of 75 new listings and an average residential property price of $804,917, this was an increase of 17.6 per cent. Ancaster reported an average residential price of $1,094,284, this was a decrease of 12 per cent.
“The adjustments in demand have supported shifts away from the sellers' conditions reported across all regions last year. All areas have also reported a reduction in price relative to previous highs.”
Average Residential Price by District
The above map, Average Residential Price by District, illustrates the real estate market within the Hamilton residential area. This map allows to see the average residential price and the percentage of whether that price saw an increase or decrease compared to the previous year.
The area with the greatest number of sales in November 2022 was the Hamilton Mountain. There was a total of 96 sales reported with an average residential property price of $804,917. The Hamilton Mountain is made up of the sub areas, 15, 16, 17, 18, 25 and 26. Listed below are each of these areas with each average property price and whether that price had an increase or decrease compared to the same time last year.
- 15 — $759,200 — 13% decrease
- 16 — $717,100 — 14% decrease
- 17 — $646,708 — 1% decrease
- 18 — $719,453 — 15% decrease
- 25 — $635,600 — 22% decrease
- 26 — $640,000 — 24% decrease
All of the sub areas with in the Hamilton Mountain saw a decrease when it came to the average sale price of a residential property. These decreases in the sales price were relatively small but it shows that these price can go up and down depending on many factors.
Stoney Creek is another area within the Hamilton real estate market that we need to take note of. This area had the second greatest number of sales of residential properties in November 2022, with a total of 67. The average price of a residential property in this area was $744,164, this was a 15.6 per cent decrease compared to the same time last year. Stoney Creek is made up of the sub areas 50, 51 and 52. Listed below are each of these areas with each average property price and whether that price had an increase or decrease compared to the same time last year.
- 50 — $789,762 — 15% decrease
- 51 — $723,644 — 15% decrease
- 52 — $710,000 — 6% decrease
Similarly to the Hamilton Mountain, Stoney Creek saw a decline in the average residential property price in November 2022. Even though that decrease in price was small, we can see that reflected in the numbers reported by RAHB. Next lets take a look at the chart, Property Type Comparison.
Property Type Comparison
The above chart, Property Type Comparison, helps us to review each property type within the Hamilton real estate market for November 2022. By reviewing this chart we can see what the average price was, the number of sales and how many new listings there were.
According to RAHB, detached properties had a total of 274 sales in November 2022, this was a 46 per cent decrease when compared to the same time last year. The benchmark price of this type of property was $816,400, a decrease of 11 per cent. The average price of a detached property was $819,340, this was a decrease of 11.3 per cent. Finally, there was a total of 500 new listings reported in November 2022, this was a 12.3 per cent decrease when compared to the same time last year.
Semi-Detached properties saw a seven per cent decrease when it came to their benchmark price. This was reported to have been $725,500, with a total of 21 sales in November 2022. The average price of this type of property was $730,805, this was a very small decrease of only 0.1 per cent. RAHB reported that there was a total of 40 new listings, which was a 13 per cent decrease compared to the previous year.
When we look at the next property type, townhouses, we can see that the benchmark price was $648,000. This was an increase of five per cent when compared to November 2021. There was a total of 99 sales, only a 13.9 per cent decrease and an average property price of $648,630, this was a 9.3 per cent decrease. New listings of this type of property saw a 25 per cent increase with a total of 150 in November 2022.
Apartment style properties had a benchmark price of $505,000 in November 2022. This was an increase of 10 per cent when compared to the same time last year. There was a total of 30 sales reported by RAHB, which was a 66 per cent decrease. The average price of this type of property was reported to have been $521,474, this was a six per cent increase. Finally, there was a total of 99 new listings in November 2022, this was a 23.8 per cent increase compared to the same time last year.
“November sales eased relative to last year's levels across all property types, contributing to year-over-year declines of over 30 per cent for each property type. In addition, the detached market continues to exhibit divergent trends based on price range.”
Summary of Statistics
The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 672 sales of residential proprieties within the entire RAHB market area. Sales saw a decline of 13 per cent in November 2022 compared to the same time last year.
There was a total of 1,248 new listings reported within the entire RAHB market area for November 2022. This was a decrease of 21 per cent from October 2022 and an increase of two per cent compared to the November 2021.
The above chart, Summary of Statistics, breaks down the different property types in the Hamilton real estate market in terms of commercial, residential, etc. The average price of a residential property was reported to have been $711,000, this was a 9.9 per cent decrease year-over-year. There was a total of 425 sales and 791 new listings reported within the Hamilton real estate marekt.
When it came to commercial property types there was a decrease of 42.9 per cent with a reported 8 sales. The average price of this type of property was $1,325,000, this was a 30.5 per cent increase compared to the same time last year.
“The RAHB market area has seen some much-needed improvements in supply levels allowing for more choice and negotiation power for buyers and the levels are more consistent with long-term trends for November. It is important to note that while shifting conditions have caused prices to trend down from the peak, the pace of monthly decline has eased over the past several months. Overall, residential prices are still significantly above levels reported prior to the pandemic.” — Lou Piriano, RAHB President.
For More Information About These 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 November 2022.
Contact a Sales Representative at Judy Marsales LTD. Brokerage
Do you have any questions about the November 2022 real estate statistics? One of the sales representatives at Judy Marsales would be more than happy to help answer them. Clients can contact a sales representative at one of the three real estate office locations in Hamilton, Ancaster and Westdale.
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