Real Estate Market Statistics for November 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), have released their November 2023 real estate statistics. In this report we will review these real estate statistics and also summarize them. This report covers the entire RAHB real estate market with a strong focus on the Hamilton real estate market and statistics.
It was reported that in the entire RAHB real estate market area there was a decline in the number of sales in November 2023. This was in comparison to the same time period last year. This was also one of the lowest recorded Novembers since 2010, according to the report by RAHB.
The rise that was seen in the sales for both apartment-style properties and semi-detached properties were not enough to offset the decline in row and detached properties. The year-to-date sales saw a decline of 11 percent when compared to the same time period last year. The sales reported were also 30 percent lower when compared to the long-term trends.
When it came to the new listings in November 2023, the report showed that the numbers were trending down – this is normal to see this time of year. There were a total of 1,384 new listings reported in the entire RAHB real estate market area. Due to this we saw that supply levels were higher than are traditionally in November. However, despite these numbers inventory still saw a decline when compared to previous months. There were a total of 2,728 units reported in November 2023. Supply levels saw an increase of 23 percent compared to last month and 32 percent higher than the long-term trends.
“Region-wide, months of supply have hovered above four months for the third consecutive month. Homes priced above $800,000 make up the majority of months of supply. Conditions are more balanced for lower-priced properties. Additional supply has weighed on home prices, which have eased compared to levels reported earlier this year. As of November, the unadjusted benchmark price was $805,700, nearly 3 per cent lower than last month and last year’s levels.” – REALTORS® Association of Hamilton-Burlington
Hamilton Real Estate Market – Residential Activity for November 2023
There were a reported 404 sales of residential properties in the Hamilton real estate market in November 2023. According to RAHB, this was a decline of 6.9 percent when compared to the same period last year. When it came to new listings in November 2023, there were a reported 883 in the Hamilton real estate market. This was a reported increase of 10.9 percent when compared to the same period last year.
The REALTORS® Association of Hamilton-Burlington reported that the sales to new listings ratio increased and was 46 percent. It was also stated that this was an improvement compared to the low 30 percent reported over the previous months. The inventory levels still remain over 20 percent higher than they were this time last year. However, these levels were at their highest in 2012. RAHB also reported that the average price of a residential property was $755,953, which was a very small decline of only 0.7 percent.
November sales in the Hamilton real estate market area did see an improvement when it came to semi-detached and apartment-style properties. When compared to the previous year and October 2023. The year-to-date sales did ease across all the different property types, however, the most declines were seen in the detached sector. Listed below are the different types of properties and the average prices for November 2023 and whether the price had an increase or decrease compared to the previous year.
- Detached → $841,212 +2.8%
- Semi-Detached → $628,558 -15.4%
- Row → $673,440 -1.4%
- Apartment-Style → $456,536 -12.5%
“Overall, elevated supply levels have weighed on home prices, which have trended down relative to levels reported in the first half of the year. The unadjusted benchmark price reached $750,400 in November, a two per cent decline over last month and the previous November.” – REALTORS® Association of Hamilton-Burlington
In the next section of this report we’ll review the regional summary for the entire Hamilton real estate market area. This chart illustrates the different areas, allowing us to see what the average price was and whether that price had an increase or decrease compared to the previous year at that time. We’re also able to see the total number of sales, inventory and new listings.
Regional Summary for November 2023
In the Hamilton real estate market sales eased when compared to the same time period last year. With a total of 404 sales of residential properties, as mentioned in the previous section, this was a decline of 6.9 percent when compared to the previous year at this time. This ease in sales was reported across all regions but with Hamilton Centre, Dundas and Glanbrook seeing a rise in sales. This rise in sales in those particular areas was due to the change in new listings.
This change in new listings related to the number of sales helped to contribute to an increase in inventory. This increase in inventory levels was seen in Hamilton Centre and Glanbrook but not in Dundas. If you take a look at the above chart, Regional Summary, you’ll be able to see each area within the Hamilton real estate market. The chart helps to illustrate the average price of a residential property, total number of sales, inventory levels and more.
Hamilton Centre had a total of 67 sales of residential properties in November 2023 – this was an increase of 17.5 percent when compared to the previous year. There were a total of 115 new listings reported in this area, which was a decrease of 10.9 percent compared to the same time last year. The inventory levels in Hamilton Centre were reported to have increased by 21.1 percent with a total of 247 units. When we look at the average price of a residential property in this area we see that there was a decrease of 11 percent compared to the previous year with the average price being $490,232.
Let’s now take a look at Dundas and get a better understanding of the real estate statistics there. The total number of sales in this area saw an increase of 16.7 percent with a total of 21 sales. New listings in this area also saw an increase, there was an increase of 29.2 percent compared to the previous year with a total of 31. Inventory levels in Dundas reported a decrease of 13.8 percent compared to the same period last year, with a total of 50 units. Finally the average price of a residential property in Dundas in November 2023 had a slight increase of 4.7 percent compared to the same period last year and was $885,071.
The final area we’ll review in this section is Glanbrook, where they saw an increase in sales with a total of 25 in November 2023. This was an increase of 13.6 percent when compared to the same period last year. There were a total of 45 new listings in this area, which was a decrease of 11.8 percent compared to the same period last year. When it came to the inventory levels, there was a slight decrease of 3.4 percent and a total of 86 units. The average price of a residential property in this area saw an increase of 6.1 percent year-over-year and was reported to have been $886,816 in November 2023.
“The recent boost in sales in Hamilton Centre, Dundas and Flamborough helped offset the impact of higher inventory levels in those areas. Still, all other areas reported a significant year-over-year gain in the months of supply. The months of supply ranged from a low of 2.4 months in Dundas to a high of nearly seven months in Flamborough” – REALTORS® Association of Hamilton-Burlington
Average Residential Price by District
The above map, Average Residential Price by District, helps to illustrate the different areas within the Hamilton real estate market. By looking at the map we can see that each sub area has its average price and whether or not that price saw an increase or decrease in November 2023.
In the previous section we focused on Hamilton Centre, Glanbrook and Dundas, in this section we’ll keep that same focus. Since each of these areas are divided up into sub areas, we’ll break those down and make it easier to understand.
Hamilton Centre comprises the sub areas; 12, 14, 20, 21 and 22. The overall average price of a residential property in this area was $490,232, which was a decrease of 11 percent, as mentioned in the previous section. Listed below are the sub areas and their average residential price, it also shows whether that price has had an increase or decrease compared to the same time period last year.
13 → $508,500 +8%
14 → $443,504 -22%
20 → $506,072 -6%
21 → 425,254 -6%
22 → $695,656 -13%
The next area within the Hamilton real estate market that we’ll take a look at on this map is Dundas. The area of Dundas is made up of only one sub area which is area 41. As mentioned in the previous section, this area had an average residential price of $885,071 – this was an increase of five percent when compared to November 2022.
The final sub area that we want to focus on is area 53, or better known as Glanbrook. With a total of 25 sales and an average residential property price of $886,816. This average residential property price was a slight increase of six percent compared to the previous year. There are many areas to look at on the above map, take a look and see if you can find your area. It might help to give you a better understanding of the real estate market in November 2023.
Summary of Statistics for the Hamilton-Burlington Real Estate Market
In summary, there were a total of 404 sales of residential properties in the Hamilton real estate market in November 2023. The REALTORS® Association of Hamilton-Burlington reported that there was a decline in the number of sales in the entire RAHB market area when compared to the time period last year. It also reported that this was also one of the lowest recorded Novembers since 2010.
There were a total of 1,384 new listings reported in the entire RAHB real estate market area. The supply levels were reported to have been higher than they normally would have been at that time of year. It’s also important to note that there were a total of 2,728 units reported in November 2023. The supply levels saw an increase of 23 percent compared to last month and 32 percent higher than the long-term trends.
“Persistently high lending rates are not only impacting demand but have also supported gains in new listings over the second half of the year. Consumers are generally seeking out homes in the lower-price ranges. However, much of the recent growth in new listings has been driven by higher-priced homes creating buyer market conditions in the upper end of the market.” – Nicolas von Bredow, President of RAHB.
For More Information About These Statistics
For a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for November 2023.
Contact a Sales Representative at Judy Marsales Real Estate Ltd., Brokerage
Please don't hesitate to contact one of our knowledgeable and professional sales representatives at Judy Marsales Real Estate Ltd., Brokerage. There are three locations in the Hamilton area; Locke Street South, Westdale and Ancaster. One of our knowledgeable and professional sales representatives will be more than happy to assist you.
Have you been curious about what your home might be worth, give our “What’s My Home Worth” calculator a try and find out. Everyone at Judy Marsales Real Estate Brokerage are looking forward to working with you and helping you to find your dream home.