Hamilton Real Estate Market Statistics for September 2022
The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 425 sales of residential properties within the Hamilton real estate market in September 2022. This was the lowest September in over a decade, this caused the year-to-date sales to drop by almost 30 per cent than last year. There was also a 15 per cent decrease when compared to the 10 year average.
Residential property sales were reported to have had a 41.3 per cent decrease compared to the same time last year. While new listings in Hamilton were reported to have had a 10.2 per cent increase compared to last year with a total of 1,056 new listings.
The average residential sale price of a property for September was reported to have been $782,611. This was a 2.7 pre cent decrease when we compared it to September 2021. “In September, the benchmark price eased to $790,800, slightly lower than last month's and last year's levels. However, overall prices remain well above levels reported prior to the pandemic.”
Regional Summary
The above chart, Regional Summary, allows us to see the number of sales, average price, new listings, median price, inventory and the number of days a listing was on the market. These numbers reflect the Hamilton real estate market area for September 2022.
RAHB reported that the Hamilton East was the only area to “record year-to-dare sales consistent with long-term trends.” This was despite various adjustments to new listings and slower sales. These slower sales caused there to be a gain in inventory across all regions and most likely contributed to a shift in conditions. Hamilton Eas had a total of 54 sales in September 2022, with an average price of $631,867. This was a four per cent decrease compared to the same time last year.
It was also reported that prices have also seen a decrease in all zones in the Hamilton real estate market. According to RAHB, Waterdown and Dundas only saw a very small price adjustment in September. The Hamilton Mountain saw the greatest number of sales in September 2022.
The Hamilton Mountain had a total of 98 sales, making it the area with the greatest number of sales in September 2022. The average price of a residential property in this area was reported to have been $758,506. This was a decrease of 4.6 per cent when compared to the same time last year. There were a total of 233 new listings in this area, this was an increase of five per cent.
Hamilton Centre was reported to have had a total of 66 sales of residential property sales, this was as decrease of 39.4 per cent when compared to September 2021. There were a total of 136 new listings, which was a decrease of 15.5 per cent compared to the same time last year. It was reported by RAHB that the average price of a residential property in this area was $563,412, this was a decrease of four per cent compared to September 2021.
Finally we should mentioned Stoney Creek, which had the second highest number of sales in September 2022. With a total of 72 sales, this was a 35.1 per cent decrease when compared to the same time last year. Stoney Creek had a total of 163 new listings, an increase of 13.2 per cent compared to the same time last year. According to RAHB, the average price of a residential property in this area was $818,821, this was a decrease of five per cent compared to the same time last year.
Next we’ll take a look at the below map, Average Residential Price by District. This map will give us an even closer look at each area within the Hamilton real estate market area. It also illustrates the average price of a residential property and shows us if there was an increase or a decrease in the cost.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates each area within the Hamilton real estate market. This map shows us the average residential price of a property within each area that have been broken down into sub areas. It then shows us the percentage compared to the same time last year. This percentage represents either the increase of the decrease of the average residential price of a property.
The Hamilton Mountain had the greatest number of sales with a total of 98, and is broken down into sub areas 15, 16, 17, 18, 25 and 26. The average price of a residential property in this area was reported to have been $758,506. Below is a list of each sub area, their average price and the percentage of it’s increase or decrease compared to the same time last year.
- 15 — $789,669 — 4% decrease
- 16 — $786,278 — 3% decrease
- 17 — $755,883 — 4% increase
- 18 — $788,570 — 12% decrease
- 25 — $770,667 — 4% increase
- 26 — $580,420 — 16% decrease
There are lots of areas that you can review on this map and get a closer look. We might even suggest checking out your area, this way you might get an idea of what you property would’ve been worth in September 2022. The next chart we’ll take a look at is the summary of statistics, giving us a closer look at property types.
Summary of Statistics
According to The REALTORS® Association of Hamilton-Burlington (RAHB), there was an average residential property price of $720,000. There were a total of 425 sales within the Hamilton real estate market. It was also reported that there were a total of 1,056 new listings, this was an increase of 10.2 per cent compared to the same time last year.
When it came to commercial properties there were a total of seven sales in September 2022, this was a decrease of 56.3 per cent compared to September 2021. The average price of this type of property was $1,600,000, this was a 50.9 per cent increase when compared to the same time last year.
The other properties listed on the above chart, Summary of Statistics, cover the property types farm, land and multi-residential. Each one of these properties had very significant decreases in the number of new listings. For example both land and multi-residential properties had a total of one.
The final chart that we’ll review today is the property types comparison. We can learn more about detached, apartment-style and townhouse properties. What their average price was and how many new listings and sales they had for September 2022.
Property Type Comparison
The above chart, Property Type Comparison, allows us to see each property type available within the Hamilton real estate market. It allows us to see how many sales and the average price of that type of property. The chart also shows us the number of new listings, inventory, days on the market and the median price.
According to RAHB, detached properties had the majority of sales in September 2022. With a total of 298 sales, there was a 37.7 per cent decrease compared to the same time last year. September is the only time of the year when this type of property see such a decrease in sales. The average price of a detached property was $843,260, this was a 5.7 per cent decrease compared to the same time last year.
When it came to semi-detached properties there were a total of 17 sales with an average property price of $649,057. There were a total of 39 new listings, this was a 7.1 per cent decrease compared to the same time last year.
Row or townhouses had a total of 81 sales in September 2022, this was decrease of 34.1 per cent. The average price of this type of property was $690,501, a decrease of 4.5 per cent. This type of property had an increase of 19.4 per cent in new listings with a total of 172.
Apartment-style properties had a total fo 29 sales, which was a decrease of 62.3 per cent compared to the same time last year. There were a total of 88 new listings, a small decrease of only 8.3 per cent compared to September 2021. The average price of this type of property was reported to have been $494,945, this was a 1.9 per cent increase compared to the same time last year.
“Adjustments in both supply and demand have shifted the market out of the extreme seller’s market conditions that persisted throughout most of 2020 and 2021 and into the first quarter of this year. With just over three months of supply, our market has not entirely shifted to favour the buyer, but it has cooled some of the consumer behaviour that contributed to last year’s price gain that pushed above 33 per cent.” - 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 September 2022.
Contact a Sales Representative at Judy Marsales LTD. Brokerage
Do you have any questions about the September 2022 Hamilton real estate statistics? Please feel free to contact one of our wonderful Sales Representatives today. Judy Marsales LTD. Brokerage has three real estate office locations in the Hamilton and surrounding areas, please also feel free to contact us at our office any time.
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