Hamilton-Burlington Real Estate Market Statistics
The REALTORS® Association of Hamilton-Burlington (RAHB), have released their August 2023 real estate statistics. In this report we will be reviewing those statistics and summarizing them so we can better understand the August real estate market.
According to the RAHB report, there were a total of 795 residential real estate sales in the entire RAHB real estate market area. This was a decrease of 11 percent, or 78 sales less than the same time last year when there were a reported 873 sales. RAHB also reported that while sales have improved in lower priced properties, they have not in properties in the $800,000 range and above.
“Easing sales combined with relatively stable inventory levels caused the months of inventory to trend up to 2.9 months in August. Higher supply levels relative to sales activity likely weighed on home prices this month. In August, the benchmark price eased over levels reported last month, falling to $863,700, approximately $10,000 less than the previous month but still higher than the $857,900 reported in August 2022.” – RAHB
Hamilton Real Estate Market – Residential Activity and Prices
When it came to the number of sales and new listings in the Hamilton market, there were decreases in both. There were a reported 480 sales of residential properties in the Hamilton real estate market in August 2023. This was a decrease of 8.6 percent compared to August 2022, according to the report released by RAHB. In the Hamilton real estate market there were a total of 954 new listings reported in August 2023, this was a small decrease of 1.5 percent compared to the same time last year.
The average price of a residential property was reported to have been $798,786 in August 2023. This was an increase of 2.3 percent compared to the same period last year. It was reported that the August inventory levels were higher than what they had been pre-pandemic. The total number of units in August was 1,381 – that’s a 2.3 percent decrease from the previous year.
“With nearly three months of supply in August, levels remain comparable to last month and last year. Conditions are tighter than earlier in the year, a trend that has carried over from July. This is taking some pressure off home prices.” – RAHB
The unadjusted benchmark price was reported to have been $803,700, this was only a small decline of one percent compared to the same period last year. Even with the declines, prices continued to remain higher than what they were at the beginning of 2023.
In the next section we’re going to look at is the Regional Summary, this will give us some insight into each area within the Hamilton real estate market in August 2023. Allowing us to see the total sales, average price, new listings and more in each area.
Regional Summary for August 2023
RAHB reported that all areas within the Hamilton real estate market saw declines in both year-to-date sales and new listings. Hamilton Centre and Hamilton East had the highest decline in both those sectors.
“All regions across Hamilton reported a yearly decline in year-to-date sales and new listings. Hamilton East and Hamilton Centre reported the highest pullbacks in both activities.Hamilton Centre, Hamilton West, Flamborough, Ancaster, and Stoney Creek posted year-over-year inventory gains in August. Conditions are not as tight as they were in 2022. However, Dundas and Waterdown face the tightest conditions with under two months of inventory” – RAHB
In Hamilton East there were a total of 46 sales of residential properties reported in August 2023. This was a decrease of 37.8 percent when compared to the same time last year. There were a total of 90 new listings in this area, only a 13.5 percent decrease compared to the previous year. When it came to the average price of a residential property in this area, RAHB reported that to be $687,320 – this was an increase of 12.4 percent compared to the same period last year.
RAHB reported that Hamilton Centre had a total of 64 sales of residential properties, this was a decrease of 15.8 percent compared to the previous year. There were a total of 117 new listings in this area, which was a decrease of 20.9 percent when compared to August 2022. The average price of a residential property was reported to have decreased by 4.4 percent to $514,633.
Finally, it’s important to note the Hamilton Mountain, as it had the greatest number of sales and new listings in the entire Hamilton real estate market. The total number of sales was 114 in August 2023 – a slight decrease of 8.1 percent compared to the previous year. There were 207 new listings in this area, this was a decrease of 5 percent compared to the previous year. The average price of a residential property saw an increase of 3.7 percent and was $770,467.
We’re now going to turn our attention to the map below, Average Residential Price by District, and get an even better understanding of the Hamilton real estate market. This map will illustrate each area and sub areas, showing us their average residential property price.
Average Residential Price by District
The above map, Average Residential Price by District, allows us to get a better understanding of the residential property prices in each area. The Hamilton real estate market area is and by what percentage it has either increased or decreased.
Hamilton Centre had a total of 64 sales of residential properties and an average residential property price of $514,633. This residential area is made up of the sub areas; 13, 14, 20, 21 and 22. Listed below are these areas showing their average property price and whether that price saw an increase or decrease in August 2023, compared to the same time period last year.
13 → $551,990 +19%
14 → $467,326 -4%
20 → $551,421 0%
21 → $366,875 -14%
22 → $617,571 -12%
The next area that we feel is important to review is Hamilton East, RAHB reported that it was one of the areas that had the highest pullbacks in both year-to-date sales and new listings. The average price of a property in this area was $687,320, an increase of 12.4 percent compared to the same period last year. Hamilton East is made up of the sub areas; 23, 24, 27 and 28. Please see the list below of the breakdown of these areas, interestingly each sub area saw an increase in the average price of a residential property.
23 → $565,632 +1%
24 → $678,200 +8%
27 → $762,100 +20%
28 → $749,328 +21%
The final area that we’ll take a look at is the Hamilton Mountain, since this area had the highest number of sales and new listings for August 2023. With a total of 114 sales, 207 new listings and an average residential property price of $770,467. The Hamilton Mountain comprises the sub areas; 15, 16, 17, 18, 25 and 26.
15 → $880,942 +4%
16 → $794,003 +8%
17 → $682,543 +6%
18 → 811,881 -2%
25 → $777,408 +7%
26 → $711,580 -1%
Other areas mentioned in the RAHB report were Ancaster, Flamborough and Stoney Creek. Each of those areas are illustrated on the map with each of their sub areas showing the average residential property price and whether it saw an increase or decrease.
Summary of Statistics for Hamilton – August 2023
According to the report released by the REALTORS® Association of Hamilton-Burlington (RAHB), there were a total of 795 sales of residential properties within the entire RAHB real estate market. This was an 11 percent decrease from the previous year.
The average price of a residential property in Hamilton was $798,986 in August 2023, this was an increase of 2.2 percent compared to the same period last year. In Hamilton there were a total of 954 new listings and a total of 480 sales of residential properties in August 2023.
“As expected, higher lending rates continue to impact sales, especially for higher-priced properties. But new listings have also slowed, keeping inventories in line with long-term trends. While conditions vary by location, property type and price range, we are shifting away from the overall tighter conditions experienced during the spring months.” – RAHB President Nicolas von Bredow.
For More Information About These Statistics
For a more in-depth review of these statistics, please refer to the Hamilton Real Estate Statistics for August 2023.
Contact a Sales Representative at Judy Marsales Brokerage
There were a lot of statistics reviewed in this report and you might have some questions, we can help with that. Please feel free to contact one of our incredible sales representatives at Judy Marsales Brokerage. You may contact us at one of our three locations; Locke Street South, Westdale and Ancaster.
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