Real Estate Statistics for February 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), recently released their February 2023 real estate statistics. RAHB reported that there were a total of 765 sales of residential properties within the RAHB real estate market, a decrease of 37 per cent. This decrease in sales was felt in properties that were priced higher.
There was a reported drop in the number of new listings, most likely due to those that were more reluctant to list. There were a total of 1,203 new listings in the entire RAHB market area. This was a 27 per cent decrease from the previous year.
“For the second month in a row, unadjusted benchmark prices trended up over the previous month. This may indicate that prices are starting to stabilize. Prices in February 2022 were perhaps the most competitive of all time. This February, sales were over 22 per cent below last year. However, all gains are not lost as prices are still well above the under $600,000 price reported prior to the pandemic.”
Hamilton Real Estate Statistics
The Hamilton real estate market saw a total of 736 new listings in February 2023. This was a 40 per cent decrease from the same period last year. Sales saw an improvement for lower priced properties, with a total of 464 sales in February 2023. There were a total of 736 new listings reported by RAHB, this was a 30.3 per cent decrease when compared to the previous year.
The amount of time a property remained on the market was 31.2 days, this is an increase when compared to the previous year. The average price of a residential property in the Hamilton real estate market area was $800,584. There was a decrease of 21.6 per cent when compared to the same time last year.
“For the second month in a row, unadjusted benchmark prices trended up, reaching $773,500. This may indicate that prices are starting to stabilize compared to the unprecedented prices in February 2022. While prices are 22 per cent below last year, all gains are not lost, as current home prices are well above pre-pandemic levels.”
Regional Summary for February 2023
In the regional summary we’ll review some of the interesting statistics that relate to the Hamilton real estate market. RAHB reported that sales did in fact ease across all regions in February 2023. The level at which they declined was dependent on the region, with the Hamilton East seeing the greatest decline.
The area that had the greatest number of residential property sales was Hamilton Mountain. This area had a total of 114 sales reported in February 2023, this was a decline of 27.8 per cent. When it came to the average price of a residential property, this area reported it to be $732,258, this was a decrease of 26.4 per cent compared to the previous year. There were a total of 135 new listings in this area, which was a 40 per cent decrease compared to the same time last year.
The REALTORS® Association of Hamilton-Burlington (RAHB), reported that Stoney Creek had the second greatest number of residential property sales. There were a total of 80 sales reported in February 2023. This was a decrease of 34.3 per cent compared to the same period last year. The average price of a residential property in this area was reported to have been $812,627, this was a 27 per cent decrease compared to the previous year. Stoney Creek also reported a total of 148 new listings, this was a decrease of 22.1 per cent compared to the same period last year.
Finally, we’ll review the area that had the third greatest number of residential property sales in February 2023. This area was Hamilton Centre, with a total of 52 sales, this was a 53.2 per cent decrease compared to the previous year. The average price of a residential property in this area was $565,710, this was a decrease of 21.6 per cent compared to the previous year. There were a total of 102 new listings in this area, which was a 30.1 per cent decrease compared to the same period last year. Let’s now discuss the Average Residential Price by District map.
Average Residential Price by District
The Hamilton real estate market is divided up into different areas and then each of those areas are divided into sub areas. On the map, Average Residential Price by District, we can clearly see what each sub area's average price of a residential property price was for February 2023.
Since the Hamilton Mountain had the greatest number of sales in February, there were a total of 114 sales with an average property price of $732,258. The Hamilton Mountain is made of of the sub areas, 15, 16, 17, 18, 25 and 26. Let's take a look at the sub areas and what their average residential property price was and whether it increased or decreased compared to the same time last year.
- 15 → $667,089, - 34%
- 16 → $773,570, - 14%
- 17 → $645,811, - 30%
- 18 → $831,291, - 22%
- 25 → $699,958, - 27%
- 26 → $684,667, - 38%
The next area that we’ll review is Hamilton Centre, there were a total of 52 sales of residential properties in February 2023. RAHB reported that the average price of a residential property in this area was $565,710, this was a 21.6 percent decline when compared to the previous year. Hamilton Centre is made up of the sub areas, 13, 14, 20, 21 and 22. Below you can see the breakdown of each of these areas' average price of a residential property.
- 13 → $627,183, - 11%
- 14 → $523,886, -18%
- 20 → $530,229, -28%
- 21 → $531,667, -15%
- 22 → $695,205, -23%
When we review these numbers we can see that there are a lot of declines when it comes to the average price of a residential property. There can be many factors that are the reason why this is occurring. The best thing to do is to speak with a realtor and they can help answer any questions or concerns you may have. Let’s now review our final section, the property type comparison chart.
Property Type Comparison
There are quite a few different property types and each of them have a different outcome in February 2023. In this section we’ll review each property type and see whether it had decreases or increases compared to the previous year.
RAHB reported that when it came to detached properties there were a total of 308 sales, a decline of 39.5 per cent. This type of property had a total of 474 new listings in February, which was a 33.7 per cent decrease compared to the previous year. The average price of this type of property was $895,388, this was a decrease of 22.8 per cent compared to the same time period last year.
Semi-detached properties saw a decline in supply in February 2023 and had an average property price of $761,011, a 14 per cent decrease. There were a total of 23 sales, which was a decrease of 39.5 per cent when compared to the previous year. This type of property had a total of 30 new listings reported in February 2023, this was a decrease of 31.8 per cent.
When it came to row/townhouse properties within the Hamilton real estate market area, there were a total of 93 sales, a decrease of 31.3 per cent. There were 131 new listings reported in February 2023, a decrease of 32.1 per cent compared to the previous year. For this type of property, the average price was reported to have been $710,971, a decrease of 21.6 per cent.
The final property type that we’ll review is apartment-style properties. This type of property had a total of 40 sales in February 2023, a decrease of 56.5 per cent compared to the previous year. There were 98 new listings, which were a decrease of 3.9 per cent. The average price of this type of property was $455,698, a decrease of 26.5 per cent compared to the same time last year.
“Benchmark prices rose over the last month across all property types except apartment condominiums. However, apartment condominium prices have declined significantly less compared to other property types, dropping only five per cent year over year. Detached home prices saw the largest year-over-year adjustment at nearly 24 percent. Despite the year-over-year decline, the recent shifts in price trends should help support a more stable price environment this year.”
Summary of Statistics for the Hamilton Real Estate Market
In this article we reviewed a lot of real estate statistics for the Hamilton real estate market area. To summarize, there were a total of 464 sales of residential properties in February 2023. This was a decrease of 40 per cent when compared to the previous year.
There were a total of 765 residential property sales within the entire RAHB market area, a decrease of 37 per cent compared to the same time last year. The average price of a residential property within the Hamilton real estate market area was $800,584.
“Demand at the lower end of the market is increasing as higher interest rates impact affordability and attainability. Buyers have more options than they did a year ago and are less likely to compete in unfavourable market conditions. Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment.”
For More Information About These Statistics
Do you want to learn more about these real estate statistics? If you’re looking for a more indepth matrix, please refer to the Hamilton Real Estate Statistics for February 2023.
Contact a Sales Representative at Judy Marsales Real Estate Ltd. Brokerage
We covered a lot of real estate statistics in this article and you might have some questions. Please feel free to contact one of our sales representatives or brokers today and they’ll be more than happy to help. Judy Marsales has three Hamilton and surrounding area real estate offices to serve you better, located in Dundas, Ancaster and Locke Street South.
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