Hamilton Real Estate Statistics for July 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), have released the July 2023 real estate statistics. In this report we will be reviewing those statistics and summarizing them so we can better understand the real estate market. According to RAHB, there were a total of 797 sales of residential properties within the entire RAHB real estate market area. This was a decline of 292 sales when compared to the previous month. There were a reported total of 1,840 new listings within the entire RAHB real estate market area.
“The number of new listings increased relative to sales, causing inventories to trend up over the last month and levels reported earlier this year. Months of supply rose to 2.9 months over the 1.8 months reported in June. The shift away from tighter conditions has paused price growth. The unadjusted benchmark price reached $873,600 in July, relatively unchanged over last month. Overall, prices remain much higher than pre-pandemic levels.” – RAHB
Hamilton Real Estate Market – Residential Activity and Prices
RAHB reported that in the Hamilton real estate market there were a total of 470 sales of residential properties. This was a small increase of 0.9 percent when compared to the same time last year. It was also reported that there were a total of 1,114 new listings within the Hamilton real estate market in July 2023.
The average price of a residential real estate property within the Hamilton market was reported to have increased by 5.5 percent and was $847,087. The sales to new listings ratio had a 42 percent decrease and is supported by the gain in inventory. Inventory levels saw an increase in July 2023 but still remained lower than the previous years. RAHB notes that residential properties that were priced between $300,000 and $600,000 contributed to the majority of the inventory gains.
“The rising inventory levels compared to sales caused the months of supply to increase from 1.8 months in June to three months in July. The unadjusted benchmark price reached $813,000 in July, relatively unchanged over last month and only one per cent lower than the $821,500 reported in July 2022.” – RAHB
In the next section we’re going to look at the Regional Summary for July 2023. We’ll be able to review each neighbourhood within the Hamilton real estate market and review the number of sales to the average price of a residential property.
Regional Summary for July 2023
The above chart, Regional Summary for July 2023, illustrates each neighbourhood within the Hamilton real estate market. By reviewing this chart we’ll be able to see what each area had in terms of total sales, new listings, the average price of a residential property and more.
“Year-to-date sales and new listings have fallen below last year’s levels in all areas across the Hamilton region. Hamilton Centre, Hamilton West, Flamborough, Ancaster and Stoney Creek saw a rise in inventory over last year’s levels.” – RAHB
Hamilton Centre had a total of 58 sales in July 2023, which was a decrease of 20.5 percent compared to the same period last year. There were a total of 150 new listings reported by RAHB, this was a 5.6 percent increase from the previous year. It was reported that the average price of a residential property in this area was $563,438, this was a slight decrease of 3.8 percent compared to the same period last year.
When we take a look at Hamilton West we can see that RAHB reported a total of 31 sales in July 2023. This was an 11.4 percent decrease from the previous year with 80 new listings, an increase of 25 percent compared to the same time last year. The average price of a residential property in this area was reported to have increased by 1.6 percent and was $717,802.
Flamborough was reported to have had a total of 20 sales of residential properties in July 2023. This was an increase of 66.7 percent when compared to the same period last year. There were a reported 55 new listings, a 31 percent increase compared to July 2022. The average price of a residential property in this area in July 2023 was $1,388,245, this was a decrease of 20.8 percent compared to the same time last year.
The REALTORS® Association of Hamilton-Burlington reported that in the Ancaster area there were a total of 36 sales of residential properties. This was an increase of 63.6 percent when compared to the same time last year. There were a total of 106 new listings, this was an increase of 1.6 percent compared to the same period last year. Ancaster reported an average property sale price of $1,281,917, an increase of 11 percent compared to the same time last year.
The final area that we’ll review is Stoney Creek with a reported increase of 5.7 percent in the number of sales; this area had a total of 74 sales in July 2023. There were 213 new listings in July 2023, an increase of 26 percent. The average price of a residential property in Stoney Creek was reported to have been $838,950, a slight increase of 2.3 percent compared to the previous year.
“While the months of supply trended up over the last month across all regions, only Hamilton Centre, Hamilton West, and Dundas reported a month of supply higher than last year.” – RAHB
The next section of this report will focus on the map, Average Residential Price by District. This map illustrates each sub area within each real estate market area, allowing us to get a closer look at the average residential property price.
Average Residential Price by District
In this final section of our report on the Hamilton real estate market for July 2023, we’ll review the above map, Average Residential Price by District. This map does a great job of illustrating each area and sub areas in the Hamilton real estate market.
The previous section of this report covered the areas of Hamilton Centre, Hamilton West, Ancaster, Flamborough and Stoney Creek. Each of these areas are represented in the above map in sub areas.
Hamilton Centre is represented by the sub areas; 13, 14, 20, 21 and 22. The average price of a residential property in this area was $563,438, a decrease of 20.5 percent. Below each of these sub areas are listed showing the average price and whether that price saw a decrease or an increase compared to the same time last year.
13 → $487,222 -19%
14 → $544,873 +5%
20 → $542,947 -8%
21 → $529,286 +4%
22 → $793,771 +12%
The RAHB report mentioned that Hamilton West saw a rise in inventory over last year’s levels, this area comprises the sub areas; 10, 11 and 12. The average price of a residential property had an increase of 1.6 percent in Hamilton West and was $717,802. Listed below are the sub areas and what the average price was in each area in July 2023.
10 → $578,238 +2%
11 → $770,393 +12%
12 → $764,575 -3%
Ancaster, Stoney Creek and Flamborough were also mentioned in the RAHB real estate report. You can view each of these areas and the sub areas on the above map. In this map we are able to see the breakdown of each sub area and what the average price was for July 2023.
Summary of Real Estate Statistics for Hamilton – July 2023
This report has covered a lot of real estate statistics relating to sales, average prices and new listings in the Hamilton and entire RAHB real estate market. To summarize there were a total of 797 sales of residential properties within the entire RAHB real estate market area, a decline of 292 sales when compared to June 2023.
The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 1,840 new listings within the entire RAHB real estate market area. It was also reported that the unadjusted benchmark price reached $873,600 in July and the overall prices were higher than pre-pandemic levels.
In the Hamilton real estate market, RAHB reported a total of 470 sales of residential properties. The average price of a residential property in the Hamilton real estate market was reported to have been $847,087. According to RAHB, there were a total of 1,114 new listings within the Hamilton real estate market in July 2023.
“Another rate hike likely weighed on sales activity this month. However, it also supported further inventory gains and more balanced conditions compared to earlier this year. Despite the monthly gains in inventory, supply remains below last year’s levels and long-term trends for July,” – 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 July 2023.
Contact REALTOR at Judy Marsales Brokerage
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