Hamilton Real Estate Statistics for June 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), have recently released their June 2023 real estate statistics. According to RAHB, there were a total of 1,115 sales of residential properties within the entire RAHB real estate market area. Sales appear to have had a decrease of 19 percent when compared to the previous year.
“The monthly pullback in sales was not met with the same level of pullback in new listings, which supported some modest inventory gains over the previous month. Still, inventory levels remain more than 20 per cent lower than long-term trends for June. The increase in new listings caused market conditions to ease slightly compared to the previous three months.”
This report will review and discuss the June 2023 real estate market within Hamilton and surrounding areas. We'll review the sales, new listings, different property types, average prices and more. At the end of this report you will be able to contact one of our REALTORS® if you should have any questions or if you're interested in listing your property.
Hamilton Real Estate Statistics
It was reported that there were a total of 649 sales of residential properties within the Hamilton real estate market in June 2023. This was an increase of 6.7 percent when compared to the same time last year. There were a total of 1,173 new listings within the Hamilton real estate market, a 22.1 percent decrease from the previous year.
The report states that when it came to inventory, there was a decrease of 23.7 percent year-over-year with a total of 1,200 units. The average price of a residential property within the Hamilton real estate market was reported to have been $831,540. This was a decrease of only 3.3 percent compared to June 2022.
“Despite a minor decrease over last month, sales activity improved over the previous year’s levels. While higher lending rates have weighed on sales activity, limited supply choices are contributing to slower sales so far this year. The sales to new listings ratio in June fell to 55 per cent, with 1,173 new listings and 649 sales, which helped support modest monthly inventory gains.”
The next section we’re going to look at is the Regional Summary for June 2023. in this section we can get a detailed look at each neighbourhood within the Hamilton real estate market. This chart will allow us to see everything from the number of sales to the average price of a residential property.
Regional Summary for June 2023
The above chart, Regional Summary for June 2023, allows us to to see each neighbourhood within the Hamilton real estate market. We’re able to see what each area had in terms of total sales, new listings, the average price of a residential property and more.
The year-to-date sales were reported to have slowed across all areas in the Hamilton real estate market. Hamilton Centre and Flamborough had a decline in sales to new listings ratio. RAHB reported that the sales to new listings ratio helped to support the monthly inventory gains in Hamilton Centre.
“Year-to-date sales and new listings have slowed across all areas of Hamilton. Hamilton Centre and Flamborough have seen a decline in sales to new listings ratios over the previous year. In Hamilton Centre, this has supported some monthly inventory gains, making it the only area to see inventory beginning to line up with long-term trends.”
Hamilton Centre had a total of 68 sales reported in June 2023, this was a decrease of 21.8 percent. There were a total of 168 new listings, which was a decline of 26.3 percent compared to the previous year. It was reported that in this area the average residential sales price was $607,583, which was a decrease of 2.3 percent compared to the previous year.
RAHB reported that the Flamborough area had a total of 34 sales in June 2023, an increase of 70 percent compared to the same time last year. When it came to the number of new listings, there were a reported total of 61, a decrease of 3.2 percent. The average price of a residential property in this area in June 2023 was $1,233,968, a decrease of 15.2 percent compared to the same time last year.
Finally, we’ll take a look at Dundas, which is a highly sought after area within the Hamilton real estate market. This area reported a total of 29 sales in June 2023, a decrease of 12.2 percent when compared to the same time last year. There were a total of 39 sales, which was a decrease of 23.5 percent and an average sale price of $968,767, a decrease of 9.5 percent. Dundas had the fourth highest average sale price of a residential property. The next section of this report will look at the Average Residential Price by District, which is illustrated with a map of the entire Hamilton real estate market.
Average Residential Price by District
If you take a look at the above map, Average Residential Price by District, you’ll be able to see each area within the Hamilton real estate market. Each of these areas has been broken down into sub areas, which allows us to see what the average price was. The map also shows us a percentage that indicates whether that price had an increase or decrease.
Hamilton Centre reported a total of 68 sales in June 2023. The average property price of $607,583, which was a decrease of 2.3 percent compared to the previous year. Hamilton Centre is made up of the sub areas; 13, 14, 20, 21 and 22. Listed below is a breakdown of these areas.
13 → $573,643, -11%
14 → $592,272, +3%
20 → $575,808, 0%
21 → $581,667, +7%
22 → $761,126, -10%
Flamborough was reported to have had a total of 34 sales in June 2023. The average price of a residential property was $1,233,968, this was a decrease of 15.2 percent compared to the same time last year. Flamborough is made up of the sub areas; 40, 43, 44 and 45. Each of these areas share the same average residential property price. The sub area that makes up Dundas is area 41 and the total number of sales in June 2023 was 29. Dundas had an average property price of $968,767, a decrease of 9.5 percent.
Property Type Comparison
The final chart that we’ll review today is the Property Type Comparison chart. This chart allows us to compare each property type in terms of average price, sales, and more. We’ll be focusing on sales, average price and new listings. According to the report released by RAHB, detached properties had a total of 412 sales in June 2023. This was a 0.5 percent decrease from the same period last year. It was reported that there were a total of 779 new listings, which was a decrease of 29.1 percent. The average price of this property was $921,496, this was a decrease of 2.2% compared to the same time last year.
When we take a look at the semi-detached properties we can see that there were a total of 35 sales in June 2023. Compared to the previous year, this was a small decrease of only 2.8 percent. There were a total of 48 new listings of this property type with an average price of $730,844. The new listings had a decrease of 36 percent and the average price had a decrease of one percent.
The next property type that we’ll review are townhouses, there were a total of 133 sales, an increase of 26.7 percent in June 2023. Townhouses had a total of 203 new listings recorded in June 2023, this was a small decrease of 3.3 percent. The average price of a townhouse was reported to have decreased by only one percent and was $745,942.
Finally, the last property type that we’ll review for the Hamilton real estate market statistics will be the apartment-style properties. There were a total of 66 sales, which was an increase of 17.9 percent compared to the previous year. RAHB reported a total of 136 new listings, an increase of 15.3 percent when compared to the same period last year. This type of property had a decrease of 4.1 percent in the average price which was $504,339.
“Higher interest rates have driven consumers to look for more affordable homes. Within the detached market, sales declined at the higher price points but improved for homes priced below $800,000. Low inventory levels are keeping conditions tighter in the lower price ranges”
Summary of Statistics for The Hamilton Real Estate Market
In this report we reviewed and compared the Hamilton real estate market to the previous year. We learned that there were a total of 649 sales of residential properties within the Hamilton real estate market in June 2023. This was an increase of 6.7 percent when compared to the same time last year.
The average price of a residential property in Hamilton was reported to have been $831,540, a decrease of only 3.3 percent compared to June 2022. If you’re looking for a more in-depth review of these statistics, please refer to the Hamilton Real Estate Statistics for June 2023. We've reviewed a lot of real estate statistics in this report and you might have some questions about them. Please feel free to reach out to one of our REALTORS® so that they can assist you and help answer any questions you may have.
“Low inventory has been a challenge throughout the past several months. Inventory levels may continue to slowly increase as buyers pause to evaluate the impacts of recent interest rate adjustments” — Nicolas von Bredow, RAHB President.
Contact a Realtor at Judy Marsales Brokerage
There were a lot of real estate statistics reviewed in this blog and you might have some questions. Please feel free to contact one of our REALTORS® and they will be more than happy to help. You might also be wondering what the price of your home might be worth, please give our “What’s My Home Worth” calculator a try.
If you have any questions please feel free to reach out to us either by phone at one of our three real estate office locations; Locke Street South, Westdale or Ancaster locations. One of our REALTORS® is waiting and happy to take your call.