Hamilton Real Estate Statistics for May 2023
The REALTORS® Association of Hamilton-Burlington (RAHB), recently released their May 2023 real estate statistics in a detailed report. According to RAHB, there were a total of 1,254 sales of residential properties within the entire RAHB real estate market area. This was a three per cent increase compared to the same time last year. This three per cent increase was due to the stronger residential property sales in the Hamilton, Niagara and Burlington areas.
There were a total of 2,031 new listings in May 2023, this was an increase of 32 per cent when compared to the previous month. New listings remain lower than they are typically this time of year. However, RAHB reported that the new listings did see an increase as mentioned previously.
“With 1,860 units available in May, inventory remains lower than what was available last year and 25 per cent below long-term trends for the month. Rising sales and lower inventories caused the months of supply to fall from 1.7 months in May 2022 to 1.5 months this month.”
Hamilton Real Estate Statistics
In the report released by RAHB it states that there were a total of 750 sales of residential properties within the Hamilton real estate market. This was an increase of only 0.8 per cent when compared year-over-year.
The report also indicated that inventory levels continue to remain below predicted levels. This has been the result of the tightening real estate market. The decrease year-over-year was reported to have been 16.1 per cent with 1,114 units in May 2023. There were a total of 1,234 new listings reported, which was a decrease of 24.8 per cent compared to the previous year.
The average price of a residential property in May 2023 was $814,082. This was a 9.1 per cent decrease when compared to the same time last year. The unadjusted benchmark price was reported to have been $813,800. This benchmark price was an increase of almost $8,000 compared to the previous month and a huge improvement compared to January 2023.
“Monthly gains are likely a result of tighter market conditions compared to the second half of 2022. Prices remain nearly 12 per cent lower than May 2022 levels but are still higher than those reported during the spring of 2021.”
Regional Summary for May 2023
The above chart, Regional Summary, illustrates each area within the Hamilton real estate market. We’re able to see the average price of a residential property, new listings, the number of sales and more. This helps to give us a better understanding of what the real estate market looked like in May 2023.
RAHB reported that the areas that saw the most significant decrease in sales were Hamilton East and Flamborough. Some of that decline in Hamilton East was most likely due to the decrease in new listings and inventory levels. It was also reported that the Hamilton Mountain had some of the tightest conditions when we looked at the inventory and sales. This is compared to the other areas within the Hamilton real estate market.
The Hamilton Mountain did however, report the greatest number of sales within the Hamilton real estate market. This area reported a total of 186 sales in May 2023, only a small decrease of 2.6 per cent. There were a total of 252 new listings and an average residential price increase of 6.0 per cent, with the average price in this area being $803,622.
Stoney Creek is another area that we need to mention, since it had the second highest number of residential property sales. There were a total of 113 sales reported in May 2023, this was a decrease of 16.3 per cent when compared to the previous year. It was also reported that there were a total of 195 new listings, a decrease of 34.3 per cent compared to the previous year. The average price of a residential property in Stoney Creek was reported to have decreased by 8.3 per cent and was $833,455.
It’s also important to note that Hamilton Centre had a total of 91 sales of residential properties. Making it the third highest with 159 new listings reported. The average sale price of a residential property was $589,279, this was a decrease of 11.8 pre cent.
“Some of the slower sales activity in Hamilton East is likely due to a steep decline in new listings and inventory levels. When considering both the adjustments to sales and inventory levels, Hamilton Mountain is seeing some of the tightest conditions compared to the other areas within the Hamilton region.”
Average Residential Price by District
The above map, Average Residential Price by District, illustrates the different areas within the Hamilton real estate market. It then further breaks down the areas into sub areas. We’re able to see what the average price was and whether it had an increase or decrease in May 2023.
It was reported that the Hamilton Mountain had the greatest number of sales in May 2023. There were a total of 186 sales of residential properties which was a decrease of 2.6 per cent compared to the previous year. The average price of a home in this area was reported to have been $803,622. The Hamilton Mountain is made up of the sub areas; 15, 16, 17, 18, 25 and 26. Please see the list below as we break down each area.
15 → $811,869, - 5%
16 → $798,638, -9%
17 → $699,157, -9%
18 → $887,550, -5%
25 → $822,250, -2%
26 → $815,838, 1%
Stoney Creek is another area of significance since it reported the second greatest number of residential property sales. There were a reported 113 sales, which was a decline of 16.3 per cent compared to the same time last year. The average price of a residential property in this area was $833,455. This was only a small decrease of 8.3 per cent compared to the previous year. Stoney Creek is made up of the sub areas; 50, 51 and 52, please see how list below that breaks down each area.
50 → $883,882, -7%
51 → $763,702, -12%
52 → $1,520,000, 3%
There are other areas that were important to note such as Hamilton Centre that had a total of 91 sales, only a slight decrease of 5.2 per cent compared to the previous year. The average price of a residential property in this area had a decrease of only 11.8 per cent and was $589,279. The sub areas that make up Hamilton Centre are; 13, 14, 20, 21 and 22. You can view them on the above map to get a better understanding of each area's average sale price.
Property Type Comparison
The final chart that we’ll review in this report is the Property Type Comparison. This way we can get a better understanding of each property type during May 2023. Let’s now take a look at the chart and see if there were any differences compared to the previous year.
Detached property sales were reported to have been stable in May but still lower than what they usually would be this time of year. This is due to the fact that properties are priced higher and are therefore less affordable due to the increased lender rates.
RAHB also reported that while the inventory has remained lower than in previous years and the long-term trends and new listings have slowed. The detached property sector has remained fairly balanced. The sales-to-new-listing ratio was reported to be 56 per cent.
The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 477 sales of detached homes in May 2023. This was only a small decrease of two per cent compared to the same time last year. There were a reported 845 new listings, this was a decrease of 23.8 per cent compared to the previous year. The average price of this type of property was $891,751, this was a decrease of 10.1 per cent compared to the same period last year.
Semi-Detached properties were reported to have had a total of 39 sales in May 2023. This was a decrease of 9.3 per cent compared to the previous year. There were a total of 62 new listings reported in May 2023, which was a 28.7 per cent decrease. The average price of a semi-detached property was $750,248.
When it came to the sales of townhouses, there were a total of 151 reported in May 2023. This was an increase of four per cent when compared to the previous year. There were a total of 196 new listings in May 2023, which was a decrease of 34.9 pre cent. The average price of this type of property was $744,679, this was a decrease of 3.4 per cent.
Finally, we’ll review the apartment-style properties, which had a total of 82 sales, this was an increase of 6.5 per cent compared to the previous year. There were a reported 125 new listings in May 2023, a decrease of 9.4 per cent. The average price of this type of property was reported to have been $529,759.
“The unadjusted detached benchmark prices rose over $6,000 this month to $869,600. This is a significant gain from the $806,000 reported in January but still below the peak levels seen in early 2022. It is noteworthy that recent price gains are comparable to what was reported at the end of 2021.”
Summary of Statistics for the Hamilton Real Estate Market
In this report, we reviewed the Hamilton real estate market statistics. It was reported that there were a total of 750 sales of residential properties within the Hamilton real estate market. This was an increase of only 0.8 per cent year-over-year. There were a total of 1,234 new listings reported, which was a decrease of 24.8 per cent compared to the previous year.
“Higher lending rates have impacted sales. However, lower inventory levels are preventing the market from becoming oversupplied and are likely contributing to some of the recent monthly gains we are seeing in home prices. While prices remain below last year’s peak, the recent gains have helped support more confidence amongst both buyers and sellers.” – Nicolas von Bredow, RAHB President.
There were a lot of real estate statistics covered in this report, you might have some questions about them. We encourage you to reach out to one of our REALTORS® so that they can assist you in better understanding. There are also some resources that we have included at the end of this report that can also help you better understand these real estate statistics.
For More Information About These Statistics
For a more in-depth review of these statistics? Please refer to the Hamilton Real Estate Statistics for May 2023.
Contact a Realtor at Judy Marsales Brokerage
As we mentioned previously, there were a lot of real estate statistics reviewed in this blog. Sometimes this means there are even more questions. Please feel free to contact one of our REALTORS® and they will be more than happy to help answer any questions you may have.
If you’ve been wondering about what your home might be worth, give our “What’s My Home Worth” calculator a try. All of us at Judy Marsales Real Estate Brokerage are looking forward to working with you in the near future.