Residential Real Estate Market Report April 2024

Sales in April throughout the Hamilton-Burlington Real Estate Board reached 1,041 units, which is 7% lower than last year, and well below long-term trends for the month of April.  Despite the decrease in sales over the last 2 months, year-to-date sales are comparable to those in 2023. New Listings have continued to rise, up over 34% year over year. These recent gains in inventory are helping the real estate market remain in a balanced condition for now. Inventory levels have been exceptionally low for most of the past decade, so this can be a great time for Buyers trying to get into the market. April 2024 had 2,085 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS® Association of Hamilton-Burlington (RAHB), up 34.8% over last year. Hamilton had 1,257 of those, up 32.7% from 2023, and Burlington's share was 459, up only 35.8% from April last year.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS® Association of Hamilton-Burlington) of 1,041 Properties are down 7.2% from April 2023, however are up 2% over last month, March 2024. The overall average price for residential properties decreased slightly from last month ($902,958) to $900,801, which is up .7% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 611 down 8.8% from April 2023, with an average price of $818,381 up 1% from the same month last year, however, down from last month which was $826,462. Burlington had 271 Sales which is down 5.6% from last year, with an average price of $1,152,357 which is down a very slight .1% from April 2023, however, up from last month's average of $1,144,260.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1,567 Active Residential Listings giving Hamilton 2.6 months of supply, which is up 45.9% over April 2023, and up from last month. Burlington is also higher than last month and now has 439 Active Residential Listings which gives it 1.62 months of supply, up 51.9% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 2,576 properties for sale, which is 2.45 months supply, compared to 1,778 and 1.59 months of supply in April 2023, and up month over month from 2,294 and 2.22 months of supply in March 2024. The average days on the market is up from last year, going from 23 to 26 days year over year, however remains the same from last month to sell a home in Hamilton. In Burlington, it went up from 18 to 20 days year over year and also remains the same as last month.

The Hamilton-Burlington Area is still experiencing a Balanced Market Status, where the ratio of Homes Sold to Homes Listed falls between 40% and 60%, currently sitting at the 50% (5 homes sold for every 10 listed).  Important Note:  If you are currently looking for a property, ask your REALTOR® to show you the history of any property you are interested in. This will give you valuable information about how long the property has actually been for sale, and when/if the price was adjusted, and possibly how much it sold for previously!

Year-to-date Average Prices For Hamilton

The map below shows the current Year-To-Date Average Residential Prices. When looking at the Average Prices in and around Hamilton, it is important to note how they have changed significantly over the last year and even now from month to month. If you are thinking of selling your house or condominium, get the most up-to-date. Here are a few other areas that are not listed on the map below.

Burlington - $1,116,207 - Up

Flamborough - $1,337,565 - Up

Waterdown - $999,360 - Up

Grimsby - $882,124 - Down

Caledonia - $755,347 - Up

Cayuga - $854,132 - Up

Dunnville - $613,246 - Up

Note that the “Average Sale Price" is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value.” What that means is, that not every house or condo has increased in price by the same percentage. It is really important to talk to an experienced local REALTOR® to see EXACTLY what is happening in your particular neighbourhood. It is also important to find out what you can do to your house to get the highest amount possible when you are ready to sell!

In this Market, it is important that you know about the houses getting listed immediately! Click Here to get set up on the Instant Listings Notification Search, otherwise, you will only know about listings once they are reported to the public sites. If you wait till you see it on Realtor.ca or other sites, it's too late, and is probably already SOLD!

MLS® Property Listings April 2024

Note: Numbers of sales represent sales reports on properties listed on the Multiple Listing Service (MLS®) of the REALTORS® Association of Hamilton-Burlington. The average price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.