Residential Real Estate Market Report September 2024
The Hamilton Real Estate Market in September 2024 showed a shift in activity with an increase in sales after a few months reporting slower sales. Despite this increase, year-to-date sales are 4% lower than last year, and almost 28% below long-term trends. With two more Bank of Canada Rate Announcements left this year (October and December) and Buyers hopeful the Mortgage Rates will continue to decline, buyer optimism appears to be slowly increasing. Year-to-date averages prices have gone up in some areas in and around Hamilton. (for specific area prices, please see chart below).
Sales in September throughout the Hamilton-Burlington Real Estate Board reached 774 units, which is up 19.1% from last year for the same month. Listings, however, also increased which means the current inventory now sits at 5.1 months. This surplus of inventory will continue to affect home prices, although the decline in pricing is showing signs of easing in some areas, which makes this a perfect time for First Time Buyers to get into the market.
September 2024 had 2,316 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (now known as Cornerstone), up 12.3% over the same month last year. Hamilton had 1,487 of those, up 14.3% from 2023, and Burlington's share was 453 up 15% from September last year.
The overall average price for residential properties decreased this month from last month ($877,986) to $872,566, which is up 4.1% from last year for September. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 459 up 17.4% from September 2023, with an average price of $816,579 up 4.7% from the same month last year, however, and also up from last month which was $794,404. Burlington had 159 Sales which is up 14.4% from last year, with an average price of $1,140,226 which is up 7.4% from September 2023, however, a decrease from last month's average of $1,172,556. For Year-To-Date Average Prices please see the charts below.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 2,471 Active Residential Listings up 38.7% over September 2023, and up significantly from last month, giving Hamilton 5.4 months of supply compared to 4.5 months of supply in August 2024. Burlington has also increased from last month and now has 692 Active Residential Listings up 44.2% over September 2023, giving it 4.35 months of supply compared to 3.69 last month. Overall, the number of Active Listings Available in the entire area covered by Hamilton Burlington Real Estate Board (Cornerstone) at the end of the month now sits at 3,931 properties for sale, which is 5.1 months supply, compared to 2,900 and 4.5 months of supply in September 2023, and 3,167 properties for sale with 4.6 months of supply in August 2024. The average days on the market is up from last year, going from 25 to 40 days year over year, and up from last month, to sell a home in Hamilton. In Burlington it went up from 22 to 27 days year over year and like Hamilton, it also went up from last month.
The Hamilton-Burlington Area is still experiencing a Buyers Market Status, where the ratio of Homes Sold to Homes Listed falls under 40%, currently sitting at the 33% (3.3 homes sold for every 10 listed), up from last month which was 44.5%. 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!
Buyers MarketBelow 40% |
Balanced MarketBetween 40% and 60% |
Sellers MarketAbove 60% |
---|---|---|
(Ratio of Homes Sold to Homes Listed)
|
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 - $1,127,097 - Down
Flamborough - $1,296,116 - Up
Waterdown - $997,572 - Up
Grimsby - $869,359 - Down
Caledonia - $786,734 - Down
Cayuga - $856,200 - Down
Dunnville - $626,135 - Down
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 September 2024
RAHB Market Activity |
Number of Sales Sept 2024 |
Number of Sales Sept 2023 |
Average Sale Prices in Sept 2024 |
Average Sale Price Sept 2023 |
West Hamilton
|
34
|
26
|
$788,218
|
$730,162
|
East Hamilton
|
60 | 44 |
$606,358
|
$608,693
|
Central Hamilton
|
53 | 55 |
$578,074
|
$560,541
|
Hamilton Mountain
|
108 | 90 |
$752,490
|
$752,639
|
Flamborough
|
18 | 13 |
$1,343,778
|
$890,385
|
Dundas
|
18 | 17 |
$1,001,822
|
$1,087,316
|
Ancaster
|
41 | 26 |
$999,168
|
$1,079,781
|
Waterdown
|
34 | 21 |
$1,017,026
|
$1,052,143
|
Stoney Creek
|
65 | 59 |
$823,436
|
$774,690
|
Glanbrook
|
26 | 22 |
$1,056,281
|
$885,641
|
Burlington
|
159 | 135 |
$1,140,226
|
$1,058,151
|
Dunnville
|
17 | 10 |
$536,994
|
$561,070
|
Cayuga
|
6 | 4 |
$735,833
|
$994,750
|
Caledonia
|
13 | 11 |
$731,231
|
$671,091
|
Hagersville
|
10 | 7 |
$594,780
|
$742,799
|
Seneca
|
3 | 8 |
$1,563,333
|
$970,125
|
Rainham
|
3 | 2 |
$256,667
|
$266.000
|
Grimsby
|
40 | 29 |
$859,031
|
$916,776
|
West Lincoln
|
16 | 8 |
$919,494
|
$850,300
|
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.