Residential Real Estate Market Report March 2024

Overall Sales in March reached 996 units, almost 6% lower than last year.  This decline in March Sales was not enough to offset the gains reported earlier this year, however, the year-to-date sales are still below long-term trends. New Listings have continued to rise, up over 7% year over year. These recent gains in inventory are helping the real estate market stay in a fairly balanced condition for now, which is a great opportunity for Buyers looking to get into the market! This is the first time in many years we are not entering the Spring Market with a limited supply.

March 2024 had 1,669 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS® Association of Hamilton-Burlington (RAHB), up 7.3% over last year. Hamilton had 1053 of those, up 12.6% from 2023, and Burlington's share was 334, up only 0.6% from March 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 996 Properties are down 5.6% from March 2023, however are up 15% over last month, February 2024. The overall average price for residential properties increased from last month ($856,010) to $902,958, which is up 5.8% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 596 down 7% from March 2023, with an average price of $826,462 up 3.9% from the same month last year and up from last month which was $778,238. Burlington had 231 Sales which is down 4.9% from last year, with an average price of $1,144,260 which is up 9.4% from March 2023, and also up from last month's average of $1,072,754.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1,386 Active Residential Listings giving Hamilton 2.3 months of supply, which is up 31.3% over March 2023, and up from last month. Burlington is also higher than last month and now has 385 Active Residential Listings which gives it 1.67 months of supply, up 27.1% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 2,257 properties for sale, which is 2.2 months of supply, compared to 1,761 and 1.67 months of supply in March 2023, and up month over month from 2,035 and 2.3 months of supply in March 2024. The average days on the market is down slightly from last year, and down from last month to sell a home in Hamilton, going from 27 to 26 days year over year. In Burlington, it went up from 22 to 20 days year over year and is also down from last month.

The Hamilton-Burlington Area is now experiencing a Balanced Market Status, where the ratio of Homes Sold to Homes Listed falls between 40% and 60%, currently sitting at the 60% (6 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 - $1,097,429 - Up

Flamborough - $1,333,548 - Up

Waterdown - $957,801 - Down

Grimsby - $888,943 - Up

Caledonia - $753,417 - Up

Cayuga - $811,958 - Up

Dunnville - $569,183 - 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 March 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.