Residential Real Estate Market Report January 2024

Is Buyer Confidence improving? There was no rate change by the Bank of Canada so far this year, which seems to have helped buyers in their decision to move ahead with a purchase. Sales were slightly higher than last year. Inventory slowed somewhat but are still 11% higher than reported a year ago. Sales are still below long-term trends and will probably stay that way until interest rates start coming down. 

January 2024 had 1,132 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS® Association of Hamilton-Burlington (RAHB), down 0.3% over last year. Hamilton had 671 of those, down 0.6% from 2023, and Burlington's share was 236, down 2.9% from January 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 608 Properties are up 7.6% from this time last year, and are up 35% over last month, December 2023. The overall average price for residential properties decreased from last month ($862,180) to $818,902, which is up 3.7% from last year in January. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 383, up 4.9% from January 2023, with an average price of $794,982 up 5.8% from the same month last year, and also up from last month which was $754,660. Burlington had 128 Sales which is up 12.3% from last year, with an average price of $975,670 which is up 8.1% from January 2023, but has decreased from last month's average of $1,050,729.

The end-of-month listing inventory, which is a good indication of the type of market currently being experienced, now sits at 1,102 Active Residential Listings giving Hamilton 2.88 months of supply, which is up 10.9% over January 2023, and down 11% from last month. Burlington is also lower than last month and now has 304 Active Residential Listings which gives it 2.38 months of supply, up 5.6% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 1,848 properties for sale, which is 3.04 months of supply, compared to 1,669 and 2.96 months of supply in January 2023, and down month over month from 2,195 and 2.62 months of supply in December 2023. The average days on the market is up from last year, and up from last month to sell a home in Hamilton, going from 36 to 48 days year over year. In Burlington, it went up from 30 to 41 days year over year and up 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 54% (5.4 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 - $975,670 - Down

Flamborough - $1,198,025 - Up

Waterdown - 1,032,539 - Up

Grimsby - $726,572 - Down

Caledonia - $728,950 - Down

Cayuga - $732,000 - Down

Dunnville - $562,933 - 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 January 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.