Residential Real Estate Market Report May 2024

Sales in May throughout the Hamilton-Burlington Real Estate Board reached 1,032 units, which is 20% lower than last year, and 31% below long-term trends for this time of year.  All property types experienced this decline in sales and it was significant enough to wipe out the gains made earlier this year, resulting in a 3% decrease in year-to-date sales. New Listings have continued to rise, up over 10% year over year. With the decrease in sales and the increase in new listings, the current inventory sits at the highest level reported since 2018. In fact, inventory is up 56% compared to May 2023.

May 2024 had 2,265 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS® Association of Hamilton-Burlington (RAHB), up 10.5% over last year. Hamilton had 1,425 of those, up 14.5% from 2023, and Burlington's share was 4597 up 14.8% from May last year.

The overall average price for residential properties decreased slightly again this month from last month ($900,801) to $899,811, which is still up 2.2% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 637 down 18.3% from May 2023, with an average price of $817,283 up only 0.6% from the same month last year, however, down from last month which was $818,381. Burlington had 242 Sales which is down 24.1% from last year, with an average price of $1,167,717 which is up 4% from May 2023, and also up from last month's average of $1,152,357.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1,830 Active Residential Listings giving Hamilton 2.9 months of supply, which is up 57.2% over May 2023, and up from last month. Burlington is also higher than last month and now has 542 Active Residential Listings which gives it 2.24 months of supply, up 81.9% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 3,003 properties for sale, which is 2.88 months supply, compared to 1,929 and 1.50 months of supply in May 2023, and up month over month from 2,610 and 2.41 months of supply in April 2024. The average days on the market is up from last year, going from 19 to 22 days year over year, however, it went down from last month, to sell a home in Hamilton. In Burlington it went up from 17 to 19 days year over year and like Hamilton, it also went down from 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 46% (4.6 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 - $1,127,097 - Up

Flamborough - $1,303,629 - Down

Waterdown - $1,008,828 - Up

Grimsby - $880,003 - Down

Caledonia - $752,291 - Down

Cayuga - $848,782 - Down

Dunnville - $637,626 - 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 May 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.