Residential Real Estate Market Report February 2024

Sales in February saw a slight gain year over year. Leap year helped a little with that extra day. Year-to-date sales are 9% higher than last year, however they are 16% lower than long-term trends. New Listings jumped almost 23% year over year., which improved supply across almost every price range in the total region. The Bank of Canada held its key interest rate to 5% again in early March stating they are still concerned about underlying inflation. There has been no change since July last year. Buyer confidence seems to be increasing and we are starting to see properties sell in multiple offers again, if they are priced correctly or in some cases below current market values. Always reach out to your local Real Estate Professional to look at the most recent trends before doing an offer!

February 2024 had 1,489 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS® Association of Hamilton-Burlington (RAHB), up 22.8% over last year. Hamilton had 890 of those, up 19.8% from 2023, and Burlington's share was 333, up 35.4% from February 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 839 Properties are up 6.5% from February 2023, and are up 37% over last month, January 2024. The overall average price for residential properties increased from last month ($818,902) to $856,010, which is up 1% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 487 up 2.1% from February 2023, with an average price of $778,238 up 2.4% from the same month last year, however, down from last month which was $794,982. Burlington had 201 Sales which is up 18.9% from last year, with an average price of $1,072,754 which is up 6.9% from February 2023, and also up from last month's average of $975,670.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1,205 Active Residential Listings giving Hamilton 2.5 months of supply, which is up 16.5% over February 2023, and up slightly from last month. Burlington is also higher than last month and now has 355 Active Residential Listings which gives it 1.77 months of supply, up 17.2% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 2,035 properties for sale, which is 2.3 months supply, compared to 1,717 and 2.2 months of supply in February 2023, and up month over month from 1,096 and 3 months of supply in January 2024. The average days on the market is down up last year, and down from last month to sell a home in Hamilton, going from 31 to 34 days year over year. In Burlington it went up from 25 to 27 days year over year and 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 56% (5.6 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 - $1,072,754 - Up

Flamborough - $1,306,309 - Up

Waterdown - 995,819 - Down

Grimsby - $803,903 - Up

Caledonia - $742,500 - Up

Cayuga - $723,800 - Down

Dunnville - $542,442 - 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 February 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.