Laura  Doucette

Laura Doucette

Sales Representative

Sutton Group Innovative Realty Inc., Brokerage*

Office:
905-575-7070
Email Me

Hamilton ON Real Estate Statistics July 2024

Hamilton Residential Market Report Houses May

Residential Real Estate Market Report July 2024

Many people are speculating that this could be the "bottom" of the market. If you are a first-time buyer, this is a great opportunity to get into the market and buy your first property. With two recent Bank Of Canada Rate drops and Mortgage interest rates decreasing, there will be a rise in buyer activity, and that could lead to prices going up again. Remember, the purchase price of your home is fixed, while interest rates are subject to change over time. Now is also an ideal time for those looking to upgrade to a larger or more luxurious home. Although your current home might not be valued at its peak, the price reduction on more expensive homes has been even greater, effectively narrowing the price gap.

Sales in July throughout the Hamilton-Burlington Real Estate Board reached 804 units, which is 5% lower than last year, and for the third year in a row are below long-term trends for this time of year.  All property types experienced this decline in sales resulting in a 6% decrease in year-to-date sales. New Listings have continued to rise, up 7% year over year. With the decrease in sales and the increase in new listings, the current inventory sits at 4 months, a level not seen since 2010. Inventory is up 36.3% compared to July 2023.

July 2024 had 1,937 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (now known as Cornerstone), up 7.1% over last year. Hamilton had 1,223 of those, up 8.6% from 2023, and Burlington's share was 385 up 17% from July last year.

The overall average price for residential properties decreased again this month from last month ($912,124) to $856,633, which is down 5.5% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 491 down 2% from July 2023, with an average price of $785,971 down 6% from the same month last year and also down from last month which was $831,190. Burlington had 169 Sales which is down 16.7% from last year, with an average price of $1,091,186 which is down 5.4% from July 2023, and also down from last month's average of $1,215,419.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1,957 Active Residential Listings giving Hamilton 4 months of supply, which is up 35.9% over July 2023, and up very slightly from last month. Burlington is also higher than last month and now has 588 Active Residential Listings which gives it 3.48 months of supply, up 64.2% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 3,245 properties for sale, which is 4 months of supply, compared to 2,381 and 2.8 months of supply in July 2023, and up slightly month over month from 3,239 and 3.9 months of supply in June 2024. The average days on the market is up from last year, going from 20 to 27 days year over year, and up from last month, to sell a home in Hamilton. In Burlington it went up from 19 to 27 days year over year and like Hamilton, it also went up from last month.

The Hamilton-Burlington Area is still hanging on to a Balanced Market Status, where the ratio of Homes Sold to Homes Listed falls between 40% and 60%, currently sitting at the 41.5% (4.1 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!

 

Buyers Market 

Below 40%

Balanced Market

Between 40% and 60%

Sellers Market

Above 60%

 
(Ratio of Homes Sold to Homes Listed)
 



Year-to-date Average Prices For Hamilton

Hamilton Real Estate Market

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

 

Hamilton Sold Statistics Year To Date Sales May

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 July 2024

RAHB Market Activity

Number of Sales July 2024

Number of Sales July 2023

Average Sale Prices in July 2024

Average Sale Price July 2023

West Hamilton
33
31
$624,615
$717,802
East Hamilton
63 50
$612,760
$693,162
Central Hamilton
63 58
$509,839
$563,438
Hamilton Mountain
111 121
$726,014
$760,911
Flamborough
23 20
$1,221,522
$1,388,245
Dundas
24 15
$904,648
$1,011,933
Ancaster
42 36
$1,208,610
$1,281,917
Waterdown
25 34
$872,428
$1,056,162
Stoney Creek
73 74
$819,773
$882,575
Glanbrook
34 31
$934,294
$843,819
Burlington
169 198
$1,091,186
$1,153,600
Dunnville
18 20
$625,701
$713,355
Cayuga
3 3
$1,113,333
$797,500
Caledonia
20 22
$894,595
$812,954
Hagersville
5 7
$860,000
$702,500
Seneca
0 3
$000,000
$1,611,667
Rainham
3 4
$650,167
$516,500
Grimsby
40 33
$832,890
$804,248
West Lincoln
13 27
$954,417
$734,289

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.



 

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