Residential Real Estate Market Report August 2024
The Hamilton Real Estate Market in August 2024 shows a mix of trends, suggesting both challenges and opportunities for buyers and sellers in the coming months. With the third recent Bank Of Canada Rate drop and Mortgage interest rates decreasing, there will be a rise in buyer activity this fall, and that could lead to prices going up again. The opportunity for buyers right now is that there is more inventory to choose from. With new listings being met with slower sales, inventory levels are above both last year's (up 31.5%) and long-term trends. Year-to-date averages prices across the whole Hamilton-Burlington Board have decreased in all property types except detached homes, which have gone up 1.6% to $1,001,451 (for specific area prices, please see chart below). Overall sales year-to-date have gone down in all property types (detached, semi-detached, townhomes, and condo apartments).
Sales in August throughout the Hamilton-Burlington Real Estate Board reached 690 units, which is 16.1% lower than last year for the same month. The current inventory now sits at 4.6 months, a level not seen in August since 2010. Inventory is up 31.5% compared to August 2023.
August 2024 had 1,549 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (now known as Cornerstone), down 1.3% over the same month last year. Hamilton had 955 of those, down 1.1% from 2023, and Burlington's share was 303 down 5.6% from August last year.
The overall average price for residential properties increased this month from last month ($856,633) to $877,986, which is up 2.6% from last year for August. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 424 down 15% from August 2023, with an average price of $794,404 down .3% from the same month last year, however, up a bit from last month which was $785,971. Burlington had 152 Sales which is down 18.7% from last year, with an average price of $1,172,556 which is up 10% from August 2023, and also up from last month's average of $1,091,186. For Year-To-Date Average Prices please see the charts below.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1,922 Active Residential Listings up 32.1% over August 2023, and down slightly from last month, giving Hamilton 4.5 months of supply compared to 4 months of supply in July 2024. Burlington is also a bit lower than last month and now has 561 Active Residential Listings up 48.4% over August 2023, giving it 3.69 months of supply compared to 3.48 last month. Overall, the number of Active Listings Available at the end of the month now sits at 3,167 properties for sale, which is 4.6 months supply, compared to 2,408 and 2.9 months of supply in August 2023, and 3,245 properties for sale with 4 months of supply in July 2024. The average days on the market is up from last year, going from 24 to 34 days year over year, and up from last month, to sell a home in Hamilton. In Burlington it went up from 22 to 29 days year over year and like Hamilton, it also went up 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 44.5% (4.5 homes sold for every 10 listed), up from last month which was 41.5%. 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 MarketBelow 40% |
Balanced MarketBetween 40% and 60% |
Sellers MarketAbove 60% |
---|---|---|
(Ratio of Homes Sold to Homes Listed)
|
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 August 2024
RAHB Market Activity |
Number of Sales Aug 2024 |
Number of Sales Aug 2023 |
Average Sale Prices in Aug 2024 |
Average Sale Price Aug 2023 |
West Hamilton
|
34
|
34
|
$652,335
|
$672,411
|
East Hamilton
|
47 | 46 |
$616,909
|
$687,320
|
Central Hamilton
|
43 | 64 |
$544,576
|
$514,653
|
Hamilton Mountain
|
127 | 114 |
$701,213
|
$770,467
|
Flamborough
|
15 | 16 |
$1,206,400
|
$1,292,681
|
Dundas
|
11 | 25 |
$1,000,091
|
$873,228
|
Ancaster
|
31 | 32 |
$1,167,435
|
$1,161,747
|
Waterdown
|
29 | 33 |
$1,047,368
|
$976,100
|
Stoney Creek
|
62 | 80 |
$902,488
|
$824,864
|
Glanbrook
|
25 | 36 |
$862,672
|
$841,044
|
Burlington
|
152 | 180 |
$1,172,556
|
$1,065,651
|
Dunnville
|
16 | 13 |
$690,531
|
$670,000
|
Cayuga
|
3 | 4 |
$1,340,000
|
$916,725
|
Caledonia
|
15 | 14 |
$794,700
|
$768,299
|
Hagersville
|
3 | 3 |
$695,375
|
$443,333
|
Seneca
|
2 | 1 |
$2,187,500
|
$1,580,000
|
Rainham
|
1 | 2 |
$500,000
|
$642,500
|
Grimsby
|
36 | 38 |
$846,816
|
$816,192
|
West Lincoln
|
8 | 18 |
$716,200
|
$865,633
|
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.