Residential Real Estate Market Report November 2024
The Hamilton Real Estate Market in November 2024 trended down in sales, new listings, and inventory levels over the last month. Sales did see a slight gain over November last year though. With one more Bank of Canada Rate Announcement left this year on December 11th, and after the larger cut in the most recent announcement, Buyers are more optimistic that Mortgage Rates will continue to decline. It is important to remember that the Bank of Canada cuts only affects the Variable Rate Mortgage. It is the Bond Rates that affect the Fixed Rates, and that is what is keeping the fixed rates from declining. The overall year-to-date average price (including all property types throughout the Hamilton-Burlington areas) has gone up slightly, by 3.7% since this time last year. (For specific area average prices, please see chart below).
Sales in November throughout the Hamilton-Burlington Real Estate Board reached 770 units, up 14.9% from last year for the same month. Listings, however, decreased by 8.6%, meaning the current inventory now sits at just over 4 months, a bit higher than last month when there were 3.8 months of inventory. We continue to see a Balanced Market throughout the area, however, it is very close to the low end of a Sellers Market, sitting at 58%.
November 2024 had 1,324 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (now known as Cornerstone), down 8.6% over the same month last year. Hamilton had 849 of those, down 7.6% from 2023, and Burlington's share was 268 down 2.9% from November last year. There was a noticeable increase in canceled listings this month with many Sellers hoping the prices will continue to increase and they will try again in the New Year.
The overall average price for residential properties decreased this month from last month ($881,240) to $845,187, which is up 3.7% from last year for November. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 460 up 7.7% from November 2023, with an average price of $787,348 up 3.3% from the same month last year, but down from last month which was $821,512. Burlington had 183 Sales which is up 25.3% from last year, with an average price of $1,096,136 which is up 6.6% from November 2023, and also up from last month's average of $1,078,084. 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 1,998 Active Residential Listings up 16.4% over November 2023, however, this is a little lower than last month, now giving Hamilton 4.3 months of supply compared to 4.1 months supply in October 2024. Burlington has also decreased from last month and now has 540 Active Residential Listings up 15.9% over November 2023, giving it 2.95 months of supply compared to 3 last month. Overall, the number of Active Listings Available in the entire area covered by The Hamilton Burlington Real Estate Board (Cornerstone) at the end of the month now sits at 3,558 properties for sale, which is 4.43 months supply, compared to 2,798 and 4.18 months of supply in November 2023, and 4,552 properties for sale with 4.79 months of supply last month in October 2024. The average days on the market is still up from last year, going from 30 to 39 days year over year, and is also up from last month (36 days), to sell a home in Hamilton. In Burlington it went up from 29 to 38 days year over year and like Hamilton, it went up from last month (28 days).
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 58% (5.8 homes sold for every 10 listed), up from last month which was 47%.
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 - $1,129,776 - Down
Flamborough - $1,292,194 - Down
Waterdown - $992,913 - Down
Grimsby - $868,613 - Down
Caledonia - $779,822 - Down
Cayuga - $831,905 - Down
Dunnville - $630,625 - 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 November 2024
RAHB Market Activity |
Number of Sales November 2024 |
Number of Sales November 2023 |
Average Sale Prices in November 2024 |
Average Sale Price November 2023 |
West Hamilton
|
1
|
29
|
$
|
$616,975
|
East Hamilton
|
1 | 39 |
$
|
$622,368
|
Central Hamilton
|
1 | 67 |
$
|
$490,323
|
Hamilton Mountain
|
1 | 95 |
$
|
$700,599
|
Flamborough
|
1 | 17 |
$
|
$1,491,735
|
Dundas
|
1 | 21 |
$
|
$885,071
|
Ancaster
|
1 | 34 |
$
|
$1,045,200
|
Waterdown
|
1 | 22 |
$
|
$951,337
|
Stoney Creek
|
1 | 55 |
$
|
$750,096
|
Glanbrook
|
1 | 25 |
$
|
$886,816
|
Burlington
|
1 | 138 |
$
|
$1,035,904
|
Dunnville
|
1 | 10 |
$
|
$581,300
|
Cayuga
|
1 | 4 |
$
|
$500,750
|
Caledonia
|
1 | 8 |
$
|
$749,613
|
Hagersville
|
1 | 5 |
$
|
$509,300
|
Seneca
|
1 | 2 |
$
|
$1,457,500
|
Rainham
|
1 | 2 |
$
|
$381,500
|
Grimsby
|
1 | 29 |
$
|
$796,483
|
West Lincoln
|
1 | 15 |
$
|
$801,480
|
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.