Hamilton Area Statistics for August 2022
Here's What Happened This Month!
Like last month, the August 2022 Real Estate Market has continued with the trend of correcting itself post-pandemic. Average prices continued to decrease since the peak in February of this year. July and August are typically slower months so it is not a surprise to see lower sales and a decrease in new listings coming on the market. There is also uncertainty about where the Market is headed, and with the increase in interest rates, affordability has decreased, especially with another rate increase in September. Basically, prices seem to be very close to what they were 1 year ago. Generally speaking, September and October are much busier than the summer. Many Canadians have returned from long-awaited vacations and once they adjust the decreasing prices along with the increasing interest rates, we can anticipate a strong Fall Market. The frenzied buying of the first couple of months this year will not return, however, volume and prices are expected to begin trending upwards.
August 2022 had 1641 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS® Association of Hamilton-Burlington (RAHB). Hamilton had 963 of those (up from 864 in 2021) and Burlington’s share was 362, up from 254 in August last year. Overall New Listings decreased by 8% since last month and have increased by 20% over August 2021.
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS® Association of Hamilton-Burlington) of 906 Properties are down 24.2% from last August 2021, however, rose 11.7% over last month, July 2022. The overall average price for residential properties decreased by 7.1% from last month to $878,816, and is up 3.9% from July 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 537, down 29.6% from 763 in August 2021, with an average price of $792,767 up 1.7% from the same month last year, and only slightly lower than last month. Burlington had 209 Sales which is down 10.3% from 233 last year, with an average price of $1,038,930 which is down 1.5% from August 2021 and also down month over month.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and now sits at 1337 Active Residential Listings giving Hamilton 2.5 months of inventory, which is up 1.7% over August 2021. Burlington also went up from last month and now has 425 Active Residential Listings which gives it 2 months of inventory, also up 1.4% from the same time last year. Overall, the number of Active Listings Available at the end of the month is lowering due to the increased sales and now sits at 2.6 months, compared to 3.1 months in July 2022. The average days on the market also shows that it is still taking longer to sell a home. It went from 17.2 to 28 in Hamilton year over year, and in Burlington from 15.2 to 26.4.
For the fifth month in a row, the Hamilton-Burlington Area is experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 59% (almost 6 homes sold for every 10 listed) which has gone up month over month for the 2nd month in a row and could be trending back towards a Sellers Market! So far this year, this has gone from 86.8% in January to 79% in February, to 69% in March, to 57% in April, 50.3% in May, to a low of 42% in June, then up to 50% in July and now sits at 59%, which is very close to a Sellers Market. Many Sellers are struggling with how much the prices have dropped so we are still seeing lots of properties cancel their listing and come back on the market with an improved (lower) asking price. Unfortunately, the market seems to be dropping faster than many sellers are adjusting to it, so this pattern could continue for a while.
Buyers Market Below 40%
Balanced Market Between 40% and 60%
Sellers Market Above 60%
(Ratio of homes sold to homes listed)
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Year To Date Average Prices for Hamilton
The map below shows the current Year to Date Average Residential Prices. Some of the areas not included in the map are to the right:
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, LOCAL information. A Market Evaluation and/or a Mortgage Pre-Approval done even a couple of months ago MUST be updated!
|Burlington – $1,296,577 – Down|
|Flambourgh – $1,638,723 – Up|
|Waterdown – $1,121,003 – Down|
|Grimsby – $1,023,031 – Down|
|Caledonia – $921,422 – Down|
|Cayuga – $887,424 – Down|
|Dunnville – $726,881 – Down|
Take note that “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, 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 in August 2022
|RAHB Market Activity||Number Of Sales August 2022||Number of Sales August 2021||Average Sale Price August 2022||Average Sale Price August 2021|
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS®) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.