August 2023 Sales are down 8.9% since a year ago. New Listings are also down since last year at this time, by 3.4%. Average prices have increased slightly by 2.1% from where they were a year ago in August. The current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area continue to be lower than reported last year, down 3.2%. Sales have improved in the lower price ranges, however, homes priced above $800,000 are still seeing declines. Higher lending rates continue to impact sales. There was no rate increase this month, which may help stabilize the market some. These conditions have led to a more balanced real estate market at this time.

August 2023 had 1565 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 (down 14% from 2022) and Burlington's share was 319, down 3% from August last year. Overall New Listings have decreased by 13% since last month and have decreased by 3% over August 2022.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 821 Properties are down 6% from August 2022 and have decreased 3% over last month, July 2023. The overall average price for residential properties decreased from last month ($907,343) to $855,091, which is still up 2% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 480 down 8.6% from August 2022, with an average price of $798,786 up 2.3% from the same month last year, however down from last month which was $847,087. Burlington had 180 Sales which is down 12% from last year, with an average price of $1,062,659 which is up 3% from August 2022, but has decreased from last month's average of $1,153,776.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced, now sits at 1381 Active Residential Listings giving Hamilton 3 months of supply, which is up 6.8% over August 2022, however, dropped from last month. Burlington is slightly higher than last month and now has 361 Active Residential Listings which gives it just over 2 months of supply, down 4.7% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 2297 properties for sale, which is 2.9 months supply, compared to 2373 and 2.7 months of supply in August 2022, up very slightly month over month from 2287 and 2.8 months of supply in July 2023. The average days on the market is a little less than last year, however, a little higher than last month to sell a home. It went from 26 to 24 days in Hamilton year over year, and in Burlington from 25 to 23 days.

The Hamilton-Burlington Area is continuing to sit in a Balanced Market Status, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at the 51% (5.1 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!