Hamilton Area Statistics for January 2022
Here's What Happened This Month!
As of the end of January, Open Houses are now allowed in Hamilton and the surrounding areas under the COVID-19 Pandemic Guidelines, however, many sellers are choosing to NOT hold them, especially with the Omicron variant being extremely contagious. Showing property practices are continuing to be in place to keep everyone safe during these times and that agents sign a COVID questionnaire on behalf of themselves and their clients before having access granted to come into a Sellers home. There is still a maximum of 3 people allowed in the house (The Buyer’s Agent and up to 2 Buyers – No Children). There are usually 30-minute time slots available for showings, however, in some areas, there are only 15-minute time slots and overlapping appts are not allowed. Keep this in mind if you are wanting to see some properties as it is now much more challenging to find a time slot available, especially if you have a few homes to see and would like to go to them in some sort of logistical order. Digital signatures are now the norm for all and are very simple to use. Our main concern is still and always will be, the health and well-being of you and your family.
The January 2022 Real Estate Market Selling strategies remain the same as the last few months month. In fact, most Sellers are putting their homes on the market at a listing price well below Market Value and “holding” offers for up to a week in order to get multiple offers and sell for much higher than their List Price. This is why it looks like homes are selling so quickly in your neighbourhood. This can be extremely confusing for Buyers so please make sure you are getting insightful timely advice from your LOCAL REALTOR®. Ask your REALTOR® for a chart of very recent sales comparing the List Price to the Selling Price!
January 2022 had 827 Total Residential Listings come through the Hamilton Real Estate Board, which is down from January 2021 with 937 as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 536 of those (down from 617 in 2021) and Burlington’s share was 187, down from 215 in January 2021. Overall New Listings increased by 40.9% since last month and were down 11% over January 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 718 Properties are down nearly 13.5% from January 2021 and down 11% over last month, December 2021. The overall average price for residential properties is currently over a million dollars. It increased by 13.6% from last month to $1,058,756, and up 34.7% from January 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 404, down 16.9% from 486 in January 2021, with an average price of $976,423 up 35.4% from the same month last year. Burlington had 147 Sales which is down 21.8% from 188 last year, with an average price of $1,369,337 which is up 40.3% from January 2021.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced has gone up a little from last month and sits at 243 Active Residential Listings giving Hamilton still a limited 0.6 months (half a month) of inventory, down 42.6% from January 2021. Burlington also went up from last month and now has 70 Active Residential Listings which still gives it only half a month, with 0.5 months of inventory, which is down 51.4% from the same time last year. Overall, the number of Active Listings Available at the end of the month is still very low at 0.6% (only half a month of inventory). The average days on the market continue to drop and went from 20.1 to 15.4 in Hamilton and also went down in Burlington year over year from 20.9 to 12. This is still largely due to the List Below Market Value Strategy being used by many Sellers and their Real Estate Agents, so don’t be fooled by a price that looks too good to be true! Sellers are listing less than market value, and holding off taking offers for up to a week, therefore creating a bidding war atmosphere and hopefully getting many offers and selling for much higher than the asking price. This can be hundreds of thousands over the List Price, so make sure you talk to your REALTOR® and try to get a better idea of what the Actual Market Value currently is.
Right now the Hamilton-Burlington Area is still experiencing a Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 86.8%. In other words, 8.7 homes are sold for every 10 new listings.
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
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 – $1,407,182 – Up|
|Flambourgh – $1,867,724 – Up|
|Waterdown – $1,087,794 – Up|
|Grimsby – $1,084,506 – Up|
|Caledonia – $1,007,286 – Up|
|Cayuga – $1,044,245 – Up|
|Dunnville – $766,513 – Up|
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 January 2022
|RAHB Market Activity||Number Of Sales Jan 2022||Number of Sales Jan 2021||Average Sale Price Jan 2022||Average Sale Price Jan 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.