Hamilton Area Statistics for July 2022
Here's What Happened This Month!
The July 2022 Real Estate Market has continued with the trend of correcting itself post pandemic. Average prices have 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, affordabilty has decreased.
July 2022 had 1783 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1032 of those (up from 918 in 2021) and Burlington’s share was 364, up from 303 in July last year. Overall New Listings decreased by 29.9% since last month and have increased 18.6% over July 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 811 Properties are down 35.6% from last July 2021 and also down 18.5% over last month, June 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 465, down 39.8% from 773 in July 2021, with an average price of $793,062 up 2.0% from the same month last year. Burlington had 182 Sales which is down 29.5% from 258 last year, with an average price of $1,142,997 which is up 10.3% from July 2021. The Average prices went down month over month in both Hamilton and Burlington.
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 914 Active Residential Listings giving Hamilton 1.2 months of inventory, which is up 0.4% April 2021. Burlington also went up from last month and now has 328 Active Residential Listings which gives it 1.2 months of inventory, also up 0.6% from the same time last year. Overall, the number of Active Listings Available at the end of the month is raising and now sits at 1.2 months, compared to 0.7 months in March 2022. The average days on the market is also showing a change, going up from 10.8 to 10.9 in Hamilton,however, it continued to go down in Burlington year over year from 12.2 to 9.6.
For the fourth 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 50% (5 homes sold for every 10 listed) which has gone up month over month for the first time this year! 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 and 42% in June. Many Sellers are struggling with how much the prices have dropped so we are seeing lots of properties cancel their listing and come back on the market with an improved (lower) asking price. Unfortunatley, the market seems to be dropping faster than many sellers are adjusting to it, so this pattern could continue for awhile.
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 – $1,296,577 – Down|
|Flambourgh – $1,638,723 – Down|
|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 July 2022
|RAHB Market Activity||Number Of Sales July 2022||Number of Sales July 2021||Average Sale Price July 2022||Average Sale Price July 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.