July 2023 Sales are up 6% since a year ago. New Listings are also up since last year at this time, by 4%. Average prices have increased 5% from where they were a year ago in July. The current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area continue to be lower than reported last year, down 10%. The number of new listings increased relative to sales, causing inventory levels to trend up over the last month and levels reported earlier this year in most areas of Hamilton-Burlington. Sales have no doubtedly dropped in most part due to the 10 Interest Rate Hikes since March 2022. These conditions have led to a more balanced real estate market at this time.

July 2023 had 1798 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1119 of those (down 9% from 2022) and Burlington's share was 328, down 11% from July last year. Overall New Listings have decreased by 8% since last month and have increased 4% over July 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 836 Properties are up 6% from July 2022, however have decreased 26% over last month, June 2023. The overall average price for residential properties decreased slightly from last month ($911,783) to $907,343, which is still up 4% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 470 up 0.9% from July 2022, with an average price of $847,087 up 5.5% from the same month last year, and up since last month which was $831,540. Burlington had 198 Sales which is up 5.9% from last year, with an average price of $1,153,043 which is up 2.6% from July 2022, but has decreased slightly over last month's average of $1,156,527.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1403 Active Residential Listings giving Hamilton 3 months of supply, which is up 9% over July 2022, and up from last month. Burlington is also slightly higher than last month and now has 345 Active Residential Listings which gives it just under 2 month of supply, down 31.3% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 2287 properties for sale, which is 2.8 months supply, compared to 2552 and 3.22 months of supply in July 2022, up month over month from 2033 and 1.8 months of supply in June 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 21 to 20 days in Hamilton year over year, and in Burlington from 24 to 19 days.

The Hamilton-Burlington Area is now sitting in a Balanced Market Status, dropping from a Sellers Market last month, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at the 45% (4.5 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!