Here's What Happened This Month!
March 2023 Sales have dropped 33% since a year ago. New Listings also fell from last year at this time, by 37%. Average prices continued to decrease since the peak in February of 2022, dropping 20% from where they were a year ago in March. The current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are much higher than reported last year. However, are still lower compared to what we saw pre-pandemic for the same time of year.
March 2023 had 1547 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 928 of those (down 40% in 2022) and Burlington's share was 332, down 41% from March last year. Overall New Listings have increased by 28% since last month and have decreased by 37% over March 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 1031 Properties are down 32.7% from March 2022, and are up 34% over last month, February 2023. The overall average price for residential properties increased slightly from last month ($845,892) to $851,558, but is still down 20% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 624 down 34% from March 2022, with an average price of $793,241 down almost 21% from the same month last year, and has also dipped a bit since last month which was $800,584. Burlington had 240 Sales which is down 32% from last year, with an average price of $1,051,488 which is down 20% from March 2022, and also decreased over last month's average of $1,064,513.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1019 Active Residential Listings giving Hamilton just less than two months of supply, which is up 114% over March 2022, however, dropped from last month. Burlington also dropped from last month and now has 296 Active Residential Listings which gives it 1.2 months of supply, up 81% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 1698 properties for sale, which is 1.6 months supply, compared to only 674 properties and just over one-half months of supply in March 2022, but it has gone up slightly month over month from 1652 and 2.2 months of supply in February 2023. The average days on the market also shows that it is taking longer to sell a home. It went from 9 to 27 days in Hamilton year over year, and in Burlington from 8 to 22 days.
The Hamilton-Burlington Area has maintained its Sellers Market Status from last month, where the ratio of Homes Sold to Homes Listed is over 60%, currently sitting at the 67% (almost 7 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!
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 – $1,025,573 – Up
Flambourgh – $1,034,083 – Down
Waterdown – $1,022,118 – Up
Grimsby – $870,720 – Down
Caledonia – $740,027 – Up
Cayuga – $694,333 – Down
Dunnville – $571,402 – 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 it is probably already SOLD!
MLS® Property Listings in March 2023
|RAHB Market Activity||Number Of Sales March 2023||Number of Sales March 2022||Average Sale Price March 2023||Average Sale Price March 2022|
Note: Numbers of sales represent sales reported on properties listed on the Multiple Listing Service (MLS®) of the REALTORS Association of Hamilton-Burlington. The average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.