Hamilton Area Statistics for May 2022
Here's What Happened This Month!
The May 2022 Real Estate Market is continuing to shift. Interest rates rose again and increased inventory seems to be leading the way for decreased prices. There were only 2 of the 10 areas tracked where the Average Price went up year to date and they were West Hamilton and Ancaster, and only slightly. This is a confusing time for Buyers and Sellers 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 AND find out how many days the property has been on the market! An experienced REALTOR® will give you great insight on how best to move forward.
May 2022 had 2631 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1617 of those (up from 1438 in 2021) and Burlington’s share was 540, up from 437 in May last year. Overall New Listings increased by 7.3% since last month and were also up 16% over May 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 1232 Properties are down 31.9% from May 2021 and also down 5.1% over last month, April 2022. The overall average price for residential properties decreased by 1.7% from last month to $995,408, and is up 17.6% from May 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 732, down 35.3% from 1132 in May 2021, with an average price of $901,535 up 13.5% from the same month last year. Burlington had 291 Sales which is down 23.0% from 378 last year, with an average price of $1,231,174 which is up 23.3% from May 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 1259 Active Residential Listings giving Hamilton 1.7 months of inventory, which is up 43.7% from May 2021. Burlington also went up from last month and now has 376 Active Residential Listings which gives it 1.3 months of inventory, also up 69.4% 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 1.7 months, compared to 1.2 months in April 2022. The average days on the market is also showing a change, going up from 12.5 to 14.4 in Hamilton and also up in Burlington year over year from 10.8 to 13.5.
For the second 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 50.3%. In other words, only 5 homes are sold for every 10 new listings. Take note: so far this year this has gone from 86.8% in January to 79% in February, to 69% in March and to 57% in April.
Buyers Market Below 40%
Balanced Market Between 40% and 60%
Sellers Market Above 60%
(Ratio of homes sold to homes listed)
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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 – $1,332,712 – Down|
|Flambourgh – $1,625,867 – Up|
|Waterdown – $1,166,508 – Down|
|Grimsby – $1,084,570 – Up|
|Caledonia – $950,337 – Down|
|Cayuga – $937,030 – Down|
|Dunnville – $742,660 – 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 May 2022
|RAHB Market Activity||Number Of Sales May 2022||Number of Sales May 2021||Average Sale Price May 2022||Average Sale Price May 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.