Hamilton Area Statistics for November 2022
Here's What Happened This Month!
As is typical for this time of year, November Sales are lower. New Listings are also lower than in October, however, they are up a bit from last November. Average prices continued to decrease since the peak in February of this year, and have dropped 11% from where they were a year ago. Higher supply is allowing for more choices for Buyers and we are back to seeing sales conditional on financing and home inspection, which is always a good thing!
November 2022 had 1248 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 791 of those (down slightly from 810 in 2021) and Burlington’s share was 221, down from 239 in November last year. Overall New Listings decreased by 21% since last month and have increased almost 2% over November 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 672 Properties are down 41.7% from November 2021, and are also down 13% over last month, October 2022. The overall average price for residential properties decreased from last month ($854,241) to $808,928, and is down 11.2% from November 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 425, down 44% from 755 in November 2021, with an average price of $761,244 down 9% from the same month last year, and down 4% from last month. Burlington had 143 Sales which is down 37.3% from 243 last year, with an average price of $973,744 which is down 18% from November 2021, and decreased 11% over last month.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced has dropped a bit from last month and now sits at 1278 Active Residential Listings giving Hamilton 3 months of supply, which is up 221% over November 2021. Burlington also dropped from last month and now has 385 Active Residential Listings which gives it 2.7 months of supply, which is up 328% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 3.16 months supply, compared to only .5 months in November 2021, and up slightly month over month from 3.11 in October 2022. The average days on the market also show that it is taking longer to sell a home. It went from 13.5 to 28.4 in Hamilton year over year, and in Burlington from 12.6 to 30.7.
The Hamilton-Burlington Area continues experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 53.4% (about 5 homes sold for every 10 listed). 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, to a low of 42% in June, then up to 50% in July, up again in August to 59%, then a big drop in September to 43%, then up to 48.6% in October and now up to 53.4%. This is trending away from a Buyer’s Market. Important Note: If you are currently looking for a property, ask your REALTORS® to show you the history of any property you are interested in. This will give you valuable information about how long the property has 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 – $1,216,987 – Down|
|Flambourgh – $1,552,337 – Down|
|Waterdown – $965,396 – Down|
|Grimsby – $965,396 – Down|
|Caledonia – $893,630 – Down|
|Cayuga – $893,630 – Up|
|Dunnville – $687,828 – 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 November 2022
|RAHB Market Activity||Number Of Sales November 2022||Number of Sales November 2021||Average Sale Price November 2022||Average Sale Price November 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.