Hamilton Area Statistics for October 2022
Here's What Happened This Month!
October Sales remain similar to last month and continue to be below the ten-year average. A huge factor affecting the current Real Estate Market Sales is higher interest rates, especially after the 6th rate hike this year to help try to combat inflation. Average prices continued to decrease since the peak in February of this year, and have dropped almost 7% from where they were a year ago at this time.
October 2022 had 1557 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 956 of those (up from 879 in 2021) and Burlington’s share was 307, up from 265 in October last year. Overall New Listings increased by 11% since last month and have increased 13% over October 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 756 Properties are down 40.8% from October 2021, and are up a slight 2% over last month, September 2022. The overall average price for residential properties increased less than 1% from last month to $854,241, and is down 7% from October 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 455, down 43.5% from 807 in October 2021, with an average price of $790,130 down 7.8% from the same month last year, and up slightly from last month. Burlington had 168 Sales which is down 33.3% from 246 last year, with an average price of $1,098,493 which is down 5.2% from October 2021, but up 4% month over month.
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 1321 Active Residential Listings giving Hamilton 3.6 months of supply, which is up 191% over September 2021. Burlington also went up from last month and now has 450 Active Residential Listings which gives it 2.68 months of supply, also up 275% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 3.11 months, compared to only .8 months in September 2021, however, slightly down month over month from 3.24 in September 2022. The average days on the market also show that it is taking longer to sell a home. It went from 16.8 to 29.1 in Hamilton year over year, and in Burlington from 12.7 to 28.9.
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 48.6% (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% and now up to 48.6%. Many Sellers are struggling with how much the prices have dropped so we are still seeing lots of properties cancel their listing and come back on the market with an improved (lower) asking price. 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 low the property has been for sale, and when/if the price was adjusted.
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 – $1,232,888 – Down|
|Flambourgh – $1,572,746 – Down|
|Waterdown – $1,089,816 – Down|
|Grimsby – $970,215 – Down|
|Caledonia – $875,685 – Down|
|Cayuga – $892,658 – Down|
|Dunnville – $698,053 – 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 October 2022
|RAHB Market Activity||Number Of Sales October 2022||Number of Sales October 2021||Average Sale Price October 2022||Average Sale Price October 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.