Here's What Happened This Month!
New Listings have risen across all property types and price ranges, with the largest inventory gains in the higher price points of the market' as reported by Nicolas von Bredow, President of RAHB. October 2023 had 1,937 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB), down .6% over last month. Hamilton had 1,244 of those, up 29% from 2022, and Burlington's share was 397, up 28% from October last year.
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 654 Properties are down 15.2% from October 2022, and have increased slightly by 2% over last month, September 2023. The overall average price for residential properties increased from last month ($837,698) to $834,915, which is down .6% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 408 down 12.4% from October 2022, with an average price of $789,040 up only .1% from the same month last year, and it has risen slightly from last month which was $776,819. Burlington had 137 Sales which is down 19.9% from last year, with an average price of $1,159,114 which is up 6% from October 2022, and has increased from last month's average of $ 1,058,151.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1,868 Active Residential Listings giving Hamilton 4.6 months of supply, which is up 28.1% over October 2022, and has remained the same from last month. Burlington is higher than last month and now has 397 Active Residential Listings which gives it 3.9 months of supply, up 28.1% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 3,015 properties for sale, which is 4.6 months supply, compared to 2,444 and 3.2 months of supply in October 2022, and up month over month from 2,856 and 4.4 months of supply in September 2023. The average days on the market is a little less than last year, and a little more than last month to sell a home. It went from 28 to 25 days in Hamilton year over year, and in Burlington from 28 to 24 days.
The Hamilton-Burlington Area is now experiencing a Buyers Market Status, where the ratio of Homes Sold to Homes Listed falls below 40%, currently sitting at the 34% (3.4 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!
Between 40% and 60%
(Ratio of Homes Sold to Homes Listed)
The map below shows the current Year-To-Date Average Residential Prices. 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. Here are a few other areas that are not listed on the map below.
Burlington - $1,103,678 - Up
Flamborough - $1,125,780 - Up
Waterdown - $1,007,336 - Down
Grimsby - $870,124 - Down
Caledonia - $768,211 - Down
Cayuga - $807,650 - Up
Dunnville - $618,808 - 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!
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