Hamilton Area Statistics for September 2022
Here's What Happened This Month!
September Sales are the lowest in over a decade, mostly due to higher interest rates and widespread concern over a housing market correction. Average prices continued to decrease since the peak in February of this year and actually dipped below what they were a year ago at this time. If you are trying to sell your property the most important thing you can do is Price It Right! Low Sales + Increased Supply means Buyers have LOTS to choose from!
September 2022 had 1747 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1061 of those (up from 958 in 2021) and Burlington’s share was 409, up from 317 in September last year. Overall New Listings increased by 9% since last month and have increased by 14% over September 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 751 Properties are down 36% from last September 2021, and are down 14% over last month, August 2022. The overall average price for residential properties increased by 1% from last month to $851,002 and is down 3% from September 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 446, down 38% from 724 in September 2021, with an average price of $784,302 down 2% from the same month last year, and basically stayed the same as last month. Burlington had 186 Sales which is down 33% from 278 last year, with an average price of $1,054,582 which is down 1% from September 2021, but up 2% 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 1452 Active Residential Listings giving Hamilton 3.26 months of supply, which is up 146% over September 2021. Burlington also went up from last month and now has 475 Active Residential Listings which gives it 2.55 months of supply, also up 219% from the same time last year. Overall, the number of Active Listings Available at the end of the month has more than doubled and now sits at 3.24 months, compared to .82 months in September 2021, and is also up month over month from 2.68 in August 2022. The average days on the market also shows that it is still taking longer to sell a home. It went from 14 to 27 in Hamilton year over year, and in Burlington from 11 to 23.
The Hamilton-Burlington Area continues to be experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 43% (about 4 homes sold for every 10 listed) which has dropped month over month and is close to a Buyers Market! 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 this month to 43%. 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. Unfortunately, the market seems to be dropping faster than many sellers are adjusting to it, so this pattern could continue for a while.
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 – $1,296,577 – Down|
|Flambourgh – $1,599,508 – Up|
|Waterdown – $1,090,102 – Down|
|Grimsby – $982,035 – Down|
|Caledonia – $887,733 – Down|
|Cayuga – $902,296 – Down|
|Dunnville – $713,059 – 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 September 2022
|RAHB Market Activity||Number Of Sales September 2022||Number of Sales September 2021||Average Sale Price September 2022||Average Sale Price September 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.