Here's What Happened This Month!
September 2023 had 2,050 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS® Association of Hamilton-Burlington (RAHB). Hamilton had 1,292 of those (up 22% from 2022) and Burlington's share was 393, down 4% from September last year. Overall, new listings have increased 30% since last month and have increased 17% over September 2022.
Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 635 Properties are down 15% from September 2022 and have decreased 23% over last month, August 2023. The overall average price for residential properties decreased from last month ($855,091) to $837,698, which is down 2% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 373 down 17.1% from September 2022, with an average price of $776,819 up only .7% from the same month last year, however, it has continued to fall from last month which was $798,786. Burlington had 135 Sales which is down 27.4% from last year, with an average price of $1,058,151 which is up .5% from September 2022, but has decreased from last month's average of $1,065,651.
The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1,717 Active Residential Listings giving Hamilton 4.6 months of supply, which is substantially up 37.9% over September 2022, and up from last month, when it was 2.9. Burlington is also higher than last month and now has 472 Active Residential Listings which gives it 3.5 months of supply, up 32.7% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 2,812 properties for sale, which is 4.5 months supply, compared to 2,510 and 3.3 months of supply in September 2022, and way up month over month from 2310 and 2.8 months of supply in August 2023. The average days on the market is a little less than last year, however, a little higher than last month to sell a home. It went from 27 to 25 days in Hamilton year over year, and in Burlington from 23 to 22 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 30% (3 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 - $1,099,327 - Down
Flamborough - $1,110,812 - Down
Waterdown - $1,110,925 - Up
Grimsby - $874,147 - Up
Caledonia - $770,727 - Down
Cayuga - $799,219 - Up
Dunnville - $621,419 - Down
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