February 2023 Sales have dropped 37% since a year ago. Most of these sales were in the under $800,000 price point. New Listings also fell from last year at this time, by almost 27%. Average prices continued to decrease since the peak in February of 2022, dropping 23% from where they were a year ago. The current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are much higher than reported last year, however, are lower compared to what we saw pre-pandemic for the same time of year.

February 2023 had 1203 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 736 of those (down from 1561 in 2022) and Burlington’s share was 246, down from 350 in Febr uary last year. Overall New Listings have increased by only 7% since last month and have decreased 27% over February 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 765 Properties are down 37. 3% from February 2022, and are up 37% over last month, January 2023. The overall average price for residential properties increased from last month ($791,551) to $845,892, but  is still down 23% from last years peak prices in February 2022. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 464 down 40% from February 2022, with an average price of $800,584 down almost 22% from the same month last year, but have gone up since last month which was $750,529. Burlington had 164 Sales which is down 38% from last year, with an average price of $1,064,513 which is down 23% from February 2022, however, increased over last month’s average of $916,121.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has gone up a bit from last month and now sits at 994 Active Residential Listings giving Hamilton just over two months of supply, which is up 280% over February 2022. Burlington increased from last month and now has 301 Active Residential Listings which gives it 1.8 months of supply, up 262% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 1657 properties for sale, which is 2.15 months supply, compared to only 697 properties and just over one half months of supply in February 2022, but it has gone up slightly month over month from 1589 and 2.88 months of supply in January 2022. The average days on the market also shows that it is taking longer to sell a home. It went from 7 to 31 days in Hamilton year over year, and in Burlington from 7 to 24 days.

The Hamilton-Burlington Area has gone from experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, to currently sitting at the beginning of a Sellers Market at 63.6% (about 6 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!