April 2023 Sales are down 15% since a year ago. New Listings also fell again from last year at this time, by 35.6%. Average prices have continued to decrease since the peak in February of 2022, dropping 11.7% from where they were a year ago in April. The current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are higher than reported last year, however, are still lower compared to what we saw pre-pandemic for the same time of year, and historically are lower than usual for this time of the year. The lower-than-normal inventory levels have pushed the homes prices upwards in most areas of Hamilton-Burlington.

April 2023 had 1527 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 930 of those (down 37% from 2022) and Burlington’s share was 336, down 36% from April last year. Overall New Listings have decreased by 1% since last month and have decreased 36% over April 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 1071 Properties are down 15.1% from April 2022, and are up 6% over the last month, March 2023. The overall average price for residential properties increased from last month ($851,558) to $888,773, which is down 11.7% from last year at this time. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 644 down 18.2% from April 2022, with an average price of $806,809 down 14.3% from the same month last year, however, has gone up since last month which was $793,241. Burlington had 270 Sales which is down 1.5% from last year, with an average price of $1,144,424 which is down 7.1% from April 2022, but, like Hamilton, has increased over last month’s average of $1,051,488.

The end-of-month listing inventory, which is a good indication of the type of market currently being experienced, now sits at 1022 Active Residential Listings giving Hamilton 1.6 months of supply, which is up 5.9% over April 2022, and only slightly up from last month. Burlington also dropped from last month and now has 285 Active Residential Listings which gives it just over 1 month of supply, down 16.4 from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 1710 properties for sale, which is 1.6 months of supply, compared to 1602 properties and 1.27 months of supply in April 2022, up only slightly month over month from 1698 and 1.6 months of supply in March 2023. The average days on the market also show that it is taking longer to sell a home. It went from 9 to 23 days in Hamilton year over year, and in Burlington from 8 to 18 days.

The Hamilton-Burlington Area has maintained its Sellers Market Status from last month, where the ratio of Homes Sold to Homes Listed is over 60%, currently sitting at the 70% (7 homes sold for every 10 listed). This marks the first time since early 2022 that the sales-to-new listings ratio pushed above 70%. 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, when/if the price was adjusted, and possibly how much it sold for previously!

For the complete article of the April 2023 Hamilton ON. Real Estate Market – Click Here