Hamilton saw 383 sales in January, which represents a five per cent increase year over year. Photo Credit: Wikimedia Commons.
The latest monthly update from the Realtors Association of Hamilton-Burlington (RAHB) says that “relatively tighter market conditions in Hamilton and Burlington have kept prices stable,” while higher supply in Haldimand and Niagara North “contributed to modest declines in price.”
The report shows that the region saw 608 sales in January 2024, which is slightly higher than the number seen in January 2023.
Nicolas von Bredow, who serves as President of RAHB, said: “It is not a surprise that sales remained below long-term trends, given higher interest rates. And while inventory levels are also higher, they are still considered low when you look beyond the past decade that struggled with low inventory.”
Narrowing in on the City of Hamilton specifically, the municipality saw 383 sales in January, which represents a five per cent increase year over year.
Meanwhile the 671 new listings seen during the month represented a decrease of 0.6 per cent compared to January 2023.
In 2023, January saw a similar number of new listings before increasing to over 700 in February 2023, over 900 in both March and April 2023, and then over 1,200 in May 2023.
Properties spent an average of 48.9 days on the market last month, which is a considerable increase of 32.5 per cent year over year.
The unadjusted benchmark price in January in Hamilton is $760,000, remaining fairly stable.
Broken down by housing type, the benchmark price for a detached home in Hamilton is $812,100, $727,500 for semi-detached, $636,000 for row houses, and $474,600 for apartments.
Sales numbers and prices also vary considerably within Hamilton based on area.
For January 2024, the median prices for the homes listed within each area of Hamilton, from most affordable to least affordable were as follows:
Hamilton East – $533,000
Hamilton Centre – $581,500
Hamilton West – $665,594
Hamilton Mountain – $700,000
Dundas – $820,000
Glanbrook – $820,000
Stoney Creek – $822,950
Waterdown – $950,000
Ancaster – $1,082,500
Flamborough – $1,092,500
In terms of listing types, Hamilton saw 671 new residential listings, 55 commercial listings, 29 land listings, 26 retail, 26 office, 22 multi-residential, 16 business, 11 industrial, seven investment, and three farm properties.
It remains to be seen how much the market will heat up as spring approaches.
Based in Hamilton, he reaches hundreds of thousands of people monthly on Facebook, Instagram, TikTok, and Twitter. He has been published in The Hamilton Spectator, Stoney Creek News, and Bay Observer. He has also been a segment host with Cable 14 Hamilton. In 2017, he received the Chancellor Full Tuition Scholarship from the University of Ottawa (BA, 2022). He has also received the Governor General’s Academic Medal. He formerly worked in a non-partisan role on Parliament Hill in Ottawa.
