Real Estate Statistics for September 2023 – Entire RAHB Market Area
The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 620 sales in September 2023 in the entire RAHB market area. According to RAHB, this was the slowest level of activity recorded since 2010 and it was a decrease of 18 percent. The decrease in sales was met with an increase in new listings – with a sales to new listings ratio of 30 percent.
It was reported that there was a 19 percent increase in inventory, which was 12 percent higher than it was the same time period last year. The benchmark price of a residential property in the entire RAHB real estate market area was $854,200 – this was only a one percent decrease when compared to the same time last year.
RAHB reported that in the Burlington real estate market there were a total of 135 sales of residential properties in September 2023. This number of sales was a decrease of 27.4 percent when compared to the same period last year. The sales to new listings saw a decline of 34 percent but there were gains in inventory compared to the previous month. However, despite these gains in inventory the levels remained low in September 2023.
Since there was a shift in the inventory and sales, it caused the months of supply to have an increase, the highest since 2008. According to RAHB, “the unadjusted benchmark price trended down from August, reaching $1,045,600, despite the monthly decline, prices are nearly five per cent higher than last September”
The average price of a property in the Burlington real estate market was reported to have been $1,058,151 – this was a decrease of only one percent compared to the same time last year. There were a total of 393 new listings, this was a small decrease of only 4.4 percent compared to the previous year. Let’s now take a look at the map of the entire Burlington real estate market area by looking at the map in the next section.
Average Residential Property Price by District
In the above map, Average Residential Property Price by District, we can see the entire Burlington real estate market area. The map is divided into sub areas and we are able to see what the average price was in each area for September 2023, and compare that price to the same time last year by looking at the percentage. This percentage represents the increase or decrease in the cost of a residential property in the sub area.
We can clearly see that area 38 had the highest average residential price at $2,700,000 – this was an increase of 78 percent when compared to the same time period last year. This area had a total of one sale in September, this was a decrease of 80 percent compared to September 2022. This area also reported a total of 12 new listings, which was an increase of 12 percent year-over-year.
Let’s turn our attention to Burlington’s most sought after neighbourhood located in the sub area 35 – Millcroft. This area had a total of 42 sales reported in September 2023, a decrease of 27.6 percent year-over-year. This area had a 26.2 percent decrease in the total of new listings with a reported 76 new listings. The average price of a residential property in area 35 was $965,107, only a small decrease of 5.2 percent when compared to the same period last year.
We can also take a look at the chart below, Regional Summary, and see each area in Burlington. This chart allows us to see each area’s total number of sales, new listings, average price, median price, months of supply, inventory and days on the market. This chart is helpful for getting a more in-depth look at each area in the Burlington real estate market.
For More Information About These Statistics
To Summarize, there were a total of 620 sales in the entire RAHB market area in September 2023. According to the report released by RAHB, the benchmark price of a residential property in the entire real estate market area was $854,200, a one percent decrease when compared to the same time last year. The average price of a residential property in Burlington only had a small decrease of one percent and was $1,058,151. Finally, there were a total of 393 new listings and a total of 135 sales in September 2023.
“Increases in lending rates have prompted prospective buyers to delay purchasing decisions. Lending rates may have sparked anxiety among existing homeowners, motivating them to list their properties. A surge in new listings, relative to sales, has led to a pronounced rise in overall inventory levels,” – Nicolas von Bredow, RAHB President.”
The REALTORS® Association of Hamilton-Burlington (RAHB) has prepared a document that has more information and a more detailed and in-depth matrix of these real estate statistics. Please refer to the Burlington Real Estate Statistics for September 2023 to review this detailed report.
Contact The VanDinther Team
There were a lot of real estate statistics covered in this blog and we know that you might have some questions. Please don’t hesitate to contact one of our highly knowledgeable and professional real estate agents. We are here to help make this whole process as easy and enjoyable as possible.
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