If you’re selling a home, we probably scared the hell out of you last month when we hinted at a possible decline in the Burlington area’s real estate market. Or maybe we caused a slight fist pump if you’re looking to buy a home in Burlington.
Now we have the stats to back that up. The Realtors Association of Hamilton-Burlington has confirmed what we suspected. They reported that the average sale price in April was $920,039, but dropped to $884,691 in June, which represents a drop of $35,348 or 3.8%.
Not huge, but not nothing.
However, both of those numbers are way up from 2016. June 2017 was up 10% from June 2016, while April 2017 saw an increase of 21%.
Other interesting facts
- April’s freehold homes were on the market for an average of 12 days, but that bumped up to 17 in June
- April had 342 listings, and that increased to 361
- As a whole, the average price of all residential homes sales was $782,897 in April and 752,071 in June. Which was a drop of $30,826, or 3.9%
What Do All These Numbers Mean?
The Realtors Association of Hamilton-Burlington called June’s numbers a “Mixed Bag,” and that’s pretty accurate. On the one hand, we’re seeing a slight dip over the last few months, but these numbers are still higher than 2016.
And these numbers are dropping far, far slower than the breakneck speed they increased in 2016/ 2017. During that time, waiting 3 months could literally have cost you thousands of dollars, if you were looking to buy.
For example, if you hesitated from April to June last year, it would have cost you $43,658.
So If You’re Looking to Buy a Home in Burlington…
A drop in prices is a good thing, even if it’s not the drop you were hoping for.
But, sellers are always connected to the shifts to the market. So seeing a drop could make them nervous. And so might a 5-day increase in the average time a home spends on the market.
Nervous sellers mean that your next bidding war may not be quite the bloodbath it would have been a few months ago. But not bloodless. It’s still a very competitive market.
Let Us Help You Find a Home in Burlington
Want to take advantage of these lower prices? Now is a great time to find your dream home, as a few more houses will now suddenly be in your price zone.
Burlington remains one of the most in-demand places to live in all of Canada. We were recently named the #1 medium-sized city in Canada, for the 4th straight year!
Click here to contact us to ask us any questions, or find out what’s available in Burlington right now!