Whether you are a first-time home buyer or an experienced one looking for a Burlington second mortgage, keeping an eye on the housing market is important.
We are now a full two months into 2017 and the Burlington housing market has continued its red-hot ways.
Our team is closely monitoring the market to help our clients get the advantage they need to secure their dream home.
Per the REALTORS Association of Hamilton-Burlington, 1,311 home sales were recorded in February 2017 through the Multiple Listing Service. Overall, property sales experienced a 16.4% increase from February of last year.
The CEO of the RAHB stated that the sale we saw in February was something that they expected to see in busier months for real estate, like in the fall or spring. The diminishing number of available properties combined with the record number of home sales, a low number of inventory remained at the end of the month.
When we look at Burlington specifically, the number of all residential listings dropped by 4.2% while sales jumped 22.9% year-over-year. There were 236 home sales last month versus 192 in the same month one year ago.
The average sale price for an all-residential home in the city rose 27.6% up to $756,342. This number was the third-highest average price in the areas covered by the RAHB as Ancaster ($810,521) and Flamborough ($766,235) finished in the top two position.
Another significant change year-over-year was the number of days that a home spent on the market on average. Last month, 17 days was the average number that a home was on the market for compared to 27 days in February 2016. End of month inventory dropped nearly 50%, further proving that February 2017 was the hottest February Burlington has ever seen.
The first two months of this year have been some of the most successful months the region has ever seen. The numbers we have seen over the past 60 days have looked much like the ones we would typically see in the spring months when the real estate market usually heats up.
However, the market continues to perform over the coming months will certainly be interesting to watch. If the initial months of this year are any indication of how the rest of 2017 will be like, we could be in for even more record-breaking months.
If you’re considering buying or selling a home, looking for a Burlington second mortgage or interested in refinancing, an expert at Loewen Group Mortgages can give you the advantage you need in a competitive market.
For more information, contact our qualified team today!