As Burlington mortgage brokers, Loewen Group Mortgages is committed to providing great service to their clients with advice using the most relevant and up-to-date information.
This is one of the major reasons why our team consistently reviews and analyzes the local housing market every month.
According to statistics provided by the Realtors Association of Hamilton-Burlington, all-residential home sales experienced an 8.7% decrease in October 2016 compared to October 2015, dropping to 274 units sold from 300. Freehold homes were the driving force behind this with a decrease of 19.4%. Condominiums had a 10.1% increase in sales year-over-year.
When we look at homes in Burlington that fall under the Toronto Real Estate Board, we saw a slight increase in the number of units sold. In October 2015, 142 homes were sold compared to 187 in October 2016.
Staying with numbers reported by the TREB, the average sale price on a Burlington home was $711,141, up significantly from the $634,661 average recorded in October 2015.
Going back to the RAHB homes, the average sale price for an all-residential home in Burlington in October 2016 was $648,437, up 13.1% from October 2015. Both freehold and condominium homes each saw jumps of 17.5% and 21.9% in its average price, respectively.
Additionally, the average number of days that a home spent on the market in Burlington was 19 days, dipping 32.1% from October 2015.
Overall in the Burlington region, Fall sales remained strong compared to 2016. The number of sales seen in October was still 22% more than the 10-year average for the area, and new listings were a mere 1.6% higher than the average.
Our area continues to see a lack of inventory which has contributed to the rising average price, and end-of-month inventory was roughly 1/3 of what it was at this time last year. The end-of-month listing inventory in Burlington was 268 last month, down 39.1% from October 2015 when it was 440.
How will these numbers show as we enter the final months of 2016 and transition to 2017? It has yet to be determined, however there is still plenty of demand in the area. The drop in the average number of days that a home was listed on the market implies that there are still many buyers in the market who want to purchase. How the supply performs over the coming months will be watched closely as demand continues to rise.
If you’re interested in purchasing or selling a home in the area, refinancing a mortgage or looking to renew one, contact our qualified team of some of the leading Burlington mortgage brokers in Ontario. In a market as competitive as this one, one of our brokers can help ensure you get the right deal.
Contact us today for more information!