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Burlington Real Estate Market Update

Our team here at Loewen Group Mortgages is comprised of Burlington Mortgage Brokers who do everything necessary to be as ready as possible to satisfy their clients and help them achieve their financial goals.

The real estate market can be challenging and the Burlington area is no different, which is why consulting an award winning mortgage broker in Burlington like James Loewen or any one of our team members is a good idea if you’re looking to buy or sell in the city.

The month of May had its ups and downs when it comes to real estate statistics in Burlington, but overall the market continues to grow in a positive direction. Below are some stats comparing this past May with May 2015:

Sales: Down 7.2%
Listings: Down 21.9%
Average Sale Price: Up 18.9%
Average Days on Market: Down 26.9%
Inventory at End of Month: Down 47.5%

Looking at the numbers above we can instantly get a general idea of what the current market is like and where it is going. The fact that sales dropped 7.2% from 391 to 363 year-over-year is not great, but there is a reason for it and it isn’t a bad thing.

The number of homes listed was 21.9% fewer in May 2016 than May 2015, meaning that there simply weren’t as many homes available for buyers as there was one year ago. A reason for the fall in sales can be simply due to the fact that buyers weren’t able to find the home they wanted because there was fewer selection available. Because there were wasn’t as much selection, demand increased because buyers were still looking to buy a home, explaining the 18.9% average price jump year-over-year.

When homes did become available they spent an average of 19 days on the market in May 2016, 7 days less than in May 2015. That is a 26.9% drop and again pointing to the fact that demand is growing. Perhaps the most eye-popping number is the end of month listing inventory at the end of last month. At the end of May 2016 there were 307 units in inventory listed, an enormous 47.5% fall from May 2015 when there were 585. This happens because demand had grown in comparison to May of last year.

In the end, sales were down because there wasn’t as many homes available for purchase. When homes were on the market, they didn’t stay there for long and prices experienced a significant increase. The Burlington real estate market is healthy and continues to trend in an upward direction.

As you can probably get an idea of based on the above information, the real estate market can fluctuate and many factors can affect how it performs. The Loewen Group Mortgages team is made up of qualified Burlington mortgage brokers don’t just work in Burlington but live there too, who are very familiar with the area and the market.

Whether you are looking to buy or sell you are going to want to make sure that you acquire the best possible mortgage with great terms, and one of our mortgage brokers can certainly help you achieve this. For more information or to ask a question, contact James and the Loewen Group Mortgages team today!

Source: http://www.rahb.ca/2016/06/record-sales-for-the-month-of-may/

About the author...

Here to help inform, educate and represent you in the home financing process.

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