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Burlington Market Update – May 2017

Looking For A Mortgage Burlington?

Another month in 2017 has come and gone, and another month has passed where home buyers continue to buy.

Per the REALTORS Association of Hamilton-Burlington, sales in April 2017 jumped by 7.5% compared to April 2016 in the Hamilton-Burlington areas. Last month represented yet another record-breaking month for sales overall. Typically, the types of numbers we saw in April are what real estate markets would see in June or July. However, considering how hot the market has become in the past couple of years, this really shouldn’t come as a surprise.

In Burlington, however, homes sales in April 2017 hit 335 units in Burlington, a slight decrease compared to April 2016 when 369 homes were sold.

While we experienced one of the rainiest months in years in April, that didn’t stop buyers from paying more money to ensure they get their desired home. The average sale price for a home in Burlington was $782,897 last month, up 22.6% from April 2016 for all residential homes.

However, there may be some hope in sight for those who are hoping for a cool-down in the real estate market. A 15.3% increase in listings took place year-over-year, giving some people hope that the increased inventory will help bring the average price down.

While new listings hit the market, we still experienced a 12.1% drop in end of month inventory with 276 units on the market. Additionally, homes sold in an average of 12 days in April 2017, down significantly from the 18 averaged in the same month last year.

At this moment, it’s difficult to predict how the market will continue to perform in the summer months. While more homes are becoming available in the buying market, they are still selling at a fast pace and for more money.

If you’re considering purchasing or selling a home in the Burlington area, consider first speaking with a Burlington mortgage broker at Loewen Group Mortgages. Our team is here to help you find the mortgage Burlington that you deserve to go along with your dream home!

Contact us today for more!

Source: http://www.rahb.ca/2017/05/april-2017-showers-not-keep-buyers-away/

 

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