NOW IS THE TIME TO SELL YOUR HOME!
Here are a few quick highlights:
- Burlington average resale in January 2020 was $855,597, up 17% over the same month in 2019. Waterdown average resale of 715,345 saw an increase of 6.48% over the same period.
- January 2020 saw ONLY 131 homes sell in Burlington down 28.42% from January last year.
- 54% of all Burlington homes sold in January 2020 were detached, with an average sale price of $1,068,806. Waterdown detached represented 56% of all sales with an average sale price (ASP) of $785,000.
INVENTORY! INVENTORY! INVENTORY!
In order for supply to meet demand when it comes to our local Burlington, Ontario real estate market, there needs to be approximately 450 homes for sale in a given month. If we remember back to 2017 when only 290 homes were for sale, the lack of inventory resulted in buyers competition, bringing bidding prices up to unprecedented levels. This resulted in the government stepping in with the introduction of The Fair Housing Plan, suddenly cooling the over heated market and leaving us where we have been for the last 24 months or so. Until now.
In Burlington there are 52% less homes for sale than what would be considered a balanced market. What does this mean? SELLERS MARKET, and BUYERS ARE BACK TO DEALING WITH MULTIPLE OFFERS AND OVER ASKING BIDS.
If you’d like a complementary and confidential home evaluation, click here!