By Staff
January 10th, 2018
BURLINGTON, ON
Unexpectedly, the year ended favorably for all our trading areas despite the market trends. In Burlington, the results are very positive overall. Burlington saw a 13.9% increase in prices paid, a 9% decrease in sales and an 11.7% increase in DOM, year over year. Average price for a freehold home in Burlington ended at $896,911.
Average price paid in December was 3% lower than the same period last year at $799,530. Sales for December were up by 12% as compared to last December and DOM were up by 52% (average days on market in 2016 were 26 and in 2017 they were 40). Remarkably, 7 properties sold in competition resulting in as much as 8% over asking. This situation is an interesting example as these properties had nothing distinctive in common, each were listed in a different price range and although they all appeared in fantastic condition, none of these properties boasted exceptional investment upgrades or had any features to characterize themselves in a luxury category. In a few cases, the properties were listed at one price and then the price was reduced low enough to attract multiple buyers.
Inventory levels at the end of December were very low at 212 homes listed, which is approximately 2 months worth of inventory. Theoretically making the conditions balanced, leaning towards a sellers market. The average days on market for the existing inventory was 54.
Also quite interesting is the fact that of the just under 200 active listings that have been on the market over 30 days, only 50 have seen price adjustments, suggesting that most of the sellers that have their properties listed have not bought first and will likely not sell if they do not achieve their desired price.
There is absolutely no shortage of buyers and sellers going into 2018. The key to a successful spring market will be pricing a property sharply, preparing the house so that it is as close to move-in-ready as possible and knowing when to buy first or sell first.
