Burlington & Oakville – January 2018 Sales Performance

Posted on Posted in Burlington, Market Activity, Oakville, Property For Sale, Video

We’re a month in to 2018 and the spring market is beginning to stir after a very crazy 2017!

Oakville

With no further government intervention (we hope!) we’re looking forward to 2018 returning as a normal growth year with a predictable sales cycle.

The average pricing of detached homes is off with a good start price wise at over 1.4 Million, but we’ve not seen the sales quantity of past years, carrying forward the continuing lowest sales transaction numbers we’ve seen in the last four years.  We don’t expect this to continue as other areas aren’t showing quite the same slowing of purchases.

For non-detached homes, we saw pricing actually fall below the average for 2016, late in the 2017 year, which did push the number of sales transactions a bit higher, but only outperforming the past three years, in the last few weeks.   This has continued in to January 2018.

Of course, there is some variation by area, so if you’re interested in knowing your specific area, just contact me!

Burlington

The pricing bubble burst, but average pricing of detached homes eventually fell below 2016 prices.  Burlington sellers were more realistic, adjusting their pricing faster than Oakville, resulting in a lower number of sales, but not as severe as Oakville.  For January 2018, we still see an average price drop of ~150K from the hot spring market of last year.  Unlike Oakville, number of transactions has remained strong, so Burlington is likely to pull it’s numbers back up over the next couple of years.

For non-detached homes, we saw pricing stay above the average for 2016 and starting stronger than 2017.  The number of sales transactions were down slightly, unlike detached properties that have caught up in number of sales.

Of course, there is some variation by area, so if you’re interested in knowing your specific area, just contact me!

So what will 2018 bring us?  We’re all watching the spring market to see how 2018’s activity compares to previous years!  I expect we will see a slowly growing year, price wise as the market returns to normal.

So, when do you sell, or buy?   Let’s talk, performance varies by area, so I can help you to time it right.

James