We’re two months in to 2018 and the spring market is beginning to stir after a very crazy 2017!
The pricing bubble burst, but average pricing of detached homes eventually fell below 2016 prices. Burlington sellers were more realistic than neighbouring Oakville, adjusting their pricing faster. While there was the resulting lower number of sales, the drop was not as severe as Oakville. For January 2018, we still see an average price drop of almost 200K from the hot spring market of last year, but we’re still outperforming pricing from 2016 and before. The number of transactions for February fell short of previous years, so it looks like 2018 is off to a slower start than previous years. What’s this mean in you’re a buyer? More selection and much less competition. An excellent time to buy!
For non-detached homes, we see pricing stay above the average for 2016 and starting stronger than 2017. The number of sales transactions are still down over previous years, but doing a bit better than detached homes. If you’re looking to sell or buy your property, it’s a balanced market and Burlington is doing better than many areas for these home sales.
So, when do you sell, or buy? Let’s talk, performance varies by area, so I can help you to time it right.