This is the most commonly asked question a Real Estate Sales Representative hears in conversation. We believe the answer depends on whether you are asking from the perspective of a Buyer or a Seller.
A Seller’s Market typically involves a shortage of quality properties, a quick paced viewing period, an offer or possibly competing offers within a short time frame, and a selling price close to asking or above the asking price. There are more Buyer's than Seller's.
A Buyer’s Market involves a large selection of homes listed for sale, allowing the Buyer plenty of time to view and make their selection, listing prices are being reduced, and Seller's are more likely to negotiate away from their asking price. There are more Sellers than Buyers.
A Balanced Market has a steady turnover of inventory and the sale price to listing price is averaging more than 96 %. There is an even amount of Seller's and Buyer's.
2010 has shown itself generally to be a transitional year – moving from a Seller’s Market in the first quarter of the year to a more Balanced Market in the present second quarter. That being said, there are still Buyers who are searching for quality properties and multiple offer situations are still benefiting Sellers. There remains a strong demand for homes and dwellings in the south end of the city typically sell quickly when priced at market value.
According to Money Sense Magazine:
With a low crime rate and clean environment, Burlington is consistently rated as one of Ontario’s most livable cities. To see the complete article click here: Top City in Greater Toronto Area
Market Update December
BURLINGTON REAL ESTATE MARKET ACTIVITY IN NOVEMBER 2010
November, tail end of the Fall Market. Things are continuing along as expected, the Market Place seems to be stable with things expected to slow down moving into the Christmas Season.
There were 596 active listings at the beginning of November in Burlington. There were 235 firm negotiated deals in November and 238 new listings during that same time. This gives us a 2.0 months supply of homesw which is a very healthy number.
Your Realtor is your best source of information and advice.
Market Update November
BURLINGTON REAL ESTATE MARKET ACTIVITY IN OCTOBER 2010
October is the middle of the Fall Market. The numbers indicate that the trend continues from September, that the Market Place is experiencing stability.
There were 628 active listings at the beginning of October in Burlington. There were 235 firm negotiated deals in October and 313 new listings during that same time. This gives us a 2.7 months supply of homes which again is a healthy number.
When you find the right home be sure to take advantage of the skilled advice from your Buyer Representative.
Market Update October
BURLINGTON REAL ESTATE MARKET ACTIVITY IN SEPTEMBER 2010
September is typically the beginning of the Fall Market. From the numbers we have seen a modest increase in the activity for that month indicating again that we are experiencing stability in the Market Place.
There were 666 at the end of September in Burlington. There were 237 firm negotiated deals in September and 407 new listings during that same time. This gives us a 2.8 months supply of homes which is a healthy number.
Confirming the shift to a Balanced Market.
For the Burlington Home Buyers this means less inventory to choose from and the good houses will be selling even quicker. It's important to preview homes quickly when they come on them market and when you find the right one don't be afraid to make a good offer.
The good news for Sellers is that with less competition and a healthy number of buyers you can expect more showings and a quicker sale of your home. Don't get too excited though, you'll still need to competitively price your home to make it attractive to the market place.
Market Update September
BURLINGTON REAL ESTATE MARKET ACTIVITY IN AUGUST 2010
While August is typically a slower month in real estate we have seen that the numbers almost mirror what we saw in July and point to a stable market place.
There were 601 active listings in Burlington at the end of August. There were 257 firm negotiated deals in Ausgust and 298 new listings during that same time. This gives us a 2.13 months supply of homes which is a healthy number.
Overall we are seeing a shift to a Balanced Market, which is a change from a market that has favoured the Buyer for the past year an a half.
For the Burlington Home Buyers this means less inventory to choose from and the good houses will be selling even quicker. It's important to preview homes quickly when they come on them market and when you find the right one don't be afraid to make a good offer.
The good news for Sellers is that with less competition and a healthy number of buyers you can expect more showings and a quicker sale of your home. Don't get too excited though, you'll still need to competitively price your home to make it attractive to the market place.
Of the homes that negotiated a firm deal in August the average time on the market was 49 Days. Average sale price was $385,738.
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Market Update August
BURLINGTON REAL ESTATE MARKET ACTIVITY IN JULY 2010
After a rush of closings before June 30th to beat the HST, we have seen a typical slowdown of the Burlington real estate market in the month of July. Inventory is on the rise and both total residential listings 303, as well as new home listings 205 have increased slightly over past months.
The Home Buyers seem to be more focused on summer holidays and family time and less concerned with shopping for real estate and we have seen the number of negotiated sales decrease to 288 in July.
This increase in inventory and decrease in activity has implications for both Buyers and Sellers. For Sellers who have had their home on the market for more then 30 days, now is a great time to re-evaluate your position in the market and make an adjustment if necessary; for sellers just listing their homes make sure to offer the Buyers value for their money if you are looking to attract an offer in the next 30 days.
Buyers, now is a great time to shop and search through the surplus of inventory for that great deal. Also, remember when it comes to negotiation the numbers are on your side.
This is a typical seasonal effect and we will continue to watch the numbers with an expected fall rally.
Of the homes that negotiated a firm deal in July the average time on the market was 40 Days. Average sale price was just under $383,557.
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Market Update July
BURLINGTON REAL ESTATE MARKET ACTIVITY IN JUNE 2010
The real estate market in Burlington Ontario was HOT HOT HOT! There are a few factors which may be attributed to this including the rush to beat the HST. Historically speaking June is a heavy hitter as far as actual closings as many homebuyers with kids tend to co-ordinate their moves with the school year. Buyers who purchased prior to July 1, 2010 were exempt from hst charges on services even though their closing dates occurred after that date.
new listings 438 deals 309 average days on market 40 average sale price $384,067
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Market Update June
BURLINGTON REAL ESTATE MARKET ACTIVITY IN MAY 2010
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Market Update May
BURLINGTON REAL ESTATE MARKET ACTIVITY IN APRIL 2010
The Burlington real estate market continues the late winter rally with a strong April.
Sellers should feel more confident this Spring with activity and prices on the rise in most areas of the city. Only time will tell if the new HST tax and slowly rising interest rates will be enough to slow down the market.
Buyers should take this opportunity to lock-in their mortgage pre-approval at low rates and push for a moving date before July 1st to save the increased 8% on all the associated fees and moving costs when the HST comes into effect.
There were 718 active listings within the city limit on May 1st, and 380 properties sold in the Month of April. Inventory levels are rising which means Spring buyers will have more choice and sellers will have to be aware of the competition.
Of the homes that sold in April the average time on the market was 26 Days with average sale price at $400,882
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