How is the Burlington Real Estatate Market doing at the end of 2016?
Sunday, 15 January 2017, 11:35:00 AM
How is the Burlington Real Estate Market doing?
The Realtors Association of Hamilton-Burlington (RAHB) reported 106 sales were processed through RAHB Multiple Listing Service (MLS) system in December 2016. This is down from 147 sales in December 2015 for a decrease of 27.9%. New listings were also down from 92 in Dec. 2015 to 83 in Dec. 2016 or a decrease in 9.8%.
However, the Median Sale Price of all residential homes was $631,150 in Dec. 2016 compared to $531,000 over the same period in 2015 and this is an increase of 18.9%. Also, the Average Sale Price rose to $707,652 in Dec. 2016 from $548,551 in Dec. 2015 for an increase of 29.0%. The Average days on market (DOM) was 25 days in December 2016 compared to 33 Days in December 2015.
In addition to this, the Median Sale Price for Freehold residential homes was $775,000 in Dec. 2016 up from $575,000 in Dec. 2015 and that is up 34.8%. Furthermore, the Average Sale Price for Freehold residential homes was $841,738 in Dec. 2016 up from $621,396 in Dec. 2015 for a rise of 35.5%. The Average Days on Market (DOM) was 26 days. The end of month inventory for homes was 84 and that is down from 148 in Dec. 2015.
There were 37 Condominium sales in Dec. 2016 down from 49 in Dec. 2015. The Median sale price of condominiums was $414,900 in Dec. 2016 compared to $352,000 in Dec. 2015 for a jump of 17.9%. The Average Sale Price was $457,600 in Dec. 2016 up from $402,861 for an increase of 13.6%. The Average Days on Market for a Condominium was 24 in Dec. 2016 down from 37 days in Dec. 2015.