Burlington, Ontario: Although I reported last month that Burlington was holding steady in most categories, it seems the region is finally showing a downward turn and with increased inventory and decreasing prices, the market has shifted in favour of the buyer.
Average prices were $368,268 in October 2007 to $322,088 in October 2008 representing a 12.5% fall from this time last year. There was also a sharp drop in prices from last month from an average in September of $370,479 to a year low $322,088 in October.
Although the October statistics look bleak, the area is still showing an overall 5% increase in prices from last year. Sellers are receiving 92% of their asking prices for their properties, down from 96% last month and down from 97% this time last year. Houses are currently remaining on the market for an average of 44 days and Burlington has sold 217 units this month, compared to 289 units sold this time last year marking a decrease of 25% or 72 units.
If you were looking for the time to buy a home in the beautiful city of Burlington, this is it! Find your dream home at an affordable price if you start looking today!
For market information specific to your area in Burlington, or any other area of interest, please call or send me an email so I can send this valuable market information to you on a regular basis.