How’s the Market?
March 1 2021
2020 wasn’t an easy year, and Sellers are (still) having an easier time than Buyers this year.
The average price for residential properties across the Hamilton-Burlington Area was $848,719 which was up 7.7% from last month and up 29.5% from February 2020.
The Average Sale Price in 2020 was $646, 667.
Yes, a 200k increase in residential home values since February 2020.
The number of active listings available at the end of the month was 44.1%, lower than the previous period in 2020.
The lack of homes for sale, is making it difficult to buy a house in the GTA.
Most homes are holding back offers to create a bidding war, so there are new homes sold and listed every week.
Homes could be listed and available for showings for 2 – 7 days before they look at offers.
It’s not uncommon for homes to sell 100k, 150k + over asking the asking price, with 5 – 40 Buyer offers.
What is driving the home buying demand in the Hamilton Burlington Area?
- Exodus to the Suburbs. Gaining popularity to have a backyard and be out of the city. Aka Toronto Buyers
- Low Interest Rates
- Lack of Housing Supply
- Household Savings from less spending
- Life Changes
Are you thinking of Buying?
- Get Pre Approved for a Mortgage!
- Contact me if you would like to connect with a professional mortgage broker in the Hamilton Burlington Area
I am usually recommending to Sellers, to Buy a Home, before they Sell.
More on this customized moving solution when you reach out to me to discuss.
If you have been thinking about Moving, this could be the best market to cash out in!
Let’s talk about how to make your next best move.
Thank you for connecting to help you Buy and Sell your home in Burlington / Hamilton