This is the Window Buyers Have Been Waiting For

As we’re quickly entering this Fall season, with October a short few days away, we’ve all passed our annual “wow summer flew by, eh?” conversations and are ready for the new season. While most are sad to see the summer go, those who are trying to get into the housing market may feel otherwise. With record high prices during the summer months it was difficult for people to not get outbid on an offer, or be left wondering when their time to purchase will come.

Well, fortunately for those who missed out, the time to buy is now and here is why.

For starters, let’s discuss some numbers. The average sold price for a home in Burlington has dropped by 2.2% in the past month and by 10% when compared to  last quarter. We are currently seeing a near $150,000 decrease in the average sale price for homes in the Burlington area when compared to the middle of the summer. 

Now, some may be wondering, if prices are dropping does that mean inventory is also dropping? In fact, compared to the month of August, we have seen an increase in houses available on the market. The gap between houses sold and inventory available is the largest it has been since the start of 2021. Which is a good thing --  what we essentially had over the spring and summer was the opposite, as we had a small gap between houses available and houses sold. 

This means that as quickly as homes were being listed on the market, they were being sold just as fast. Ultimately this had several individuals and families either rushing into a major purchasing decision or missing out on a dream home due to an outsized amount of offers and bids on a single home.

Currently in the city of Burlington, over the past 30 days, we are seeing roughly 530 new listings to approximately 210 homes sold. So, in other words, the market has calmed down. Providing people the opportunity to take advantage of this pocket of time to purchase the home they’ve been waiting for at a more affordable rate and still have a variety of options to choose from.

The market is still hot, so we could very well see increasing prices in the market like we’ve seen recently in the near future. Now could be the perfect window to make the move with the numbers  on your side and have a chance to get settled in just before the holiday season.

Get in contact with Peter Racco today and work with a realtor who has been in the business for over 30 years. 

Stats pulled from Zolo.ca