August Real Estate Market Update
I am Audrey Bailey from the Mink group and this is our Real Estate market update for the month of August, the Real Estate Association of Burlington Hamilton just shared their numbers and let’s just say it is hard to accurately predict what will happen this year!
The number of New listings are down in August compared to this past July - but July was really busy month as phase 3 and the reopening of a lot of stores happened - but still more listings in August compared to August 2019. This summer overall is much more active than in a regular summer market as everything got postponed from the spring market.
There are still not enough listings to satisfy the overwhelming demand of buyers which is driving the average price point up. Check out the specifics numbers in various neighbourhoods in this video! This is still a very healthy market for sellers as schools are re-opening, and more confidence is building - it is still a very good time to list.
The average price for residential properties across the board is $694,690, which is up 16.3 per cent from August 2019. It is key you partner with a real estate team like the Mink group who has a good understanding of this market so you can maximize your house potential with good staging and effective marketing strategies, so you receive multiple offers on your home.
As for buyers, this market can be a bit challenging, you will want to be prepared financially and prepared to face competition when bidding on homes of interested, so please partner with knowledgeable realtors that can help you through this process.
As we move into the Fall, we would expect a continued sellers market but with the potential for a second wave of the virus we don’t want to make any predictions at this point.
Please feel free to reach out to our team should you have any real estate needs.