What will the housing market look like in 2022?
Will the demand for houses in the GTA slow? Will the sale prices continue to trend upward? Will the market that went crazy since the start of COVID finally start to level out? We'll have to watch and see!
There are similar market trends in both Burlington and Oakville. We have noted that Oakville market seems to be slowing down in comparison to last year despite the continued increase is prices. The same can be said for Burlington. The January monthly statistics show that there were 3% more sales in January than December, which was to be expected due to December holidays. However, there was a 16% decrease in sales from January 2021. 
In January 2022, the new sales listings in Burlington were up 54% from December, again in line with annual season trends. This number was down -21% from the same month last year. Is this downward trend indicative of a slowing market? It may be - we'll have to keep watching to find out.
As with its neighbour Oakville, Semi-Detached homes continue to sell for the most over asking price at 130%. The average sale price for all homes in Burlington was $1.356.853.00. The average continues to rise 9% over December and 39% more than the average sale price in January 2021.
Active Listings were up 58% from December 2021 but down 57% from last January. Buying a home in Burlington continues to be a challenge for buyers, as the Seller's Market remains strong! An experienced real estate team is your best tool for being prepared to buy a home. Our REALTORS® will help you design a strategic plan to get you into your next home!
The months of inventory (MOI) were up to 0.5 and the average sale price over listing price was 114%. This is the highest SP/LP from 2017 to date! And the Days on Market (DOM) came down slightly to 11 - meaning those houses that do come on the market are selling faster than last month but not quite as fast as October and November. Again we wonder, is the market finally slowing down? Time will tell!ROSS BRIDGES REAL ESTATE TEAM - HELPING YOU FIND YOUR WAY HOME!
The Oakville January Market Update shows similar slowing trends to Burlington, click on the link to check it out.
Burlington December 2021 real estate statistics can be found here.
Check out Rambling REALTORS® , Ross' podcast, for discussions about all things Real Estate, including trends and statistics!
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