Market Conditions and Spring Forecast
The average sale price in December in Burlington was $707,652, that is up over $150,000 from December of last year. In Hamilton, on the mountain, the average sale price was $430,742, Stoney Creek $475,017…all unprecedented stats, but, appearing to be our new normal.
Trends continuing are our lack of inventory and low interest rates. New trends emerging are how buyers and sellers are reacting. The long waiting lists for senior assisted care have some taking matters into their own hands and hiring in-home personal care workers. This live-in solution can offer a win/win for both senior and PSW. If you have the space and can keep yourself safe in your own home, it’s not a bad solution when you consider how many seniors dig their heels in at the very thought of moving into a retirement home.
The new normal has been just how many millennials have never left home and for those who have, how many have boomeranged. Sounds too good to be true for the baby boomers who are ok with it. Really, if your kids are helping you and paying part of the quickly diminishing or non-existent mortgage, it sounds like the perfect arrangement. Very similar to the senior reaction to the retirement home. Not so. As it turns out, this generation is tapping into their boomer parents’ retirement plans and investment, forcing the boomers to continue working to make up for the lost investment.
2017 has started as 2016 left off…multiple offers, low, low inventory, low interest rates.
Let’s see where it goes…when we can help…contact us!