January 12, 2023 | Real Estate News
2022 Recap And What’s To Come In 2023
Inflation and Interest Rates
The economic change of inflation in 2022 had an inevitable impact on the housing market because of increased interest rates. Burlington saw nearly 27% fewer residential sales in 2022 from 2021. 2022 was also the lowest sales volume year in the past 5 years.
We will likely continue to see the impacts of the rates for the next year or two. Analysts are predicting we could see one more rate hike before the rates stabilize. Then depending on the economy, we could see rates coming down a bit in the longer term.
Inventory & Pricing
Despite the shifting market in 2022, we still had low inventory for buyers, and this has continued so far into 2023. Many sellers have been holding off, as pricing has trended down from the highs of Feb/March 2022. It’s likely that we will see inventory increases in the coming months from sellers that need to sell or are ready to move on with their life plans. If more inventory and choice come on the market, we’ll likely see increased sales from buyers who didn’t like their choices or were priced out of the market last year.
Below we have included some helpful graphs that show data for all Burlington residential sales in recent years.
If you’re considering a move or investment this year we would be glad to discuss it with you. Now more than ever you need an agent that has the experience to properly guide you.
Call us at (905) 673-1032 or email us at sold@urbangroup.com and we’ll get you started on the right path to a new home.
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