Freehold property listings much lower this November than a year ago

News 100 blueBy Staff

December 11th, 2020

BURLINGTON, ON

 

Data and commentary from the Rocca Sisters Team sets out where they believe the Real Estate market in Burlington is going.

At the end of November, the Burlington market saw 100 freehold properties for sale – less than half as many as were active at the end of November 2019. There were 156 sales during the month of November 2020 which means that these active listings theoretically would be absorbed in just over 19 days (active listings divided by last month’s sales). Again, to put that into perspective, a balanced market would include inventory levels that would take a minimum of 120 days to absorb. What this means is, in order to achieve a balanced market, inventory levels would have to grow by at least 4 times!

During the month of November, on average, sales prices were up 13.4%, sales were up 20.2% and days on market were down 44.1% (properties sold in under 15 days, on average) as compared to November 2020. Year to date, on average, sale prices were up 14.4%, sales were up 10.1% and days on market were down 36.1% as compared to the same period in 2019. Just under ⅔ of November sales sold for the asking price or more with a list to sale ratio of 102.40.

A couple of very notable sales include a property that was listed on Irena in Alton Village. It was listed at $1,250,000 and in 3 days sold for 5% below the asking price. A property on Coventry Way was listed at $835,000 and within 6 days it sold for 3.3% below the asking price. At the other end of the spectrum, a 1033 sq. ft. bungalow on Mountain Grove was listed at $749,000, offers were held off for one week and the property sold for 20% over the asking price.

Rocca November residen data

The condominium market has its own data.

Inventory levels are slightly higher than average for this time of year, up by almost double when compared to the end of November 2019. During the month of November, sale prices were up 6.7%, price per square foot was up 1.8%, sales were up 20.8% and days on market were up 7.7%. List to sale ratio was 98.69 and about 25% of condos sold for the asking price or more. Older buildings with higher condo fees tended to take longer to sell.

Rocca condo data

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