Home values are rising again, and they are selling quickly - condo market not as healthy

News 100 redBy Staff

July 9th, 2020

BURLINGTON, ON

 

According to the Rocca Sisters -a real estate agency, the pandemic that has turned our world upside down has not had a negative impact on the real estate market in our trading area, to date.

In fact, the markets have increased momentum to a level not last seen since the spring of 2017.

Inventory levels were down over 45%, prices were up over 10% and sales increased by over 20% when compared to June of 2019.

YTD, prices increased by 12.8% and sales were down 12.7% as compared to the same period in 2019.

Days on market for June were at 18, down 24% from June 2019. Properties sold for 100.11% of the asking price on average in June 2020.

The absorption rate at the end of June 2020 was .89 which indicates there is not enough inventory to support one month’s worth of sales going into July.

Home values are rising again, and they are selling quickly.

Rocca June for residential

Data comes from real estate agents – Rocca Sisters

On the condominium side of the market

At the end of June, inventory levels were up over 48% at the end of June – the complete opposite result to the freehold market.

Sale prices were down slightly, by 2.1%, price per square foot was up 5.3% and sales were up 20..4% as compared to June 2019.

Condos were selling for 98.96% of the asking price and in 23 days, on average during the month of June.

The absorption rate at the end of June was 1.79 which is still extremely low (a healthy absorption rate would be somewhere around 4 months worth of inventory)

Rocca June condo numbers

Data comes from real estate agents – Rocca Sisters

 

Return to the Front page
Print Friendly, PDF & Email

Comments are closed.