By Staff
March 16th, 2022
BURLINGTON, ON
During the month of February, the average price for a freehold property in Burlington was $1,626,700, 34.4% higher than February 2021 when we saw the average price at $1,210,336 and 62% higher than the average price of $999,453 during the month of February 2020.
This is what building out did for communities.
During the month of February, properties sold for just over 120% of the listed price and in 7 days, on average.
Sales were down 24% as compared to February 2021.
YTD, prices were up 31.8%, sales were down 18.8% and Days on Market were down almost 50% as compared to the same period in 2021.
Inventory levels remained very low with only 86 properties listed at the end of February as compared to the 5 year average of 196 or 56% less active listings.
During the month of February, just 10 properties sold for under the listed price. The balance sold for well over the listed price with 76 properties selling for in excess of 20% over the asking price.
A couple of standouts – a recently updated backsplit on Ardleigh Cres. was listed for $1,090,000 sold for $1,630,00; 49.5% more than the asking price.
A 1950’s sidesplit on Clarendon Park in original condition was listed at $999,000 and sold with 11 offers for $1,600,000 – 50% over the asking price.
Finally, a good example of the trajectory values have taken was demonstrated with a property that was listed on Catalina in Brant HIlls. This property was listed in 2018 for $784,000 for a couple of months and didn’t sell. With no changes to the condition of the house or property, it was listed in February for $999,000 and sold in 9 days for $1,442,000.
Burlington Condos
During the month of February, the average price for a condo apartment in Burlington was $775,000, 36.7% higher than February 2021 when we saw the average price at $567,000 and 51% higher than the average price of $513,000 during the month of February 2020.
This is what building up is doing for Burlington
During the month of February, properties sold for just over 114% of the listed price and in 12 days, on average. Sales were down 8.2% as compared to February 2021.
Inventory levels were extremely low with just 17 active listings, 63% lower than the 5 year average.
A couple of noteworthy sales. A 1020 sq. ft. 2 bdrm unit at 1451 Walker’s Line in the Tansley neighborhood was listed at $500,000 and sold for $763,000. These units were selling in the high $500’s just 2 years ago. The Chelsea building in Headon Forest saw two remarkable sales.
A 1295 sq. ft. unit, in original condition (circa 2000) was listed at $649,000 and sold for $815,000 and another unit at 1295 sq. ft. slightly more updated, was listed at $599,900 and sold for $829,900. Finally, an 870 sq. ft. unit in the brand new buildings near the Go Station on Fairvew St was listed at $699,000 and sold for $870,000.
What Does All of This Mean
The market continues to be strong, however we are seeing a transition from an overheated market to a sellers market, and expect this will continue to transition over the next 60-90 days, landing us in a balanced market by summer. Apparently world disasters are not causing weakening of prices. It’s hard to imagine what exactly might cause our trading areas to see a major correction.
What we are seeing is expected, the current market is not sustainable, however prices should still hold and if anything just increase on a lesser scale than they have. While we believe we will see some levelling off as inventory levels rise, we don’t anticipate an erosion of values in the foreseeable future.
Obviously, it is a great time to sell still and we believe buyers will see more inventory, and less competition making it a little less stressful when making an offer on a property.
The commentary on the Burlington housing market was provided by the Rocca Sisters Team
