Real Estate markets still very very frothy with demand for inventory driving prices

By Staff

November 22nd, 2021

BURLINGTON, ON

 

From the Rocca Sisters – another record breaking average sale price of $1,377,436. for residential homes.

Although we all continue to see the rise in values, it has become less shocking and more expected due to the continued market conditions.

We still continue to see hundreds of less properties active compared to last Fall. During the month of October properties sold for 111.46% of the listed price, a just over 3% increase over last month and in an average of 8 days (compared to 9 in September).

Inventory continues to be historically low and a chronic challenge in our marketplace for buyers. The lack of supply and strong demand has continued to drive prices and piqued many potential sellers’ interest.

Condominium market:

Condos continue to be the big talk around town! The average price paid for a condo apartment unit in October was $784,715, up again this month from $704,000 in September. Condo apartments sold for 103.87% of the listed price up from last month of 101.46% Average days on market have remained more or less consistent at 14 days versus 15 days last month. Inventory levels continue to drive the prices, as well as demand and the fact that people are having to adjust their options based on affordability and for some people that means a condo. Taking the opportunity to downsize now would be reaping the benefits of both worlds!

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1 comment to Real Estate markets still very very frothy with demand for inventory driving prices

  • Alfred

    Anti -development Mayor = Shortage of land that can be built on = High demand for housing = Low supply of housing = Equals Record breaking house prices with no end insight.

    Has this Mayor ever expressed a real concern? Never.

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