By Staff
June 14th, 2018
BURLINGTON, ON
Despite the overall rather sluggish appearance of the Burlington market, inventory levels suggest that Burlington is still in a sellers market.
Based on historical data, in order to achieve a balanced market in The Greater Golden Horseshoe area, there needs to be 3.1 months worth of inventory on hand.
At the end of May, Burlington had 490 freehold properties for sale which represents 2.24 months of inventory, based on total May sales of 219. While inventory levels suggest a sellers market, the sales results tell another story.
Sale prices are down 7.3% when comparing May 2017 to May 2018.
Sales are down over 27% and it’s taking twice as long to sell properties. YTD most communities continue to see a moderate decline in values with only Aldershot and the Orchard seeing significant declines in the double digits.
The month of May saw some incredible recoveries, particularly in Tyandaga where we saw a 27% increase in prices paid and a 20% increase in sales when comparing May 2017 to May 2018.
The Maple neighborhood also saw a terrific result in May with sale prices up 29%. The overall trend in Burlington continues to be declining prices with only Millcroft showing an increase in prices paid year over year. The declines are gradually decreasing for the most part.
The real estate party appears to be coming to an end.
The Sisters!
What will happen when all the condominiums that are going to begin to rise out of the ground do to the market?
The data used in this report was supplied by the Rocca Sisters Team.
