By Staff
February 13th, 2021
BURLINGTON, ON
The real estate sales results for January can only be described as stupefying. According to a report released by The Rocca Sister Team: “The average price paid for a freehold property during the month of January was $1,315,069 as compared to $1,006,343 in January 2020. The logical expectation with that kind of increase is that sales would be down significantly but they were not. In fact, during the month of January, we saw 3% more sales then we did in January 2020.
Penn Drive, the street where some of the hottest real estate transactions took place. The houses shown are not necessarily the homes sold at record prices.
“During the month of January we saw properties that had been listed for the better part of last year re-listed and selling for considerably more than the original asking price. We saw a property on Penn Drive that was listed for $1,189,000 sell for over $1.5 million. Just days later, another property was listed on Penn, an unremarkable 1669 sq.ft. raised ranch at $1,289,000 sold for $1,652,000.
A Royale model in the Orchard (just over 1900 sq. ft. and a single car garage) listed at $974,900 sold for $1,203,131 and with over 30 offers. A property on Canterbury was listed at $1,349,000 and that very same day accepted a bully offer that was almost $200,000 over the asking price, this just days after another property on Canterbury listed for $1,550,000 and sold for $1,801,000. These are but a few of the unimaginable lengths buyers would go to in order to secure property ownership in our trading area.
It will come as no surprise, therefore, that properties sold for, on average, 106.41% of the listing price and in under 20 days. Inventory levels continued to be at historic lows (at least as far back as we can dig!) with only 60 freehold active listings at the end of January as compared to the 5 year average of 192 listings, down 68%.
The data and the report came from the offices of the Rocca Sisters Team
