Real Estate was on a tear through all of 2021. Low inventory is driving prices

By Staff

January 19th, 2022



Real Estate was on a tear through all of 2021.

Data for December, compiled by the Rocca Sisters, paints a rosy picture for the sell side.

This month we saw another record breaking average sale price of $1,395,564 up 22.4% December 2020-21. During the month of December properties sold for 114.73% of the listed price, just about a 15% increase over last year.

Properties sold in an average of 10 days compared to 19 days the same month last year. 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.

Residential data for Burlington.

The condo market closed 2021 with a bang! The average price paid for a condo apartment unit in December was $696,000. Condo apartments sold for 105.87% of the listed price in December, up over last year about 5%. Average days on market were 17 days versus 30 days in December 2020. Supply & demand continue to drive the prices. Taking the opportunity to downsize now, getting an investment property (expanding your investment portfolio) or leaping into the market for your first time would be a very wise investment right now. Downsizers, investors and first time buyers continue to drive this market and will continue well into the new year.

The condo market in Burlington saw year over year increase of 47.1% .

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