By Staff
March 17th, 2021
BURLINGTON, ON
The Rocca Sisters, in their regular newsletter, report that residential sales were up 40.7%, sale prices were up 21.1% and days on market were down 48% on average as compared to February 2020.
The average price of a freehold property at the end of February was $1,210,336. Year to date, the average price of a freehold property was sitting at $1,244,466 as compared to $1,002,193 at the end of February, 2020, up 24.2%.
Inventory levels at the end of February were down just under 50% as compared to the end of February 2020. At the end of February 2017, again, the hottest real estate market on record up until now, inventory sat at 154 compared to 2021 at 102.
During the month of February, of the 211 sales, 36 of them sold for under the asking price.
Properties sold for, on average, 110.44% of the asking price. Some truly remarkable and difficult to explain sales included yet another one on Penn Drive – a nicely maintained, 1699 sq. ft. side-split on an 80 x 150 lot was listed for $1,289,000 – sold for $1,652,000.
A 1650 sq. ft. nicely updated two storey with a single car garage on Riley Ave in the Palmer neighbourhood was listed at $929,900 – sold for $1,207,000.
In Brant Hills we saw a property that backed onto the 407 list at $999,500 sell for $1,300,000 – it was partially updated and had an in-ground pool. Finally, the most startling sale of all involved an 1125 sq. ft. bungalow on a 75×150 lot, a stone’s throw away from the train tracks near the Aldershot Go Station. Hard to say what the house was like as there were no interior photos – suggesting it was a fixer/upper opportunity. Listed at $769,000 (which seemed a little on the high side), sold for $1,131,000 – 47% over the asking price.
The numbers tell the residential story:
The condominium market sale prices during the month of February rose to $567,000, up 10%, sales were up 13%, price per square foot reached $624, up over 22% as compared to February 2020.
Condos sold for 102.16% of the listing price and in 22 days, on average. Inventory levels have rocketed to a 10 year low with only 31 active units at the end of February. For the first time, we saw several condos sell for more than 20% of the listed price.
The state of the condominium market:
