Rocca Sisters report on the real estate market for May - residential sales were down - prices up 9+%

News 100 blueBy Staff

June 17th, 2020



There were exactly half as many active listings at the end of May as compared to the end of May 2019.

Just to put this into perspective, at the end of May 2015, there were 615 freehold properties for sale in Burlington as compared to 203 active listings at the end of May 2020.

Given the inventory levels, you would expect a corresponding reduction in sales but in fact, sales were down only 36.8% which helps explain why we saw a 9.3% increase in sale prices whilst in the middle of a pandemic.

Year to date, sales are down 21% and sale prices are up 12.9% as compared to the same period in 2019.

Properties sold for 98.34% of the listing price and in 33 days, on average during the month of May 2020.

What Does This Mean?
The market has responded favourably to this otherwise distressing and unsettling time. Inventory levels have remained very low, demand seems to be strong and so of course, the result has been increases in prices paid. Economics 101. The larger question is, what will happen as the restrictions ease, people get back to work (or not) and the fallout becomes a reality. With no historical reference to help us predict the future, it’s anyone’s guess how this will all turn out. For now, we are experiencing a sellers market (but a restrained one) in all of our trading areas and it’s hard to imagine how that will change.

Rocca Residential May 2020


Condominium market

While inventory levels are still well below 2019 numbers (100 units for sale in 2019 compared to 84 in 2020), they are trending upwards. Sale prices were up 7.6% and sales were down 38.8% in the month of May, when compared to May 2019. Condo units sold for 99% of the asking price and in 20 days, on average during the month of May.

Rocca Condo May 2020

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