By Staff
March 16th, 2020
BURLINGTON, ON
The Rocca Sisters report on the Burlington Real Estate market.
With the average price of a freehold residential property still hovering around the million-dollar mark, the Burlington real estate market shows no signs of slowing.
Inventory levels are starting to rise but clearly in no way keeping up with demand. In February, sales were up 43% and sale prices were up 21% when compared to February 2019.
Days on market reduced by 31%. Year to date, sale prices are up 17%, sales are up 28.8% and days on market are down 27.3% as compared to the first 2 months in 2019.
During the month of February, 85 of the 148 sales sold for the asking price or more. Properties sold for 101.06% of the asking price, on average.
Data on the Burlington market:
Inventory levels for the condominium market at the end of February were at the lowest we have seen since we started counting with only 45 condo apartments listed at the end of February 2019.
Both sale prices and sales were up 12.5% when comparing February 2020 to 2019. Price per square foot was up 6.47%. Year to date, sale prices were up 11.78% and sales were up 3.33% as compared to the same period in 2019.
During the month of February, condo apartments sold for 101.06% of the asking price on average and in 18 days – down 52.6% from the same period last year. More than half of the sales were sold for the asking price or more.
