2017 Burlington Prices Off to a Sizzling Start
The Burlington resale home market recorded 141 sales in January – up sharply by 12.8% versus the 125 homes sold in January 2016. That said, the last five-year average for January volume is 156 units, so January 2017 was actually a slightly “below average” month in terms of volume. Despite continued favourable interest rates and a stable local economy, the market continues to suffer from unheard-of inventory levels which have plummeted to record lows.
There were only 158 active listings on the market at month-end, down by a whopping 31.3% versus last year and 49.5% lower than the latest 5-year average. While ongoing inventory shortages do severely hamper immediate sales, they also contribute to creating pent-up demand in the market. This pent-up demand will eventually translate into stronger volume when the inventory situation normalizes
The average selling price for a resale home in Burlington in January was $754,111 – up by a mind-boggling 20.1% versus the $627,769 average price recorded in January 2016. This represents an increase of over $126,000 in home equity for the average Burlington homeowner over the past 12 months, which is both unprecedented and truly remarkable. A “perfect storm” of strong demand and limited supply factors is combining to produce exceptionally large price increases throughout all segments of the market.
Given the current environment, this is an extraordinary time for prospective sellers to list both in terms of price realization and also in terms of the speed of the transaction. On that latter point, average days on market in January was just 26 days as compared to 35 days in January 2016, 38 days in January 2015 and 46 days in January 2014.
Burlington Transactions - JAN 2017
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|