All-Time High Burlington Resale Prices
The average selling price for a resale home in Burlington in April was $638,531 – up by a solid 9.4% versus the $583,867 average price recorded in April 2015. This price set a new all-time high for the Burlington resale market, easily surpassing the previous high of $627,769 which was set in January of this year. Prices are being helped upwards by very low resale inventory. Active listings at April month-end were an alarmingly low 306 units, down by an eye-popping 40.7% versus the 516 units for sale at month-end last year.
To put this level of inventory into an even better perspective, the latest 5-year average at April month-end is 494 units (or over 60% higher than 2016 levels). Abnormally low inventory creates intense competition among buyers and, in many cases, results in multiple offer situations. In addition to weak inventory, prices are being aided by ultra-low interest rates and strong consumer confidence.
While resale prices continued to climb, resale volume continued to sag in April. The Burlington resale home market recorded 369 sales in April – down by 3.9% versus the 384 homes sold in April 2015. On a year-to-date basis (January thru April), sales volume is down by a sizeable 9.5% versus last year. The same depressed inventory situation which is helping push prices upward is clearly hurting sales volume, as many potential purchasers are likely remaining out of the market due to inadequate property selection.
Having said this, sales volume could rebound soon if the allure of record prices finally entices more would-be sellers onto the market. In addition, poor recent volume means that there is likely a significant amount of pent-up demand in the market that is waiting to be fulfilled. Given these factors, the “perfect storm” for sellers to maximize their real estate investment is still in full gear.
Burlington Transactions - APR 2016
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|