Burlington Market Continues To Set Records
The Burlington resale home market recorded 350 sales in March – up by a hefty 16.7% versus the 300 homes sold in March 2016. With the first quarter of 2017 now over, year-to-date sales are showing a truly impressive 17.6% growth versus the comparable period last year (727 units versus 618 units). The market continues to benefit from favourable financing, a stable economy and an ever-growing “Burlington cachet”. In addition, there is a growing population influx from the more expensive GTA market.
Sales volume would have been even greater were it not for ongoing chronically low inventory levels. There were only 206 properties available for sale at month-end, down by 37.2% versus last year. Despite the low overall inventory figure, the number of new listings coming onto the market was actually up by a substantial 14.4% in March. However, it will likely take several months of new listings growth exceeding sales growth before the overall inventory situation will materially change.
The average selling price for a resale home in Burlington in March was $814,187 – up by a jaw-dropping 32.1% versus the $616,150 average price recorded in March 2016 and setting another new all-time record. This represents the fifth month in a row in which there was an annual increase in home equity of well over $100,000 for the average Burlington homeowner, with this month’s increase almost $200,000.
A “perfect storm” of strong demand and limited supply is combining to create exceptionally high prices. That said, the growth in new listings noted above will likely continue as a growing number of sellers seek to “cash in” on the favourable seller’s market. This will eventually strengthen total inventory and will curtail the rampant upward movement in prices, although the exact timing of this is still anyone’s guess at the moment. Savvy sellers may want to get the jump on their competition by listing earlier rather than later in order to maximize their investment, given this current environment.
Burlington Transactions - MAR 2017
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