Burlington Market Continues to Shine
The Burlington resale home market recorded 236 sales in February – up sharply by 22.3% versus the 193 homes sold in February 2016. The last five-year average for February volume is 212 units, so February 2017 was definitely an “above average” month with regard to volume. The market continues to benefit from low interest rates, rapidly increasing migration from the more expensive GTA market, a stable local economy and an ever-increasing cachet. Sales volume would have been greater still were it not for ongoing seriously low inventory levels.
There were only 165 properties available for sale at month-end, down by 42.5% versus last year and by a spectacular 52.9% versus the latest 5-year average. The allure of record-high prices should eventually entice more sellers onto the market, however, sellers need to be satisfied that they will be able to buy a suitable home prior to listing. As a result, there are portions of the market that are stuck in neutral at the moment.
The average selling price for a resale home in Burlington in February was $756,342 – up by a jaw-dropping 28.0% versus the $590,867 average price recorded in February 2016 and setting a new all-time record. This represents the fourth month in a row in which there was an annual increase in home equity of over $100,000 for the average Burlington homeowner. A “perfect storm” of strong demand and limited supply is combining to create exceptionally high prices.
Given the current climate, this is truly an excellent time for prospective sellers to list both in terms of price realization and also in terms of the speed of the transaction. On that latter point, average days on market in February was just 18 days as compared to 28 days in February 2016, 37 days in February 2015 and 31 days in February 2014. Of course, as mentioned above, sellers also need to be satisfied that they will be able to find a suitable property that meets their needs as buyers as well.
Related: Monthly Neighbourhood Market Reports
Burlington Transactions - FEB 2017
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|