Chat with us, powered by LiveChat
Jun
13

Burlington Resale Prices Set New Record

Burlington Resale Prices Set New Record

The average selling price for a resale home in Burlington in May was $649,936 – up by an eye-popping 18.9% versus the $546,704 average price recorded in May 2015. This price set yet another new all-time high for the Burlington resale market, easily surpassing the previous high of $638,531 which was set just last month. On a year-to-date basis (January thru May), the average price of a Burlington resale home is up by 12.8% versus the comparable period in 2015 – representing an increase in home equity of approx. $71,000 for the average Burlington homeowner.

Price growth continues to be fueled by very low resale inventory. Active listings at May month-end were 307 units, down by a whopping 46.1% versus the 570 units for sale at month-end last year. Abnormally low inventory creates intense competition among buyers which creates upward pressure on prices. Prices are also being aided by ultralow interest rates and strong consumer confidence levels

Related: Oakville Resale Prices Set Another Record

While resale prices continued to climb, resale volume continued to lag in May. The Burlington resale home market recorded 363 sales in May – down by 7.2% versus the 391 homes sold in May 2015. On a year-to-date basis (January thru May), sales volume is down by a full 8.9% versus last year. The ultra-weak inventory situation is definitely impacting sales volumes as an increasing number of buyers are staying on the sidelines due to limited property selection.

While all other key factors (ultralow interest rates, a stable local economy and solid consumer confidence) remain very positive, a persistent shortage of listings will likely continue to negatively affect volumes going forward. Having said that, current market conditions highly favour potential sellers from both a price and length of time on the market viewpoint. On that latter note, days on market dipped to just 20 days in May while sellers received an average of 102% of their asking price (also a new all-time record).

Related: Monthly Neighbourhood Market Reports

WHAT’S YOUR BUrlington HOME WORTH? GET A FREE MARKET EVALUATION OF YOUR HOME.

Burlington Transactions - MAY 2016

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Aldershot South20790,04620
Maple10561,30019
Central14703,68620
Dynes14575,28614
Longmoor17594,91114
Pinedale16622,61216
Roseland131,141,02430
Shoreacres121,043,00022
Elizabeth Gardens22667,08011
Brant Hills18507,76816
Mountainside13449,26220
Headon Forest23656,6529
Millcroft20742,56514
Orchard25759,1046
Palmer9593,54419
Tansley4646,25015
Alton West13753,7777
Alton Central4941,4759