The Burlington resale home market recorded 439 sales in June – up by a whopping 29.1% versus the 340 homes sold in June 2014. The June sales figure also represents an all-time record for a single month. With the first half of 2015 now complete, year-to-date volume is up by 10.3% versus last year. Given the current pace of sales, 2015 appears to be well on its way to setting an all-time sales volume record for the Burlington market. Ultra low borrowing costs and a stable economy are clearly bringing more buyers to the market and is helping to create this sizeable surge in sales volume. In fact, were it not for a shortage of inventory (active listings of 464 were down by 22.3% versus the 597 available for sale last year), it is very reasonable to assume that sales volume would have been much higher still.
The average selling price for a resale home in Burlington in June was $576,683 – up by a solid 7.2% versus the $537,725 average price posted in June 2014. This price is the second highest ever achieved in the market, having been eclipsed only the $583,867 average price recorded this past April. Prices have been rising rapidly throughout 2015 reflecting both the aforementioned tight inventory situation and record-low interest rates. On a year-to-date basis (January thru June), the average Burlington resale price is now up by 11.8% and has provided the average Burlington homeowner an increase in home equity of just under $60,000 thus far in 2015. Days on market remained very brisk at just 28 days on average, down substantially from the 31 days of June 2014.