Burlington real estate market | Ross Bridges Team
Market activity has continued strong into the winter season. Although November sales were down 37% from last month, sales are up 20% from last year. Last year was also up 16%, maybe suggesting that the traditional time for buying and selling is changing. No longer are people restricting themselves to just the spring market.
The number of active listings is down 20% compared to last year, however, the number of new listings hitting the market is up 15%. So what does this mean? It suggests that properties are selling quickly and are not sitting around. This is also reflected in the MOI (Months Of Inventory) which is currently 1.1 compared to 1.6 this time last year & 2.5 from the year before. Don't forget that this can vary depending on the type of home, see the chart below to see what difference it makes.
Average sale prices have continued to increase, up .5% from last month and 14% over the year. What does the mean to you? Real estate is a good investment!
Remember that the different areas within Burlington will make a difference to your numbers; to learn more about the different neighbourhoods, give us a call and talk real estate - our favourite subject! Click here to contact us or schedule a one on one meeting.
Chart from Toronto Regional Real Estate Board (TRREB). Home Price Index - showing the price gorwth over the past decade
Don't forget to come back next month and keep yourself informed!
