BURLINGTON'S AUGUST REAL ESTATE MARKET HAS GOOD NEWS FOR THOSE LOOKING TO SELL!
- As autumn approaches, it is typical to see an increase in home sales, Burlington's August home sales were up 19% from July. The "back to school" rise in sales seems to be a little earlier than recent years, however, the cooling market's more reasonable sales prices maybe to thank for this.
- The average sales price for August was down 6% from July but up 2% over last year. This is evidence of a turn to a more balanced market.
- The Average DOM increased to 24 days, only up 1 day from July, this simply means that homes are still selling but buyers have a little breathing room when deciding which home to buy. Looking back before the furious real estate market of 2020 & 2021, this is a shorter selling time than August 2019 when homes took an average of 31 days to sell.
- The average Sales Price to List Price is sitting at 96%. Good news for sellers as this means that well priced homes are selling for close to the asking price. Another sign of a balanced market.
- 384 new listings went live in August, this is an increase of 4 listings from July. As summer draws to a close, it is not unusual to see more houses come to market.
- Semi-Detached homes continue to have the least amount of inventory at 0.6 MOI* also selling for 98% of SP/LP*** while condo apartments had the most MOI* at 3.8 and selling at 96% SP/LP***. Months of inventory indicates how long the number of current listings could meet the demand for that type of housing.
- These numbers are averages and could be different depending on the area you are focusing your home search - we would be happy to discuss the specifics of the neighbourhoods which interest you.
- Call the Ross Bridges Real Estate Team now on 905-220-1848 or send us an email to [email protected]. We love to talk about real estate!
You will note that the average Days on Market only increased by 1 day in August. This is good news for sellers as homes are still selling in a reasonable amount of time. - While we are noting a correction in the average selling prices (reduction in homes selling for over asking price), the average is still 2% higher than last year this time.
Despite all the talk of price corrections in the real estate market, the yearly trends clearly indicate that housing prices are continuing to rise. This is always good news for homeowners and those looking to sell. - Remember, have a question on any of the above real estate trends? Need a question about the real estate market answered? Get in touch now! Call the Ross Bridges Real Estate Team on 905-220-1848 or send us an email to [email protected].
- Always happy to take your call or respond to your inquiries!
ROSS BRIDGES REAL ESTATE TEAM - HELPING YOU FIND YOUR WAY HOME!
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Check out the Oakville August Market Update to see how numbers compare to Burlington.
Read the Burlington Market Stats for July 2022 to see the difference a month can make.
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