Real estate market trends in the Burlington market reflect the calm after the heat of the pandemic. Current market statistics show that the average cost of homes in Burlington in September 2022 is $1,073,521 and that homes have spent an average of 25 days on the market.
An analysis of the market activity against that of the past month, quarter, and year shows that in the last month a decrease in the average house prices of 4.3% has occurred. In the last quarter, the average price of houses in Burlington has reduced by 14.1%. A positive change of 1.7% was experienced between the average prices of homes now and a year ago.
Burlington real estate market inventory shows that 177 houses have been sold within the last 28. Houses listed on the market in this period total 600+. A selling to listing price ratio of 96% was also achieved within this period too.
Amongst the three categories of property available on the market, townhouses, condos, and detached houses, detached houses made the major proportion of the volume of transactions closed within the last 28 days.
About 56% of the volume of sales were detached homes. The volume of sales of townhouses was about 30%, and about 14% of the houses sold were condos.
Detached houses available on the market range from two beds to six beds across different neighborhoods. The current average price of townhouses is $1.3M with a year-on-year decrease of 7%.
The current average price of two, three, and four detached houses is $1.1M, $1.2M, and $1.5M, respectively, with no available figures for five and six beds. These figures have a recorded difference of -3%, 0%, and -13%, respectively.
From available reports, for townhouses, the current average price is $886K with a year-on-year increase of 3%. The current average prices of two and three bed townhouses are $793K and $920K respectively, with a year-on-year increase of 6% and 3%.
Reports show that the current average price of condos is $682K with a year-on-year increase of 2%. For one bed, it is an average of $612Kwith a year-on-year increase of 23%. For two beds and three beds respectively, the current average price is $733K and $616K, respectively, and year-on-year changes of -5% and -4%, respectively.
New detached home listings of 300+ were made in the Burlington’s Real Estate market in September 2022 with a year-on-year increase of 67%. These houses include two, three, four, five, and six beds.
About 100 new townhouse listings that totaled were made in the market in September 2022 with a year-on-year increase of 40%. These houses include 1 bed, 2 beds, 3 beds, and 4 beds.
Condo listings, a total of new 204 listings, were placed across different neighborhoods in Burlington with a year-on-year increase of 59%. These listings include studio apartments, one beds, two beds, and three beds.
These statistics show that the market is picking up in different ways and have gone past the pandemic heat.