The last full month of the summer season was sizzling for the local real estate market. Check out this Burlington market update!
As Burlington mortgage brokers our team is always staying on top of the latest statistics relating to our local market. Last month was so good for the real estate market that the REALTORS Association of Burlington-Hamilton reported record-breaking numbers for the area.
In total there were 1,409 sales that went through the RAHB Multiple Listing Service in August 2016, 9.2% more than August 2015. Of those 1,409 units sold, 241 of those happened in Burlington. Total listings in Burlington were down 19.6% year-over-year as they dipped to 254 listings from 316.
The biggest jump happened in the average sale price. The average price for a residential home in August 2016 was $675,432, up 20.2% year-over-year and more than $100,000 more than it was in the same month last year. End-of-month inventory dropped by an incredible 52.2% from August 2015 while the average number of days an all-residential home spent on the market was down from 31 days to 24 days.
Burlington home sales experienced similar success in those sold under the Toronto Real Estate Board, too.
The TREB reported that there were 206 sales in the city last month after there were 158 sold in August of last year. The average price increased, although not nearly as much as it did for homes covered by the RAHB.
In August 2015 the average price for a Burlington home cost $620,130 whereas August 2016 posted an average sale price of $692,282. Total sale volume for the month also increased year-over-year, going from less than $100 million in August 2015 to more than $140 million last month.
Much like Burlington homes in the RAHB experienced, the average number of days and month of inventory both saw decreases. According to the TREB, the average amount of days a home spent on the market went from 26 to 22 while the number of months of inventory dipped from 1.8 months to 1.3 months.
The number of months of inventory is calculated by taking the number of current listings and determining how long it would take the sell them off at the current rate.
The amount of new listings for Burlington homes covered by the TREB also dropped to 221 from 228.
Whether it’s the RAHB or TREB, one thing is clear: the Burlington market had a sizzling August 2016. People continue to flock to the area while prices continue to rise and inventory drops.
As Burlington mortgage brokers it is our passion to monitor the latest trends pertaining to the local real estate market. Whether you’re looking to buy or sell a home, talking with a mortgage broker from the Loewen Group can help prepare you for the journey!
For all of your mortgage needs, our team is here to guide you. Contact us today to find out how we can find you the perfect mortgage for your family!
If you’re buying for the first time, check out this blog post!