Summer has officially come to an end and school is back in session! As we enjoy this change of pace and season, we take a moment to look back on the performance of the Burlington local property market and consider what this means for future trends.
The year to date statistics (January-August 2021) indicate an upward trend, with the average price of all home types in Burlington now $1,064,434 - up 20.91% from January-August 2020.
While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and sustained competition between buyers, resulting in double-digit annual increases in selling prices. As we move toward 2022, expect market conditions to become tighter as population growth in the GTA starts to trend back to pre-COVID levels.
We live, work and play in Burlington, and it is our goal to inform and share with you what's happening and why our communities are so special to us. Below you will find the August 2021 Market Snapshot for Burlington!
Across all styles of homes in Burlington, the Average Sales Price increased! Average Sales Price increased 18.48 percent to $1,403,929 for Detached homes, increased 19.33 percent to $922,763 for Semi-Detached homes, increased 25.45 percent to $935,000 for Att/Row/Townhouse, and increased 18.25 percent to $610,653 for Condo Apartments. All styles of homes are selling in record time too except for Semi-Detatched homes! Average Days on Market decreased 27.78 percent to 13 for Detached homes, increased 157.14 percent to 18 for Semi-Detached Homes, decreased 20.0 percent to 8 for Att/Row/Townhouse, decreased 4.55 percent to 21 for Condo Apartments. It’s a great time to sell in Burlington!
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