Spring is a hopeful season! It brings new beginnings, transformation & change. 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 surge in demand for housing experienced in the second half of 2020-maintained momentum into the first quarter of 2021 and is expected to climb further as we move into spring towards summer. Normal spring increases in sales activity, coupled with elevated demand due to COVID-19, have resulted in a booming March real estate market as buyer interest continued unabated in the face of rising home prices and limited choice. Existing home seller and new construction activity remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
The year-over-year statistics indicate an upward trend, with the average price of a detached home in Burlington now $1,387,972 - up 30.9% from March 2020.
The market is showing no signs of slowing down! It's a great time to sell & explore your options. Right now, sellers are in the driver's seat and can dictate elements of the offer like your closing date/price. An encouraging downward trend is that currently, on average, Burlington detached properties sell within 11 days. Are you considering a move? We're here to offer you insights on the current and forecasted market conditions to help you make the most informed decisions about your biggest investment.
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 March 2021 Market Snapshot for Burlington!
Across all styles of homes in Burlington, the Average Sales Price increased! Average Sales Price increased 30.9 percent to $1,387,972 for Detached homes, increased 19.5 percent to $821,801 for Semi-Detached/Townhouse homes and increased 27.2 percent to $663,940 for Condos. Across all styles, homes are selling in record time too. Average Days on Market decreased 15.4 percent to 11 for Detached homes, decreased 36.4 percent to 7 for Semi-Detached/Townhouse homes, and decreased 25.0 percent to 9 for Condos. It’s a great time to sell in Burlington!
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