November real estate sales off slightly - 2.3%; properties sold for 98.18% of the asking price.

News 100 redBy Staff

December 9th, 2019

BURLINGTON, ON

 

The Rocca Sisters Team, who provide this commentary and data feel the “the most significant result from November is the continued low inventory levels.”

“At the end of November 2016, we saw freehold inventory at 216 units – at the end of November 2019, we saw 242. At the end of November two years previous to 2016 and the two years since inventory levels were between 50-90% higher.

“Remarkably, and notwithstanding these tight inventory levels, sale prices year to date are only up 4.7% as compared to the same period in 2018. A sign of things to come, however, are the November results, which had sale prices up 7.7% as compared to November 2018.

“Days on market tumbled to 27 in November as compared to November 2018 when it was taking 44 days on average to sell a property. During the month of November 2019, properties sold for 98.18% of the asking price.

“Sales were down in November but only slightly – 2.3%.”

Rocca Nov 2019

 

Condominium market;

“Inventory levels haven’t been this low in recent history. To put this into context, there were 61 units for sale at the end of November 2016, 69 at the end of November 2017 and 97 at the end of November 2018. At the end of November 2019, there were 52 units for sale. Year to date, sale prices had increased by 4.8% and sales increased by 12% as compared to the same period in 2018. The more interesting number, however, was the price per square foot which increased by over 10%. In the month of November, sale prices increased by 19.6%, sales increased by just over 4%, price per square foot increased by 25.8% as compared to November 2018. Condos sold for 98.48% of the asking price and in 27 days, on average during the month of November.”

Rocca condo Non 2019

 

 

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