Rocca Sisters expect the spring market to be a very strong; one that will be good for both buyers and sellers.

News 100 redBy Staff

April 12th, 2019

BURLINGTON, ON

 

The Market Insight Report for residential properties for March 2019 for Burlington is produced by The Rocca Sisters, a full service Real Estate agency.

Heading into our spring market we are seeing tightening inventory levels and sales picking up in most communities. Prices are stabilizing but still appear to be soft.

As sales numbers increase, the expectation is that sale prices will rise. Our senior bank source has indicated that interest rates will remain very competitive with financial institutions offering lower and lower rates and all kinds of incentives to attract business.

We expect the spring to be a very strong market and one that will be good for both buyers and sellers – the next 4 months could prove to be a golden opportunity for both buyers and sellers!

In Burlington, at the end of March, inventory levels were down just over 7% as compared to the end of March 2019. Sales were up YTD by 5.4% and sale prices were up just over 1.2%, YTD. With 2 months of inventory on the market coupled with these results, it would be safe to say that Burlington is experiencing a seller’s market.

Average days on market in March reduced slightly, year over year to 28 and properties sold for on average, 98.53% of the asking price. The month of March saw a slight reduction in prices paid, down 1.8% with sales increasing by 10.8% when compared to March 2018.

One standout sale – a property on Lakeshore was listed at $3,249,000 for a total of 142 days and it sold over asking at $3,250,000.

Sometimes patience pays off!!

 

 

Rocca numbers April 2019

Sales data for March 2019

The Burlington condominium market is lively.
Average prices were down 1.3% in March as compared to the same period last year. Average prices per square foot however, were up 8.5%. This may seem a little confusing at first blush but one explanation is that newer condos sell for higher prices per square foot and are smaller, on average, than older condos, pushing that price per square foot up.

The average size of a unit sold in March 2019 was 978 sq. ft. as compared to 1067 sq. ft. in 2018. It took slightly longer to sell a condo apartment in March 2019, up from 28 days in March 2018 to 29 days in March 2019.

Condo apartments sold for 98.07% of the listing price on average during the month of March. Condo fees in March 2019 were on average .58 per square foot. An interesting sale in the month of March was a 2325 sq. ft. waterfront condo with $1600+ monthly maintenance fees (.69/sq.ft.) selling for $537/ sq. ft. in less than a week!

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