It was a good month for the Burlington market. Sales were up 17%, which is very positive. In July of 2018, 236 homes traded hands; this year, 276 homes traded hands. Sales are picking up.
Looking back at where we were in 2017 and the latter part of 2018, we definitely saw a softening of the market. So, sales are picking up, which is good, and we’re seeing similar results across the board. Markets like Ancaster, Stoney Creek, Waterdown, Dundas, Oakville — those markets are picking up steam, and sales are up significantly. This is welcome news for those communities.
When the OFFSI mortgage rules came into effect, it put a downward pressure on the market. Buyers were forced to seek more affordable types of product, so communities like Burlington have not fared as well as communities such as Hamilton, where homes are more affordable.
New listings are down 0% compared to last year. This time last year, 360 homes hit the market. This year, at 359, we’re about even. If sales continue to increase while listing inventory decreases, we should see more pressure on prices.
Active listings are down 21%. Last year, there were 617 homes on the market total, and this year there are 488 homes. Homes are selling fast, and inventory is tightening. Following the release of the fair housing plan in 2017 and the new mortgage rules, we saw elevated levels of listings in areas where price points were higher. Now, we’re seeing this inventory start to move.
Average prices were up 0%. Last year, the average price of a home in Burlington was $764,739. This year, it’s very close: $767,293. We aren’t seeing a lot of growth in price point. Because homes are selling faster (and there are fewer on the market), we should start seeing these average sales prices growing faster. We aren’t going down; we’re going up, but it’s a slight increase for the month of July.
Average days on market are down 2.5 days. Last year, it took 30.8 days on average to sell a home in Burlington. This year, it’s taking 28.3 days. This is very good. Anything below that 30-day point is good. The suburbs are seeing an increase in activity. It’s something I’m sure sellers are happy to hear.
Homes are trading hands quickly in Burlington, with fantastic, double-digit numbers. Prices are holding steady for now but should pick up over the balance of 2019, at much smaller increases than some of the more affordable communities.
All in all, it’s good news for Burlington. All signs are pointing to a healthy summer for the Burlington market.