Burlington Real Estate Market Report - September 2024

Key Takeaways:

• Total Sales: 169 (down slightly from 181 in August 2024, but up from 148 in September 2023).
• New Listings: 476, up 6.5% year-over-year, showing increased seller activity.
• Average Sale Price: $1.16M, up 10.5% year-over-year, with strong growth in the detached home segment.
• Detached Homes: Sales up 11%, with an average price of $1.55M, marking a 15% increase.
• Townhomes and Semis: Townhome prices softened to an average of $902K, while semi-detached homes saw modest growth with an average price of $977K.
• Condos: Average price up 3% to $675K, but sales are slowing, with a large increase in active listings.

What Happened in Burlington's Market?

September 2024 saw the Burlington real estate market continue to grow, although at a slower pace compared to the earlier months of the year. With 169 sales, Burlington's market performed better than the same time last year, which saw 148 sales. While sales activity decreased slightly from August, the 6.5% increase in new listings signals that sellers are confident, and looking to take advantage of rising prices.

Despite the shift toward a more balanced market, average sale prices have jumped by 10.5% year-over-year, reaching $1.16 million. This price increase reflects strong buyer interest, especially in the detached home market. However, with 718 active listings (up from 508 in September 2023), buyers now have more options, contributing to a slower sales cycle.

The overall months of supply is 4.4, moving the market closer to a balanced or buyer’s market. This means buyers can afford to take more time in their decision-making, while sellers need to be mindful of market conditions when pricing their homes.

Burlington Detached Homes: Strong Price Growth

The detached home segment remains the most dynamic part of the Burlington market. With 79 sales (up 11% from last year), demand for these properties is still strong, even as new listings increase to 252. However, the most striking figure is the 15% increase in the average sale price, which has now reached $1.55 million.

Waiting to purchase a detached home has cost buyers over $200,000 compared to last year. It now takes 29 days to sell a detached home, compared to just 23 days in September 2023, suggesting that while prices are rising, buyers are taking longer to make their decisions due to increased inventory and higher price points.

For sellers, this is a strong market, but proper pricing is key. While demand is still there, the increase in days on the market and more active listings means that buyers are being more selective.

Burlington Townhomes and Semi-Detached Homes: Mixed Signals

The semi-detached market remained flat in terms of sales volume, with 8 sales matching last year’s performance. However, semi-detached homes saw a modest price increase, with the average sale price rising to $977,688, up from $929,823 last year. This shows stable demand for this housing type.

The townhome market, on the other hand, saw a softening in prices. With 23 sales, the average sale price dropped to $902,000, down from $958,338 in September 2023. This could signal buyer resistance at higher price points, with demand shifting toward more affordable options like condos. Sellers in this segment should be cautious when pricing their homes, as price sensitivity seems to be increasing.

Burlington Condo Market: Slowing Sales Despite Price Growth

The condo market presents an interesting dynamic. September recorded 31 condo apartment sales, with an average price of $675,000, marking a 3% increase year-over-year. However, this is a notable decline from August’s average of $862,000, indicating price volatility in the condo market.

The number of active condo listings rose sharply to 219 (up from 109 last year), and new listings increased to 114 compared to 95 in 2023. This suggests a slowdown in sales velocity, as buyers have more options and are taking longer to make decisions. Sellers need to focus on making their properties stand out, as the increase in inventory gives buyers more power to negotiate.

Burlington Home Buyer’s and Seller’s Perspectives

For Buyers: Burlington’s real estate market is starting to tip in your favour. With increased inventory and 4.4 months of supply, you now have more time and leverage in negotiations. Detached homes are still seeing strong price growth, so if you're considering buying in this segment, it’s wise to act sooner rather than later, as prices continue to climb. For buyers interested in condos or townhomes, there are great opportunities, as price increases have moderated, and the supply is growing.

For Sellers: If you're selling a detached home, this is still a favourable market for you, especially with prices up 15% year-over-year. However, be prepared for your property to take longer to sell, as buyers are being more cautious with their choices. Pricing your home correctly will be key in maintaining buyer interest.

For townhome and condo sellers, it’s important to stay competitive. Both segments are seeing an increase in inventory, and buyers are more discerning. Consider investing in upgrades or staging to differentiate your property from the competition, and make sure your pricing reflects current market conditions.

Final Thoughts

September 2024 marked a period of adjustment for Burlington's real estate market. While sales are steady, the increase in inventory and the moderation in price growth for certain segments signal that the market is moving closer to balance. Buyers now have more leverage, while sellers must be strategic in their pricing and presentation.

Detached homes continue to perform well, with significant price appreciation, but townhomes and condos are seeing more competition. Whether you're buying or selling, understanding these market dynamics will help you make informed decisions in Burlington’s evolving real estate landscape.

Roshan Basnet is a seasoned real estate broker with extensive experience in the Oakville and Burlington markets. Known for his personalized approach and deep market knowledge, Roshan is dedicated to helping clients make informed decisions and achieve their real estate goals. Whether buying or selling, working with Roshan means partnering with a trusted expert who ensures a smooth and successful real estate journey.