Burlington Real Estate Market Update - July 2023

The main story of Burlington Real Estate market in July is that the Inventory Levels are Trending Upwards. The Sales-to-new listings ratio eased in July to 61%. Essential for every 100 new listings 61 homes SOLD.

Month-over-month sales in July is down 28% compared to June. Interestingly compared to the same period last year, Sales are actually up 6%. Compared to July, 2022 the overall Avg. price of homes in Burlington is up 2.6%

Year-over year; new listings are down 11.2% directly lowering the inventory by 27% compared to last July.

Despite this, the Burlington region faces the tightest conditions, with under two months of supply reported in July.

On average it takes 19 days to sell homes in Burlington. Much better than 26 days in July 2022. 

Burlington Detached Homes

In Burlington; Detached home sales accounted for 50% of all sales in July. Compared to the last month in June, detached home sales are down 31%. Year over year the decline is 9%.

New listings are down 7% with only two months of inventory. On average, it takes 16 days to sell Detached homes in Burlington better then 26 days in 2022

GOOD NEWS! THE Median detached HOME PRICE IN BURLINGTON is $1.32M. Sellers that is up 7.8% compared to July 2022. 

To the buyers; Yes you can still buy detached homes in Burlington for under $1M | 8 Sold in July.

Burlington Townhome Highlights

In total, there were 51 row townhome sales with an average sale price of $888,000. This is up 7% compared to the same period in July 2022 

The lowest sale price for a 2 bed 2 bath townhouse was $575,000 and it SOLD in 25 days. The highest townhome sale was a $1.7M townhome in the Millcroft area of Burlington. It received 94% of asking price.

On average, it takes 20 days to sell a townhouse in Burlington.

How is Burlington Condo Market?

In total there were 33 condominium sales with an average sale price of $738,000. This is up 4.8% compared to same period last year.

The lowest sale price a bachelor pad with 444 sf sold for $395,000 in 82 days. The highest sale was a rare one of 12 private suites a 2,700 sf Botique Condo in Downtown Burlington. It was on the market for over 6 months. The listing did not adjust price even once. Patience pays.

On average, it takes 30 days to sell condo in Burlington.

Wondering where to get Burlington real estate market information? Search @RealtorRoshan on YouTube and Subscribe to the channel. 

Thinking of moving to Oakville & Burlington in 2023? Contact your local Broker Roshan Basnet at 647.818.7373