Market Overview

Sales activity in Burlington eased in June (-28%), both compared to last year and the previous month. Similarly, new listings have also declined compared to last month's and last year's levels (-3.5%). This reduction in sales and new listings has created a tighter market in Burlington than in other regions within the historical RAHB board area. 

The sales-to-new-listings ratio stands at 48 percent, which means for every 100 new listings 48 were sold in June/2024. 

The months-of-supply is at three months which is leaning towards a balanced market. Overall it takes on average 20 days to sell a home in Burlington. 

The average home price in Burlington is $1,215,419 which is up by 4.3% compared to the same period last year. 

Key Insights for Buyers

1. Inventory and Choices: While the market is tighter, meaning fewer options are available, it's essential to act quickly when you find a property that meets your needs. The limited supply, especially in certain property types, could result in increased competition.
2. Property Types: Condominium Apartments have seen the steepest declines in sales. If you are looking for these types of properties, there is less competition and room for negotiations. 
3. Row Homes: This property types have a months-of-supply of just over one month, indicating a very tight market. Buyers should be ready to move quickly and consider making strong offers to secure a property.

Key Insights for Sellers

1. Market Conditions: Although the market isn't as tight as last year, conditions still favour sellers, particularly in the semi-detached and row home segments. With a months-of-supply just over one month for these types, sellers can expect robust demand and potentially quick sales.
2. Detached Homes: While new listings for detached homes remain below long-term trends, the months-of-supply for these properties is around three months. This suggests a balanced market, giving sellers some leverage but also requiring realistic pricing to attract buyers.
3. Strategic Listing: Given that new listings have improved across most property types, sellers must position their properties competitively. Highlighting unique features and ensuring the property is market-ready can attract more buyers in a competitive landscape.

Burlington Detached Home Story Lines

1️⃣The number of detached home sales in the Burlington market area decreased by 34 % in June 2024 compared to June 2023. 

2️⃣Year-to-date the sales are down ~7.4% 

3️⃣The Avg. Sale price in June is up 9% to $1.6M. And year-to-date it is up 4.4% 

4️⃣Months of Inventory is 3.03 up 128%

5️⃣Median detached price is $1.3M, that’s the middle price that separates half of listings selling under and above the $1.3M mark.

Burlington Townhomes Story Lines

1️⃣The townhome sales in the Burlington market are very strong. Y/Y sales are up 18% and YTD 5% 

2️⃣New listings is down 11% 

3️⃣The Avg. Sale price is up 3.8% 

4️⃣Months of Inventory is tight at 1.4 months. Meaning it is still a Seller’s market for townhomes. 

5️⃣The Average Townhome price is $909,265 

Condo Market Story Lines

1️⃣Sales are down 50% when compared to the same period last year. 

2️⃣Compared to the same period last year, new listings are up 21% 

3️⃣The Avg. Sale price is down 4% 

4️⃣Months of Inventory of 6 

5️⃣Average Condo price is $665,000

Conclusion

Whether you're buying or selling in Burlington, understanding the current market dynamics is crucial. Buyers should be prepared for a competitive environment, especially for certain property types, and act swiftly when the right opportunity arises. Sellers, on the other hand, can benefit from the tighter market conditions but should remain strategic in their approach to pricing and marketing their properties.

Stay tuned for more updates and insights as we navigate the evolving Burlington real estate market together. If you have any questions or need personalized advice, feel free to reach out!

Thinking of moving to Oakville & Burlington in 2024? Contact your local Broker Roshan at 647.818.7373 

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⁣Follow @realtorroshan on social media for Real Estate 🏡 news, fun videos, local coffee shop reviews, amazing restaurant introductions and everything Oakville & Burlington. ⁣

Roshan Basnet CRF, FRI⁣

BROKER⁣

Real Broker Ontario Ltd., Brokerage 

C: 647.818.7373 ⁣

www.RealtorRoshan.ca