Burlington Real Estate Market Report – July 2024

In July 2024, the Burlington real estate market has experienced some notable shifts:

• Total Sales: There were 175 transactions, reflecting a 15% decline from the previous year. This suggests a cooling in market activity compared to last year.
• Overall Average Price: The average price for properties decreased to $1.1 million, down 4% year-over-year, indicating a slight retreat in market values.
• Average Days on Market: Properties remained on the market for an average of 27 days, suggesting a relatively stable pace of sales.

Property Type Breakdown:

• Detached Homes: The average price for detached homes is $1.5 million, which represents a 2% decrease. Sales of detached homes have dropped significantly, down 17%, accounting for 78% of total sales.
• Semi-Detached Homes: The average sale price is $945,000, marking a 10% decrease from last year. This segment is seeing a notable reduction in value.
• Freehold Townhomes: The average sale price stands at $981,000. This segment has not experienced significant price changes but remains an important market segment.
• Condo Apartments: The average sale price is $738,000, showing relative stability compared to other segments.
• New Listings: The number of new listings increased by 15%, totaling 421. This rise in new inventory may contribute to the increased competition among sellers.

Summary: The Burlington real estate market in July 2024 shows a mixed picture with overall prices down slightly and fewer sales, particularly in the detached home segment. While new listings have increased, suggesting more options for buyers, the average time on the market and decreased prices in several segments indicate a more competitive environment for sellers. Buyers might find opportunities in the softer price trends, especially in semi-detached homes and condos.

What This Means for Buyers and Sellers in Burlington – July 2024

For Buyers:

1. Price Adjustments: With the overall average price and prices for specific property types like detached and semi-detached homes experiencing declines, buyers may find more favourable conditions. This could be an ideal time to secure a property at a lower price compared to previous months or years.
2. Increased Inventory: The 15% rise in new listings means you have a wider selection of properties to choose from. This increased inventory provides more options and potentially better negotiating power.
3. Market Dynamics: Homes are selling in about 27 days on average, indicating that while the market is active, it’s not as frantic as it might have been in previous years. This allows buyers a bit more time to consider their choices and make informed decisions.

For Sellers:

1. Pricing Strategy: With the average property prices down 4% and specific segments like detached and semi-detached homes seeing even sharper declines, it’s crucial to price your property competitively. Overpricing could lead to longer market times and increased competition from the growing number of new listings.
2. Increased Competition: The 15% increase in new listings means more competition. To stand out, ensure your property is well-presented and consider highlighting unique features or recent upgrades to attract buyers.
3. Sale Timeline: Homes are staying on the market for an average of 27 days. While this is relatively stable, be prepared for a potentially longer selling process due to the increased inventory and slight drop in market activity.

In Summary: For buyers, this is a good opportunity to capitalize on decreased prices and increased inventory. For sellers, staying competitive with pricing and presentation is key in a market with more listings and a slight downturn in prices.

About The Author

Roshan Basnet is a dedicated real estate professional with a deep-rooted passion for helping clients navigate the Burlington real estate market. With a wealth of experience and an in-depth understanding of local market trends, Roshan provides unparalleled insights and guidance to both buyers and sellers. Known for a client-centric approach, Roshan combines expert market analysis with a personalized touch, ensuring each transaction is seamless and successful. Whether you're looking to find your dream home or achieve the best value for your property, Roshan's commitment to excellence and integrity makes all the difference.