Burlington March Market Update

By: Ross Bridges

Burlington March Market Update

Tags: Moving East to West, bridging the gap, Team Bridges, Ross Bridges, Burlington March 2021, Oakville, property, helping you find your way home. Exp Realty

 

Burlington REAL ESTATE MARKET | ROSS BRIDGES REAL ESTATE TEAM


Spring is here and the Burlington real estate market continues to buzz! When comparing March 2021 to last year, we see an exceptionally large difference. 
I am sure we all remember that March 2020 was the start of the COVID-19 pandemic, but it did not appear to have any negative impact on the March of 2020 market. 2021 however, averages are significantly higher than normal for this time of the year, with 88% higher number of sales than 2020, and 46% up from last month.  
 
New listings were up 58% from last month & up 61% from this time last year. but high sold numbers are making listings turn over quickly, with Months of Inventory (MOI) remaining low at 0.6 as we stay in a Seller's Market. Average days on market (DOM) continued to drop from an average of 13 down to 9.
The average selling price to listing price (Ave SP/LP) is 108%. Many properties are selling with multiple offers and for over asking. Semi-detached & town homes show the highest average SP/LP of 109%.

What does this mean? In general terms the price that a home is listed for is below what the final sale price will be. Often they will have been sold firm, i.e. the offer/deal was without any conditions. It is vital that you understand the difference between a Seller's Market and Buyer's Market when selling or buying a property. 


Speak today to our professional REALTORS®, call 905-220-1848 and learn more about the different local markets and types of homes, as we guide you through the selling and buying process.







February 2021 market update for Burlington, click here!

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