Burlington's july real estate market - just a typical summer market?
- July's sales were down 11% from June's sales. It is typical for there to be a drop in summer sales and therefore, this is not unexpected.
- The average sales price for July was $1.1 million, down 8% from June but up 8% over last year. More evidence of a turn to a more balanced market.
- The Average DOM increased to 23 days, good news for buyers who can take a little more time finding a home. Looking back before the COVID real estate craze, this is still a shorter selling time than July 2019 when homes took an average of 29 days to sell.
- The average Sales Price to List Price is sitting at 97%. This means that houses are well priced and selling for close to the asking price. Another sign of a balanced market.
- 380 new listings went live in July, this is a decrease from June but again, typical of a summer market.
- Semi-Detached homes had the least amount of inventory at 1.6 MOI* and condo apartments had the most at 4.2 MOI*. Months of inventory indicates how long the number of current listings could meet the demand for that type of housing.
- These numbers are averages and could be different depending on the area you are focusing your home search - we would be happy discuss to the specifics of the neighbourhoods which interest you.
- Call the Ross Bridges Real Estate Team now on 905-220-1848 or send us an email to [email protected]. We love to talk about real estate!
You will note that the average Days on Market has taken a jump from 15 days in June to 23 in July. This is likely due to a combination of the summer market and the end of the frantic real estate market of the last 2 years. - While we are noting a correction in the average selling prices (reduction in homes selling for over asking price), the average is still 8% higher than last year this time.
The year trends clearly indicate that housing prices are continuing to rise. This is always good news for home owners and those looking to sell. - Remember, have a question on any of the above real estate trends? Need a question about the real estate market answered? Get in touch now! Call the Ross Bridges Real Estate Team on 905-220-1848 or send us an email to [email protected].
- Always happy to take your call or respond to your inquiries!
ROSS BRIDGES REAL ESTATE TEAM - HELPING YOU FIND YOUR WAY HOME!
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Check out the Oakville July Market Update to see how numbers compare to Burlington.
Read the Burlington Market Stats for June 2022 to see the difference a month can make.
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