Burlington Market Update for June 2020
Thursday Jul 02nd, 2020
Thank you for tuning into Live Life Burlington. I am Natalie with the Nat and Nate Real Estate Team, here to give you the market update for June. June has been a very hectic month, both in real estate and with the city moving into stage 2. We are happy and excited that businesses are opening their doors and people are able to begin getting back out there and finding their routines again. I just wanted to mention that during these times, supporting our local businesses is super important, so if you have a chance to do so, please help them out!
June’s market update has better than expected numbers. I am pretty good at predicting how the month’s stats will be, based on how busy we are, our overall findings when talking to our clients and submitting offers. Our clients this month were very lively and wanting to go out and view homes and our sellers are itching to get their homes on the market, if they haven’t already. Based on all of this, I knew June would be another strong month. I did not expect the drastic increases that the numbers have shown.
The average price for a home in Burlington for June was $1,041,000.00. This means home values have increased 5.5% since May, which is only 1 month and increased roughly 10% since last year. That is huge growth for a city in normal conditions, not to mention during a pandemic. The days on market are 18 which is less than last month. There were only 35 more homes listed in June from May, which is not a major change. Again, showing a lack on inventory. It is sad when you are working with new clients and you have seen pretty much every house that is in their search. One of the largest shifts for June was the number of sales. In May, there were only 192 sales and for June, we have a whopping 327. This means that 72% of homes listed have sold in the same month. In May, that number was 42% and last time this year it was 47% of homes listed, actually sold.
This is showing true strength in the real estate market for Burlington. Now, it is very difficult to predict how long this will last, given that experts are suggesting that September we should be seeing a set back and possible hike in COVID-19 cases. This in turn will affect the market. Also, CMHC’s new qualifying rules took effect yesterday, which may slow down the market. For more information on those changes, they can be found on our Instagram and Facebook pages (Live Life Burlington).
If you or someone you know is looking to buy or sell a home, we would love to help. Providing our clients with knowledge and the tools to have a successful and positive experience is what we strive for. So please do feel free to reach out. We would love to chat with you.
Thank you all for tuning in!