Burlington's July Market Update
Monday Aug 03rd, 2020
I am Natalie with the Nat and Nate Real Estate Team, here to give you the July Market update for Burlington. We have entered into STAGE 3!!!! I know many of us are relieved, I know I am! With us entering into Stage 3, Realtors are allowed to host Open Houses again! Certain health precautions are in place to ensure everyone’s safety. You can check out our Facebook and Instagram pages @livelifeburlington to see how our team will be doing this. We personally are letting our sellers decide if they want to hold an Open House at this time. We fully understand that everyone may be at different stages in how they want to proceed with COVID.
This month has been another record breaker, with home values up and our sale numbers surpassing last month’s. There is a lot of competition in the market still, with the majority of homes listed, selling in multiple offers. Home prices have increased for Burlington once again, with the new average cost of a home being roughly $1,057,000.00. This is a 1.5% increase since June and an 8.6% increase from last year. The average days on the market has been steady at 18 days. We had less homes listed this month, but more homes sold. Our list to sale ratio for July was 92.5% which was greater than last months. Last year in July the list to sold ratio was only 50% with an average of 30 days on the market. These numbers further demonstrate the high demand and lack of inventory that we are experiencing in this market. If you or anyone you know is thinking about selling, we would love to chat with you and provide you with a free home evaluation. Just comment below and we will be sure to reach out!
It is a battle finding our buyers homes right now. This is primarily due to the overall continued lack of inventory and the high number of people out there looking to purchase a home. We are seeing homes as soon as they list and putting in offers asap. It is BUSY! With that being said, we have been able to negotiate our buyers some pretty great deals and avoid being in multiple offers. Competition is intense and can be very discouraging for people entering into this market. If you are looking to buy, give us a call or comment below, we do have some great strategies to help make your home ownership a reality.
We have been flooded with lots of news this past week. One of the most important being the back to school plan for our Ontario students. We know that there is still a lot up in the air with what exactly school will look like this year, which can have an effect on the real estate market come fall. The CERB payment will be coming to an end on September 26th and the government just announced a new E.I system with more information being provided to us in the next few weeks. We are looking at our Real Estate Market on a month to month basis at this time as there are many uncertain factors that will ultimately impact the sale of homes. If you have any questions, please feel free to reach out!
Check out my video: https://www.youtube.com/watch?v=mgPftY2pqCU&feature=youtu.be
Thank you for tuning in, I will see you next time!