February 29, 2024 | Market Reports
Local Real Estate Market -Data Shows It’s Heating Up
As we head into spring, you may be wondering how the Burlington real estate market is performing. Recent data shows clear signs of heating up. Specifically, this shift has taken place over just the past 30 days. Buyers who delayed purchases last year are re-entering the market. At the same time, the market currently has a low amount of high-quality listing inventory. Locally, that sits at 2.6 months.
Burlington Real Estate Market: 30-Day Snapshot
Here’s how the Burlington real estate market moved between January 23 and February 22. This covers all residential properties in the area:
- Sold listings are up 24% year-over-year. They’re also up 69% month-over-month compared to January.
- Showings of listed properties are up 32% year-over-year. Month-over-month, they’ve risen 53%.
- Offers are up 8% year-over-year. Compared to January alone, they’ve jumped 97%.
- The average price of sold listings is up 2% year-over-year. Month-over-month, that figure climbs to 6%.
What’s Driving Buyer Activity in the Burlington Real Estate Market
Buyers are coming off the sidelines. This shift comes as interest rates appear to have peaked. In turn, rates are expected to drop a few times over the coming year. In fact, bank analysts expect the first rate decrease as early as this June. This forecast comes from the Bank of Canada’s policy outlook.
What This Means for the Burlington Real Estate Market Ahead
The increased showings and offers noted above are leading indicators. Specifically, they point to a strengthening Burlington real estate market. Additionally, limited inventory is adding pressure. So is continued population growth from immigration. Together, these factors may lead to tighter market conditions. They may also drive price growth in prime areas.
Source: Broker Bay
Yes. Data from the past 30 days shows sold listings up 24% year-over-year. Month-over-month, they’re up 69%. Showings and offers are rising too, both signs of a strengthening market.
The Burlington real estate market currently has about 2.6 months of inventory. This is considered low, and it continues to favour sellers with high-quality listings.
Buyers who delayed purchases last year are re-entering the market. This comes as interest rates appear to have peaked. In fact, bank analysts expect the first rate decrease as early as this June.
Yes. The average price of sold listings is up 2% year-over-year. Month-over-month, that figure rises to 6%, reflecting the recent increase in buyer activity.
Rising showings and offers are leading indicators of a strengthening market. Combined with limited inventory and continued population growth, these factors could lead to tighter conditions. They may also drive price growth in prime areas.
You May Also Like
- Your Burlington & Oakville Spring Market Update
- Local Market Update: Burlington, Oakville & Hamilton
- How Interest Rate Shifts Affect Your Property Value
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