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 real estate market is doing.
The data shows signs that it has been heating up in the past 30 days. Buyers who delayed purchases last year are re-entering the market, which has a generally low amount of high-quality listing inventory (2.6 months of inventory locally).
In the past 30 days in Burlington (Jan 23 to Feb 22 – all residential properties):
- The number of sold listings is up +24% year over year (YoY), and +69% month over month (MoM vs Jan ’24)
- The number of showings of listed properties is up +32% year over year, and +53% MoM (vs. Jan)
- The number of Offers is up +8% year over year, and +97% MoM (vs. Jan)
- Average Price of Sold Listings is up +2% year over year, and +6% Mom (vs. Jan)
Right now buyers are coming off the sidelines as interest rates have peaked and will likely drop a few times in the coming year. Bank analysts expect the first rate decrease to come this June.
The increased buyer showings and offers noted above are leading indicators of a strengthening market. That combined with limited inventory and population growth/immigration may lead to tight market conditions and price growth in our prime areas.
Source: Broker Bay
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