Burlington Real Estate Statistics
The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 756 sales in October 2022. In the Burlington real estate market area there were a total of 168 residential sales. This was a 33.3 per cent decrease when compared to the same time last year.
New listings in the Burlington real estate market area were reported to have had a total of 307. That’s an 18 per cent increase when we compare it to October 2021. The average price of a residential property in Burlington in October 2022 was $1,098,439, which was a 5.2 per cent decrease.
“For the first time since March, benchmark prices in the region did not trend down relative to the previous month. However, at an October price of $1,010,600, prices have still eased by 22 per cent from the February high. The benchmark prices remain over 15 per cent higher than they were at the end of 2020.”
The above chart, Regional Summary, and gives us a better look at the Burlington real estate statistics and sales across all the areas. RAHB reported that sales trended down across all areas within the Burlington market area. It was reported that both areas 32 and 35 “saw different levels of listing growth, keeping inventories low relative to sales activity.”
Millcroft (area 35) had the greatest number of sales for October 2022 with a total of 51 sales. This was a 26.1 per cent decrease compared to the same time last year. The average price of a residential property was $1,016,627, a small decrease of only 1.1 per cent.
Another area to note is area 31 which had a total of 31 sales in October 2022, a decrease of 40.4 per cent. This area reported a total of 67 new listings which was a 9.8 per cent increase. The average price of a residential property in this area was $1,136,887, this was a 1.3 per cent increase.
The final area that we’ll review is area 38, this area had the highest average residential property price of $2,076,250. This was a decrease of 34.6 per cent and had a total of 4 sales in October 2022. Let’s now take a look at the below map and get a closer look at the different areas within the Burlington real estate market.
Average Residential Price by District
The above map, Average Residential Price by District, illustrates the different areas within the Burlington real estate market area. This map allows us to see the average price of a residential property and whether that price had a decrease or increase in October 2022.
The area with the greatest number of sales was area 35, better known at Millcroft. This area is also one of the most sought after areas in Burlington. The average residential property price in Millcroft was $1,016,627, which was a small decrease. Listed below are the areas that reported the greatest number of sales in the Burlington real estate market area.
- Area 35: 51 sales, 68 new listings, $1,016,627
- Area 31: 31 sales, 67 new listings, $1,136,887
- Area 32: 22 sales, 19 new listings, $872,955
- Area 34: 22 sales, 35 new listings, $962,357
It’s interesting to review this map and look for the area that you live in, this way you can get a better idea of what your home might be worth. We’re able to see whether prices have had a decrease or an increase in their average price. RAHB has also broken down each property type and that’s what we’ll review in the next chart.
Property Type Comparison
The above chart, Property Type Comparison, allows us to review the different property types within the Burlington real estate market area. We can see what the average price was, how many days it was on the market and number of sales in October 2022.
According to RAHB, detached properties had a total of 80 sales, this was a decrease of 35.5 per cent. There were a total of 146 new listings with an average property price of $1,414,375, which was a 5.2 per cent decrease.
Semi-detached properties were reported to have had a total of seven sales, a decrease of 46.23 per cent. There were 13 new listings reported in October 2022 with an average price of $1,069,429. The average price had a small increase of 9.9 per cent compared to the same time last year.
RAHB reported that there were 39 sales of townhomes or row houses in October 2022. There were a total of 68 new listings with an average price of $860,705, this was a 6.4 per cent decrease.
Finally, it was reported by RAHB that there were 41 sales of apartment-style properties, this was a 29.3 per cent decrease. There were a total of 79 new listings with an average price of $734,473, a 1.2 per cent increase when compared to the same time last year.
REALTORS® Association of Hamilton-Burlington Real Estate Statistics
The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 756 sales in October 2022. Sale were reported to have been below the ten-year average, while new listings reported levels that were higher than last year.
In the Burlington real estate market area RAHB reported a total of 68 residential sales. This was a slight decrease of 33.3 per cent when compared to the same time last year. The average price of a residential property in Burlington was reported to have been $1,098,439, which was a 5.2 per cent decrease.
“There is no question that we have seen a shift from the unsustainable activity that occurred throughout the pandemic as some of the supply challenges have eased. While fewer new properties are being listed below $800,000, there are more opportunities for buyers looking to move up in the market. The danger for both buyers and sellers can be trying to time the market. With conditions sometimes turning quickly or silently, it is important to talk to a professional RAHB REALTOR® who is plugged into the local market.” — Lou Piriano, President of RAHB.
For More Information About These Statistics
If you’re looking for more information or want a more detailed and in-depth matrix of these real estate statistics, please refer to the Burlington Real Estate Statistics for October 2022.
Contact the VanDinther Team
Do you have any questions about the statistics mentioned in this blog? If you do one of the fantastic members of the VanDinther Team will be happy to help. If you’ve been wondering what your home might be worth, give our “What’s My Home Worth” calculator a try.
Please feel free to contact the VanDinther Team anytime and someone will be more than happy to help you find the home you’ve been dreaming of. After all the VanDinther Team has been working with clients in the Burlington and surrounding areas for decades and are here to Help You Make The Right Moves!