Average house price still over $1 mil in Burlington: Report

The average selling price of a home in Burlington last month was $1.14 million, up 6.4 per cent over the same month last year.

This is the second month in a row sales activity has improved, according to the Realtors Association of Hamilton-Burlington.

There were 201 total sales in Burlington in February, up 18.9 per cent over last year, and the 333 new listings was up more than 35 per cent.

The negatives, according to the report, was a slight decrease in the months of supply, which sits at 1.8, as well as the average days on market, which was 28, up 11.9 per cent.

“While supply gains may seem significant, it is important to remember that we have generally seen lower re-sale supply levels in our market for nearly a decade,” said Nicolas von Bredow, RAHB president.

“At the same time, we are starting to see improvements in sales, keeping our market relatively balanced with about two months of supply and a sales-to-new listings ratio of 57 per cent.”

Over the first two months of the year, sales growth was driven by gains in the detached, semi-detached and townhouse sectors. Improvements in new listings occurred across most property types, supporting inventory gains.

The average selling price of a detached home remained flat, year-over-year, at $1.327M, while semi-detacheds were up two percent, to $974,200. Townhouses were up five per cent to $803,900, while condos/apartments were up four per cent to $598,300.

Average selling prices of homes in Burlington neighbourhoods in February.