There has been a major pick up in the real estate market in Burlington over the last few weeks. These stats will change next month. Sales declined across all property types compared to last year. However, condominium properties reported a modest decrease as higher interest rates have driven buyers to seek lower-priced homes. Contributing to the challenge is the pullback in new listings, leaving one month of supply across all property types in the area.
Like other areas, prices across all property types are still lower than the high levels reported last year. However, there was a shift in March due to unadjusted benchmark prices trending up across most property types. Detached homes have seen steady gains since January, from a benchmark price of $1,226,200 in December to $1,346,400 in March. Meanwhile, the apartment condominium sector saw prices stabilize this month following several months of downward price pressure.
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