Burlington Real Estate Statistics for February 2023

Burlington Real Estate Statistics 

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 765 sales in February 2023 in the entire RAHB market area. This was a 37 per cent decrease from the previous year. The majority of this decrease was in properties priced lower than $800,000. 

“An increased hesitancy to list impacted the detached sector hardest. New listings fell to 1,203 in February, 27 per cent below the same time last year, and new listings relative to sales prevented significant inventory gains. While inventory levels are much higher than reported last year, they are still below levels reported for this time of year before the pandemic.”

In the Burlington real estate market area there were a total of 246 new listings of residential properties. This was a 30 per cent decrease when compared to the same time last year. The average price of a residential property in Burlington had a 23 per cent decrease compared to the previous year and was $1,064,513. There were a total of 146 sales in February 2023, which was a 38.1 percent decrease compared to the same time last year. All the regions in Burlington reported seeing declines in both sales and new listings in February. 

“For the first time in two months, the benchmark prices rose above $1,000,000. The unadjusted benchmark prices in February rose to $1,017,600. While this is over 21 per cent lower than the high reported last February, it is still well above levels reported before the pandemic.”

Regional Summary 

The above chart, Regional Summary, gives us the opportunity to see how each area within the Burlington market did in February 2023. RAHB reported that there were year-over-year declines when it came to both sales and new listings. However, they also reported that conditions weren’t as tight as they were this time last year. 

The area that had the greatest number of sales in February was area 35, better known as Millcroft. This is the most sought after area in the Burlington real estate market, with a total of 39 sales, this was a decrease of 48.7 per cent compared to the same period last year. There were a total of 58 new listings, this was a 40.8 per cent decrease compared to the previous year. The average price of a residential property in Millcroft was $912,106, this was a decrease of 30.8 per cent. 

The next area that had a great number of residential property sales was area 31. There were a total of 37 sales, this was a decrease of 22.9 per cent compared to the previous year. This area had a total of 50 new listings, only a 13 per cent decrease compared to the same time last year. The average price of a residential property had an 11 per cent decrease and was $1,085,326. Now we’ll turn our attention to the map below, Average Residential Price by District, and get an even closer look at the Burlington market.

Average Residential Price by District

The map, Average Residential Price by District, illustrates the different residential areas within the Burlington real estate market. We’re able to see what the average price was and whether that price decreased or increased in February 2023. 

It was noted previously that the area with the greatest number of sales was Millcroft or area 35. This area is also the most sought after in Burlington and had a total of 39 sales and 58 new listings. The average price of a residential property was $912,106, this was a decrease of 31 per cent. 

When we look at the different areas on this map we can see that there were some small differences compared to the same time period last year. It looks like all areas saw some form of decrease when it came to the average price of a residential property. The next chart we’re going to review will be the Property Type Comparison, so that we can better understand the differences between them. 

Property Type Comparison

The above chart, Property Type Comparison, allows us to compare the differences between each property type. We’re able to see the average price and whether that price has had a decrease or increase. This chart also allows us to see how many new listings there were for each property type and how many sales there were in February 2023. 

When it comes to detached properties we can clearly see that there was a decrease of 47.5 per cent with a total of 73 sales. There were 119 new listings, this was a decrease of 39.3 per cent compared to the previous year. The average price of this type of property was $1,398,800, a decrease of 22.3 per cent. 

Semi-detached properties had a decrease of 18.2 per cent when it came to sales with a total of 9 in February 2023. This type of property had a total of 14 new listings, there was no decrease or increase in this statistic. The average price of this property had a 18.3 per cent decrease and was $975,722 compared to the previous year. 

The next property type that we’ll review is the row house or townhouse. This type of property had a total of 43 sales, with a decrease of 20.4 per cent compared to the previous year. There were a total of 54 new listings, this was a 32.5 per cent decrease. The average sale price of this type of property was $791,368, a decrease of 27 per cent compared to the same period last year. 

Finally, the last property type that we’ll review is apartment-style properties. There were a total of 39 sales in February 2023, a 36,1 per cent decrease compared to the previous year. Apartment-style properties saw a small decrease of 7.8 per cent  in new listings with a total of 54. The average price of this type of property was $760,410, this was a very small decrease of 0.5 per cent 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 765 sales in February 2023 in the entire RAHB market area. It should be noted that this was a 37 per cent decrease when compared to the same time last year. This decrease was mostly seen in properties that were priced lower than $800,000. 

In Burlington it was reported that there were 246 new listings in February 2023, which was a 30.5 per cent decrease compared to the previous year. RAHB also reported that when it came to sales there was a 38.1 per cent decrease with a total of 146. The average price of a residential property in Burlington was $1,064,513, this was a 23 per cent decrease compared to the previous year.

“Demand at the lower end of the market is increasing as higher interest rates impact affordability and attainability. Buyers have more options than they did a year ago and are less likely to compete in unfavourable market conditions. Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment.” – Lou Piriano, RAHB President. 

For More Information About These Statistics 

Are you looking for more information or want a more detailed and in-depth matrix of these real estate statistics? If so, please refer to the Burlington Real Estate Statistics for February 2023.

Contact the VanDinther Team

Do you have any questions about the statistics reported in this blog? If you do, one of the members of the VanDinther Team would be happy to answer them for you. Have you been wondering what your home might be worth, try our “What’s My Home Worth.” 

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. The VanDinther Team has been working with clients in the Burlington and surrounding areas for decades and want to “Help You Make The Right Moves!