Burlington housing market is light on inventory, sellers are preferred

The Burlington real estate market has a problem: Not enough people are selling homes.

The lack of homes on the market, combined with the constant desire to buy homes, has created an environment that highly favors sellers.

“The number of offers on the new listings, the short time from listing to actually closing, I mean you see some pretty fast things happening,” said John Salvador, principal broker at Century 21’s Burlington office. Shortage.”

Burlington’s inventory of available homes on the market typically hovers around 200, but in recent months that number has been closer to 65, driving up asking prices and, in turn, higher bids from potential sellers.

Despite less availability, this year’s home sales are not far from what they were last year. In the first five months of 2021, 248 homes were sold. That number fell slightly to 242 during the same five-month period this year. The median home price has increased by more than $25,000 during that period.

Andy Kroner, a realtor with Remax Real Estate, said 65 homes might seem like a lot until you think about the types of homes someone might want to buy.

As of Thursday, for example, there were only eight three-bedroom homes with a two-car garage in Des Moines County listed for between $150,000 and $200,000 on the market.

Kroner said the imbalance of homes for sale and potential buyers can create a cycle when there aren’t enough homes. Of late, homes don’t stay on the market for long, with many selling out in just a few days, and new listings sometimes selling out before they even appear online. Sellers may be more than willing to leave their homes, but they must have a place to go before their homes are put on the market.

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