It’s here, the most comprehensive Real Estate Market Data report for December 2018 for the Town of Milton.
There were 91 residential sales here in Milton for December 2018 representing a 20% decrease in volume when compared to December 2017. The average sale price of $722,807 up a healthy 5% when compared to the figure a year ago and up 4% from the previous month. With inventory being roughly equivalent to 2.5 months supply, buyers have choice and sellers are able to sell their properties in an average of 28 days on the market. If you’re looking to upgrade from a townhouse or semi into a larger detached home, it is currently a great time to do so. There is also a shortage of rentals available in almost all areas. If you’re thinking of an investment property, or a property with a second living space you can rent out, it is proving to be quite easy to find quality tenants.
Sales to new listing ratio
A real estate market never heads in just one direction. Several key factors can drastically influence the direction of the market including mortgage interest rates, employment levels/growth, investment growth, immigration and development. These factors can influence whether we are it is a buyer’s market or a seller’s market.
A buyer’s market exists when there significantly more homes for sale than there are buyers. The typical end results a drop in median sale prices over time as home owners adjust their expectations to the current market conditions.
A sellers market typically exists when interest rates are low are there are plenty of qualified buyers and not as many homes for sale. Buyers must react quickly and often face multiple offer situations. Prices generally rise under these circumstances.
Interested in knowing what your home is worth in today’s market? CLICK HERE to find out how much you can get for your home.