January 2020 Sales Report
As expected, Milton region home listings rose 49 percent from December 2019— with the overall average home price rising marginally from $787,929 to $791,183. This increase brought the average sales price is up 4 percent from the January 2019.
Detached homes saw the largest month over month price gains, up 6 percent to a city average of $936,829. Townhome were not far behind with a 5 percent increase on average; bringing the average sales price to $693,200.
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 in a drop in median sale prices over time as homeowners adjust their expectations to the current market conditions.
A seller’s 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.
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