Milton Market Update | March 2024
March 2024 has been an intriguing month for the Milton real estate market.
While we've seen some downward movement in pricing, the market’s dynamics show signs of vitality and resilience. Here’s a breakdown of what transpired over the past month.
Average Home Prices
This March, the average home price in Milton was $1,061,031, marking a decrease of 4% from previous figures. Similarly, the median home price also saw a downturn to $1,005,000.
The market witnessed a modest increase in homes sold, with 155 transactions completed, which is slightly above the previous month.
A significant uptick in market activity was observed, with 273 new listings and 190 active listings, both numbers climbing from the previous month.
Days on the Market
Homes are moving faster, with the average Properties Days on the Market at 16 days, showcasing an increased pace in transactions, meaning homes are selling quicker.
Notably, the average list-to-sale ratio rose to 103%, indicating robust buyer competition. A detailed look shows that 54% of homes sold last month for more than the asking price, primarily driven by strategic underpricing, as 78% of those homes were listed artificially low last month to expedite sales.
Year over Year
Comparing year-over-year data, there's a commendable 28% increase in the number of homes sold as compared to last march, despite a 6% dip in the average sale price when comparing to last year at this time.
The Milton real estate market is adjusting, reflected in the reduced average and median prices. However, the increased number of transactions, along with a swift market pace, indicates a healthy demand. The strategic use of pricing continues to play a critical role, with a significant portion of homes selling above asking price.
What's Trending?
Comparing long-term trends, homes have appreciated in price by 26% since March 2020. This growth underscores the lasting value and appeal of Milton's real estate
As expected the bank of Canada held the overnight rate in their latest announcement amid signs that inflation is easing. Talks of an incremental rate decreases are speculated for June of this year.
Updates and Announcements
The federal budget which will be announced next week will also include housing announcements with some speculation of an increase on insured mortgage amortizations from a max off 25 years to 30 years or more. Insured mortgage are ones that have less than 20% down. Also, there may be an announcement to defer the capital gains tax and recapture on the sale of a rental property if the seller is investing in another rental property.
We’ll be following along and let you know the details as it applies to housing.
Further Updates
March saw an intriguing shift in the Milton real estate market, with a slight price decrease but strong signs of vitality.
The average home price fell to One Million Sixty-One thousand ($1,061,031), a 4% drop, while the median price adjusted to One Million and Five thousand. ($1,005,000.
Despite these changes, the market experienced a boost in sales with 155 homes sold and significantly more activity, including 273 new and 190 active listings.
Markets Trending Upward
Properties are selling faster, averaging 16 days on the market, and the list-to-sale ratio climbed to 103%, indicating intense buyer competition.
Over half of the homes sold last month did so above asking price, largely due to strategic underpricing aimed at speeding up sales.
Year-over-year, there's been a 28% increase in sales volume, albeit with a 6% decrease in average sale price compared to last year.
Since March 2020, home prices have appreciated by 26%, emphasizing Milton's enduring market appeal.
This dynamic suggests a resilient market with healthy demand, advising sellers on pricing strategies and preparing buyers for a competitive environment is crucial to your success in the current real estate market.
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The Milton real estate market demonstrates resilience with increased activity and a quicker turnaround for listings. As we move forward, these insights can guide sellers in pricing strategies and inform buyers about the competitive landscape awaiting them.
If you’ve been thinking of making a move, we’d love to connect with you for a conversation. Connect with us in the contact form below. We'd love to help you with your real estate journey.