August 2024 | Milton Real Estate Market Update
What August Market Stats Mean for Sellers as We Head Into September
As we transition into September, the Milton real estate market is poised for a shift—something both buyers and sellers should take note of. August saw the typical summer slowdown, but what do the numbers really tell us, and what can we expect as we move into fall?
A Look Back at August 2024: Key Stats You Should Know
In August, it took an average of 39 days for homes to sell in Milton. The good news? Sellers were still able to close deals close to their asking price, with the list-to-sale ratio at 99%, a slight increase from July.
However, the average home price dipped by 2.5% to $1,064,046, reflecting some softening in the market. The slowdown in new listings was also noticeable—new listings dropped by 25% from the previous month. This is typical for summer, but it creates a potential opportunity for sellers as we move into the busier fall season.
Why September Might Be a Game Changer
With vacations over and kids back in school, many people looking to move before the end of the year are ramping up their home-buying efforts. This could spell good news for sellers, as demand typically rises in September.
Additionally, on September 4th, the Bank of Canada reduced the overnight lending rate for the third time this year, and they’ve indicated more rate cuts could be on the horizon. This is great news for rate-sensitive buyers, especially first-time homebuyers who may have been holding off due to financial concerns. Lower borrowing costs are likely to fuel buyer confidence and increase activity in the market.
Buyer Mindset: Why Some Are Still Waiting
Despite the improving financial picture, many buyers are still sitting on the sidelines—not because they can’t afford to buy, but because they don’t want to settle. With the current imbalance of buyers and sellers, people are becoming more selective, unwilling to compromise on their dream home at today’s prices and mortgage rates.
In August, Milton saw 131 home sales, proving that homes are still moving. However, it’s clear that to sell in this market, you need the right combination of pricing, presentation, and timing.
What to Expect Moving Forward
As borrowing costs continue to decrease, both fixed and variable mortgage rates are expected to drop over the next year and a half. This will likely reduce monthly mortgage payments for homebuyers, potentially increasing demand. However, with a surplus of listings still on the market, we’re likely to see modest price growth rather than sharp increases as we move through 2025.
For sellers, this means that while the market is competitive, there are still opportunities to make a great sale—especially if you list before the end of the year when buyer demand is expected to rise.
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