Milton Real Estate Market Update February 2024
Monthly figures can be somewhat deceiving, especially when the market is approaching a transition point and we are definitely in the midst a shift in the Milton Real Estate Market.
The Milton Spring Market is Gaining Momentum
In Milton's real estate market, the warmer weather isn't the only thing heating up—so is the excitement for potential drops in variable rate mortgages. Plus, with more affordable short-term fixed-rate mortgage options now available, buyers are eagerly stepping back into the market .
February 2024 Sales
There were 151 homes sold in February , which is 21% more homes being sold over February last year and 36% more homes being sold over last month. This increase in sales is partially seasonal and also due to the buyers no longer being fearful of trying to time the market.
With the increase in confident buyers we also saw an increase in the average sale price for a Milton home. The average selling price has increased 7% over January, and homes are once again selling on average for more than the asking price, with the average list-to-sale ratio sitting at 101% for the month of February.
Don’t fret. The stats make the market appear to be increasing quickly, when in fact, sellers often choose an artificially low pricing strategy to achieve attention and a quick sale.
Homes for Sale and Pricing Strategy
Out of the homes sold in Milton in February an impressive 45% of homes sold went for above their asking price. On closer examination we found that 3 out of every 10 new listings were set at an artificially low price. These homeowners had no intention of accepting their initial asking price and were likely prepared to re-list their properties at higher prices if they didn't sell on the designated offer day.
In the spring market where we often see the sharpest increase in sale prices, the use of this list low strategy will often plateau when more inventory comes on to the market, and then you will see more sellers opting to price homes in line with market value.
Presentation Equals Value
Increased attention on well presented and well priced homes will always garner an abundance of attention and even organically create multiple offers often resulting in higher than list price sales without having to price artificially low.
If you’d like more details on pricing strategies and how to navigate that aspect of the market, check out the link above for an in-depth look on the 3 most common used strategies in our market place.
Connect With Our Team
We understand that navigating the real estate market can be complex. But remember, you don't have to do it alone. Our experienced team is here to discuss your unique situations and help guide you through your real estate journey.
Whether you are buying your first condo or moving up to a larger detached home for your growing family, we would love to be a local resource and provide valuable insight into the real estate market.
Our experienced team of REALTORS® is ready to connect with you and make your home buying or selling process as smooth and successful as possible. Feel free to reach out to us via our meeting link. Let's navigate the Milton Real Estate Market together!
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.