Milton Market Update | May 2024
Milton 2024 Real Estate Market Prices
Miltons house prices have dipped 6% over this same time period in 2023 with the average price for a Milton home sitting at One Million Forty- Six thousand Dollars. There were 10 % more homes sold at this same time last year than this year and there were 45% more listings on the market.
You would think that with numbers like these, multiple offers and selling over 100% of asking price would be a thing of the past, but that is just not the case here in the local Milton Market.
Certain segments of the market are certainly performing better than others, but as always, the properly-presented homes that are priced well are getting all of the attention.
This is why the average list to sale ratio is still sitting at 101% of asking and the average days on the market in Milton right now from list to sale is 25 days.
Rate Drops and Market Trends
This is a time in the market where the buyers still hold some power to negotiate in some instances and as the interest rates start to drop as the Bank of Canada has had their first rate drop in early June which was the first time they’ve dropped rates in 4 years we are expecting more drops to come, and the thoughts are that this will bring more buyers back into the market.
The balance of the supply of homes between the Sellers and Buyers willing to purchase will ultimately be the big determining factor on how quickly or if at all, the market swings back into a quicker pace of sales and into a Sellers market across the board, versus just in certain circumstances.
Understanding the pricing strategies of a listing is a crucial aspect to buying smart in this market.
Milton Housing Inventory and Market Guidance
Some homes are priced artificially low, some right at market value and others are listed with negotiation room built in, you don’t want to inadvertently apply these statists to ALL HOMES, or you could find yourself loosing your dream home in competition or paying too much for a home while negotiating.
Having local market guidance is your best bet to not only secure your dream home, but to ensure you aren’t unknowingly over-paying as well.
If you are a seller today, you had a 40% chance of selling your home this last month.
Presentation is Essential
Standing out & getting chosen when there are fewer buyers in the market is all in how you choose to present and show your home. From how you showcase your home with staging changing it from your home and making it into a product , how you choose to price your property and of course where your home is being seen with its marketing, all of which will all affect your final sales outcome.
Connect with Us!
If you are looking for more information on the market or would like to discuss your own real estate goals, connect with us at the booking link below.