Milton Market Update | June 2024
With 48% more inventory on the market than this same time last year you would think that prices would be falling, but that is just not the case here in the Milton market.
The average price in Milton has been relatively flat this year for 2024. The average price for a Milton home is currently Average Milton home price for June 2024: $1,095,665
This is up 6% from last month & down only 1.8% from this time last year. When you look across the data at the first half of the year, Milton’s house prices have been relatively flat with the peek we saw of a small spike in February.
Milton Average Sale Prices for 2024
June 2024- $1,095,665
May 2024- $1,046,179
April 2024 -$1,095,865
March 2024 - $1,061,032
February 2024 - $1,106,624
January 2024 - $1,033,641
There were only 5% more sales at this time last year , but more notably there are 48% more homes actively listed for sale this year than last year.
With fewer sales and that huge spike in inventory, the buyers just aren’t the same in Milton as they once were. Some stats are showing that showings are down 76% year over year, couple that with a slower summer market due to vacations and you have a market that looks very different from the spring peek.
Deciphering Real Estate Trends
Of course prices and interest rates are driving decisions for families to closely contemplate a move, but we can’t forget the underlining pause we see in election years. Our neighbours to the south affect our decisions maybe even more than we realize, but when we track the trends, once we see the political chatter increase we often see the brakes for those buyers and sometimes its not even consciously.
With the slower summer market homes are still selling, 162 homes sold in Milton last month for an average of 99% of asking and on average it took 19 days from listing to get a sale.
Looking your best, marketing to attract buyers and pricing your home in today’s market are all crucial for your success as a seller.
Making Informed Choices
Buyers, you have choice today and time! Two things we’ve not had much of for years in the Milton market. Get out there and view your options, weigh your decisions and consult with your mortgage advisors, if all checks out, take the plunge, the confidence in being able to do your due diligence is a liberating change of pace for our market place.