While it clearly isn’t a competition, I’m always interested to see which Milton neighbourhood ends the month with the highest average price!
Milton homeowners and real estate professionals alike have been glued to the news looking for market updates, so I hope that this will provide some deep insight into what is happening in the Milton real estate market.
According to The Toronto Real Estate Boards Stratus system, the average home price in Milton was $656,054 in January 2018 down 6.8 percent from January 2017. When you have the opportunity to review the information in context, it makes sense, since detached home sales were down compared to January 2017 by around 37%. In January 2018 detached home sales in Milton represented around 33% of the homes sold for the month, compared to 45% in January 2017.
Semi-detached home sales in Milton were up just over 30% in January 2018 compared to the same period last year, while townhome sales were down by approximately 18% compared to last January. What does it all mean? Well, we are definitely starting to see a trend emerging. We don’t have a crystal ball and cannot predict exactly what will happen over the next couple of months in the Milton real estate market, but we are seeing price increases in the more affordable types of homes. This is likely the aftershock effect of the new mortgage stress-test that was implemented by Canada’s bank regulators at the start of this year.
Which Milton Neighbourhood Had The Highest Average Price This January?
According to data collected by the TREB (Toronto Real Estate Board) the average homes prices by Milton neighbourhood were as follows:
By a quick glance, you will see that the “winner” this month was Beaty. But what does it all mean? The short answer is – not much. While it is interesting to know what the average price is by Milton neighbourhood, it only tells us that there was a higher percentage of higher priced homes sold in the winning community. It has no reflection on demand for the neighbourhood overall. Each Milton neighbourhood has its own unique mix of home types which will obviously influence its average price.
While market data broken down by Milton neighbourhood is very interesting, I am much more interested to know what types of home are selling Milton wide. If you’re interested to learn more about the Milton real estate market performed in January 2018 check out this article: 3 Things You Should Know About The Milton Real Estate Market.
Considering a move in 2018? I’d love to help!