Milton home sales are ramping up this March finishing the month with 190, up 29 percent compared to the previous month and down 30 percent compared to March 2017. The corrected average days on the market for March was 25, which was down from 31 days in February and 48 days in January. Sounds like good news, and it is, but this data only includes homes which successfully SOLD during the month. It tells me that more buyers are out shopping in the market and that many sellers are more realistic about what their homes are worth.
But the elephant in the room is the unusually high detached home inventory that is currently available. There are 238+ detached homes available in the Milton area, which represents more than 65 percent of the currently available homes in Milton. I think that there are a few good reasons for this, the first is that all of the mortgage rule changes have impacted the upper portion of the market, as fewer buyers are able to qualify for the mortgages which would allow them to purchase a detached home; the second reason is that sellers of detached homes are having a difficult time coming to terms with the fact that their home might not be worth quite as much as it was this time last year. According to TREB’s composite benchmark price index, the value of detached homes in Milton has decreased by about 9 percent year over year. We have however, seen a significant increase in detached home sales compared to earlier in the year when townhomes were the most dominantly SOLD home type in Milton. In March, approximately 40 percent of all home sales were detached.
Townhomes and Condo Apartments continue to see healthy price increases so far this year, up 4.2 percent and 11.18% respectively according to TREB’s Composite Benchmark Price Index.
Freehold and Condo Townhomes continue to be the fastest selling homes in Milton again this month. I’ve been saying all year that this is an AMAZING time for homeowners looking to move up from Townhomes and Condo’s to Detached home types if they have the desire and can qualify for it. I think that this will continue to be sound advice well into Q2 2018!
The average house price in Milton for the month of March was $709,078, down less than one percent compared to February 2018 but down 11 percent compared to March 2017. We will begin to see these decreases reduce in subsequent months as the market began to balance during the month of April 2017. This months average price seems a bit more reasonable when compared with March 2016 as it represents an increase of almost 15 percent!
Including all home types, we currently have approximately 1.9 months of home inventory available, which is high compared to last year when at the same time we had only .7 months available but isn’t bad compared to more balanced years. It will be interesting to see what April has in store for our evolving market.
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